Market-leading analytics tools or custom analytics...when and where?
Data has become a key business asset for organisations across the board. The size of the global big data and business analytics (BDA) market, valued at $198 billion in 2020, is projected to grow to $684 billion by 2030. Over the span of a decade, the BDA market will grow at a CAGR of 13.5 percent. The reason for an increasingly sustained focus on data analytics is its immense potential to catapult an organisation’s productivity, efficiency, performance, and revenue.
As they operate in a highly competitive and challenging environment, organisations today are keenly aware of the need to find innovative ways to gain and retain competitive advantage. In this context, it has become imperative to use the right combination of skills, practices, tools, and technologies to analyse large volumes of data to glean meaningful insights for data-driven decision-making. Choosing the right analytics solutions aligned with your organisational goals can spell the difference between success and failure.
Two main types of analytics solutions are market-leading (off-the-shelf) and custom (in-house). Let’s examine these solutions to understand when, where, and in which context organisations can implement them to get the best outcomes.
Market-leading or off-the-shelf analytics solutions
Organisations find market-leading analytics tools appealing because they are relatively cheaper, offer simple and straightforward toolsets, and come with round-the-clock technical support. These tools also support multiple data sources and allow users to create reports, visualisations, and dashboards with drag-and-drop tools. They are, hence, easy to work with.
Despite the popularity of market-leading analytics tools, owing to their ease of use and smaller upfront costs, they remain cookie-cutter solutions that may not best fit any specific requirements. Being partial solutions and not end-to-end ones, their modular features may not always serve your unique purposes. It may be challenging to extract the desired data using market-leading analytics tools. Besides, reports on these platforms need to be built from scratch, often leading to time and cost overruns and delaying your go-live.
Custom or in-house solutions
Building custom analytics solutions may be preferable for organisations seeking more flexibility and end-to-end control of data. These solutions allow you to decide on features, architecture, and functionality. Besides, they support personalised reporting that can be modified at will, at different stages in the reporting process.
Developing an in-house analytics tool provides great control and flexibility to meet all your business needs and unique requirements. However, custom analytics tools have certain drawbacks. For instance, licensing and maintenance fees could vary by vendor and sometimes can be very expensive, especially for small to medium-sized organizations. Besides, building an in-house data and analytics team and providing 24/7 internal reporting support can be challenging for organisations facing skills shortage, budgetary restrictions, or resource scarcity. It can also take months, if not years, to successfully develop and test your own analytics solution.
If you are averse to settling for a cookie-cutter or one-size-fits-all solution and do not want to develop a time-consuming and resource-intensive in-house solution, you still have some viable options. Analytics-as-a-Service is one that fits the bill and ticks all the boxes for organisations of all shapes and sizes looking for a feasible analytics solution.
Analytics-as-a-Service is a data analytics solution that runs on the cloud. It provides fully customisable analytics features and offers end-to-end capabilities, allowing you to organise, analyse, and present data efficiently and effectively. It enables you to access your organisation’s data anywhere, anytime; speeds up implementation time from months to weeks; eliminates prohibitive infrastructure, hardware and maintenance costs; and provides subscriptions with predictable monthly costs. In addition, it automatically publishes regular updates into your environment.
AaaS solutions give you the ease and affordability of market-leading tools coupled with the flexibility and control provided by custom analytics solutions — the best of both worlds. Infosys BPM brings you AaaS with Infosys Insights Factory, which combines industry-leading tools, technologies, and domain expertise with a cloud-powered self-service model. Infosys Insights Factory helps you make critical strategic decisions using real-time insights from metrics across a wide range of functional areas in record time and with minimal effort. Together with our Live Enterprise* solution, you can leverage Infosys Insights Factory to ace the digital transformation journey to consistently stay ahead of the curve in a data-dominated future.
Infosys BPM provides a range of analytics services to meet your specific requirements, spanning advisory to model development, support, maintenance and enhancements, and statistics (data science). Our offerings include:
- Procurement transformation strategy
- Technology assessment for digital procurement
- Spend analytics
- Opportunity assessment and diagnostics
- Capability assessment, consulting, and training
*For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet a modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.