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Home / Insights / Blog / What is Analytics as a Service? Your Complete Guide
December 22, 2020 - by Synoptek
When Software as a Service (SaaS) was first launched, it completely changed the way software services were delivered and consumed. Little did anyone imagine, however, the pace and scale of growth of the market – today, the concept of providing “anything as a service” has broken all boundaries, with every possible service being offered via a pay-as-you-go model. As the need to constantly glean insight from the growing volume of data intensifies, the latest entrant in the as-a-service market is Analytics as a Service (AaaS). So, what is Analytics as a Service, and why should your business embrace it? Keep reading to find out.
Organizations across various industries have finally woken up to the fact that data is the new oil that can propel their business to the pinnacle of success. This realization has set the ball rolling for data analytics, with many collecting and storing large amounts of data on a daily basis. When an organization is able to gather this much data, they can then analyze itand use the results to drive better decision-making within their business.
Unfortunately, most organizations lack the capabilities needed to unearth insight from their ever-evolving data sets, which puts them in a tight spot. Since data analysis is a business-intensive process, it requires skilled team members who can constantly analyze data in real-time using modern tools. Given the basic analytical capabilities of the existing pool of resources, however, and the constant dearth of analytics skills in the market, filling the analytics gap becomes extremely difficult. Constantly training the existing pool on the latest technologies or driving efforts in hiring them from the market not only requires substantial investments in terms of time, but it also costs a lot of money.
In the absence of the right tools, technology, people, or even approach, organizations struggle with analyzing critical business data that hampers their ability to make accurate and timely data-driven decisions. In the long run, this translates into poor business efficiency, lackluster employee productivity, sub-par customer experiences, and a weakened competitive position.
For organizations that seek to accurately analyze their growing volumes of data, Analytics as a Service provides anytime, anywhere access to skilled resources, tools, and procedures. Once implemented, AaaS can help turn data into insights and insights into action. This subscription and cloud-based service model offers a fully customizable data analytics solution with end-to-end capabilities. These features range from collecting data, organizing and analyzing it, to presenting it in a way that empowers even non-IT professionals to take immediate action.
By using techniques such as data mining, predictive analytics, and AI, Analytics as a Service helps in effectively revealing trends and insights from existing data sets without having to personally manage or maintain them. All tasks are carried out entirely by the service provider in a scalable, reliable, and affordable manner, so organizations can make smarter decisions in real-time.
Today, several data-reliant companies from across industries are increasingly turning to Analytics as a Service to meet their analytical needs, and with enough reason. Here’s a compilation of the top benefits of Analytics as a Service:
The trends in big data and cloud are constantly evolving, and combining the power of these two technologies can help organizations redefine the enterprise computing space. However, discovering insights from humongous volumes of data, especially for organizations not in the business of IT, can be extremely taxing.
For businesses that struggle to act on their data in an accelerated manner, Analytics as a Service is becoming a valuable option to overcome all the challenges that come with setting up their own analytics team. Since data analytics is a time, cost, and resource-intensive process, Analytics as a Service offered by a qualified Managed Services Provider helps bypass unnecessary costs while helping organizations capitalize on new and upcoming business requirements with ease and efficiency.
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