Benefits Of Data Analytics As A Service
In 2019, the market size of data analytics as a service was estimated at $4.98 billion. It is projected to expand to 25.9% from 2020 to 2027. That’s massive.
Year after year, many small, midsize, large, and even Fortune 500 companies are switching to data analytics as a service, making the competition more intense than ever before.
It is every company’s dream to reach a broad market, increase client conversion, level up credibility, and stand out from competitors. Investing in data analytics as a service could turn that into a reality.
But what’s holding you back? Using data analytics as a service is one of the biggest decisions you could ever make. So, it is recommended to never take shortcuts to avoid any regret at the end of the day.
What is data analytics as a service? Why should you incorporate it into your business operation? What are some challenges organizations may encounter along the way? You will know them all in this guide.
What is Data Analytics As A Service?
As the name implies, data analytics as a service (DAaaS) is a platform designed to process and examine a gigantic amount of information.
Packed with a cloud-based delivery model, DAaaS is available with cutting-edge tools for data analytics that users can modify or configure according to their unique needs, objectives, and requirements.
How Does Data Analytics As A Service Work?
As organizations find the perfect DAaaS, they usually move their enterprise data into the platform. Then, they can already organize this massive amount of details and access useful analytic insights generated by Analytical Apps.
Analytical Apps arrange analytic data workflows, established using a vast collection of services. Almost all of them are based on machine learning.
What Are Some Challenges of Data Analytics in the Cloud?
While your chosen DAaaS has excellent features, it may pose challenges that will be a hindrance for organizations of all sizes, primarily when delivered thru a particular cloud environment.
A 2020 survey by Statista indicated that security is one of the biggest challenges in using the cloud, according to technical executives, practitioners, and managers.
More than 83% of respondents found that security remains a significant challenge they struggle to deal with.
It is no wonder that some companies are afraid and hesitant to move their data to the cloud. But it still depends on the DAaaS provider. Make sure to choose a company backed by years of experience and known for high quality and proven services.
In addition, direct your attention to options that follow the strictest security practices to provide extra data protection. While it is enticing to take advantage of those available at a cheap rate, nothing can beat services that are of great value.
Data analytics can play a critical role in business success. However, data analysis is complex, requiring the expertise and knowledge of a professional. While outsourcing is a trend, it is fulfilling to have specialists within organizations.
On the other hand, the absence of qualified data scientists in a business is the contributing factor to unsuccessful projects.
When running a business, you only want the best for your company. If you plan to move to DAaaS, internal training for analytics tools is something you cannot afford to overlook. Even if it requires additional costs, having skilled and competent data scientists can provide many opportunities in the future.
Employee training will not only reduce expenses but also ensure a higher return on investment.
The analytical workflow, in particular, can be demanding. It composes multiple and important steps requiring the right people, from data acquisition, data modeling, data mining, and visualization.
While outsourcing any of these responsibilities may be helpful, do not underestimate the advantage of training your existing people. Again, this endeavor will cause you a fortune. But constant employee training will contribute to your long-term business success.
What Are the Advantages of Data Analytics As A Service?
Data analytics as a service has been gaining massive popularity across the globe. Why is that, you may wonder.
Below are some of the benefits every business can expect from investing in data analytics as a service:
It Allows Small and Midsize Businesses to Compete with Larger Organizations
One of the advantages of DAaaS is that it allows small and midsize organizations to have the capabilities that well-established companies usually have. This helps them compete with the rest, from a smooth operation, quick business decision using predictive analytics consulting, well-tailored marketing campaign, responsive customer support to quality services.
But due to the increasing demand for DAaaS, may cause a dent to your savings account. But if you have an extra budget for any DAaaS platform, it is a worth it investment you can be proud of.
It enables Users to Focus on Data Analysis
New businesses spend most of their time increasing their daily sales and client conversion. They are more likely to forget to analyze their data, which is now a lifeblood in any organization.
Some also exert great effort on data analysis, but they still use a traditional platform. With DAaaS, businesses from any sector can examine their big data more effortlessly and effectively than ever.
They will know and understand their customer’s requirements better and customize their services according to the latter’s pain points and needs. From the products, advertising campaigns, to customer support, each will be personalized, leading to satisfaction.
What’s more, DAaaS can provide an optimum level of organizational security and fraud prevention in analytics apps. SMBs and even Fortune 500 companies can detect any fraudulent activity, track perpetrators, protect their confidential data, and save some cash over time.
Faster and Better Business Decision Making
The ability to make quick decisions at work is a skill that every leader and employee should possess. Slow decision-making, on the other hand, can be a source of wasted time and frustration.
Poor decision-making is common to startups and even well-established companies. With its impact to every business, DAaaS was born.
Having a DAaaS allows organizations of all sizes to make quick but well-informed decisions that can improve customer engagement or retention and take operational efficiency to the next level. It can also boost employee’s productivity and satisfaction at the same time.
A High Level of Customer Experience
Suppose the number of your customers is stagnant for the past few days. What went wrong, you may ask. There could be a problem with the quality of their overall experience with your brand.
Perhaps, your product does not meet and exceed your expectations. Maybe, your customer support is not as timely and professional. Or your marketing campaign does not appeal to their interest and objectives.
Whatever the case may be, some strategies can improve your sales, revenues, and web traffic. While there are many approaches to consider, evaluating and examining customer data can come to your rescue.
Yes, data analysis is easier said than done. Any DAaaS from trustworthy providers can make this task stress-free and fun.
Boost Your Business Performance
There is no permanent in this world but change. Businesses that failed before do not mean they could commit the same mistake at present. If you have provided a product that is not up to par in the past, that does not indicate your today’s service remains the same.
Any brand undergoes innovation. What does your target market love about your services? What do they hate the most?
You have to gather data to find the answer to questions like these. DAaaS will never be a disappointment. You could access specific details to allow you and your departments to modify and improve your products for the best.
What to Prepare Before You Implement DAaaS?
You have the budget and have chosen a particular DAaaS in mind. So, can you now implement and integrate the platform into your business?
Not yet! There are things you should prepare for a better result.
Strive to Innovate Your Information System
DAaaS gathers and stores details flowing in the mechanism of interaction or communication within an organization. It could be from the people across your company, partners, or even customers.
Yes, any DAaaS depends on what you input in the software. Although it may sound unnecessary, the need to upgrade your technology like the computer systems for information sharing should not be ignored.
Build a Team of Data Scientists
One of the reasons organizations fail when implementing DAaaS is the lack of qualified data scientists.
Before anything else, take your time to build a team composed of specialists with in-depth knowledge about big data analytics. You could start recruiting as early as now. The hiring process is exhausting. But all of your efforts will pay off soon.
Train Your Existing Team
Alternatively, you could train your existing workforce. Be sure they are well-versed in big data analytics before you switch to DAaaS. You could ask for help from industry leaders to ensure long-term learning or retention.
Do you want to improve your ROI, customer engagement, or services? DAaaS may help. So, what are you waiting for? Look for high-quality and feature-packed software today!