Analytics-as-a-Service (AaaS) is the consumption model where data analytics can be utilized on a subscription basis.
AaaS is a highly flexible system that can have almost all the advanced capabilities which enable the business users to access and utilize insights. It can utilize machine learning and data mining to analyze large data sets and generate historic as well as predictive insights like upcoming trends, sales prediction and more. Traditionally organizations may need data engineers and scientists to analyze data, generate insights and make the analytics ecosystem workable. With the rise of Analytics-as-a-Service, this has become affordable and achievable by utilizing this cloud-based service.
The need for Analytics-as-a-Service (AaaS)
Businesses all over the world are experiencing the wave of digital transformation simultaneously how businesses have been operating and what consumers are expecting is changing completely. Businesses are looking to up their game and deliver better quality with more efficiency and at a lower cost. Data analytics can be instrumental in all of these things. It can provide consistent insights into all the business operations and correlate data points to help business transform their way of working. It simply is not restricted to what happened in the past but continuously delivers historic, current and futuristic insights that not just helps the company identify the past mistakes and current anomalies but also helps them make forward-looking strategies that would not have been possible before.
AaaS brings all these benefits to companies of each size by its versatile applicability and affordability. The companies can pay on monthly basis and access the services as and when needed. This can also help free the IT staff for other tasks. Also, for any one time projects or temporary need, AaaS can be beneficial without heavy investment.
Ways AaaS can be utilized in various industries
Retail is one of those industries which keeps producing data at every passing second. With e-commerce and retail store working simultaneously, the need for providing omnichannel experience becomes important. With every customer interaction, in-store and online data are being generated regarding sales and consumer behaviour. This data is no less than a goldmine for retailers and brands. The retailers can utilize this data easily with the help of AaaS. It can help them understand customer behaviour in detail and generate insights for accelerated growth in the coming time. By providing data-driven personalized services to the customers, they can increase conversions and induce customer loyalty.
The hospitality industry is discovering the large mines of data that have been getting collected over the years and now are needed to be utilized to enhance business performance. BI tools can be instrumental in analyzing this data and generating actionable insights. Insights regarding consumer behaviour and their preference can come into the light. For example, their habits and needs can be better assessed using which the hotels can provide better services. They can know the preferred services like internet, in-room accessories and payment modes, which enables the provider to give customized and personalized services.
With the emergence of e-commerce, the consumers’ expectations have soared higher and higher. The amount of data that has been collected has exponentially increased. The e-commerce giants are utilizing analytics to study the preferences and provide pricing that suits the customers. They can know the customer behaviour and habits to provide dynamic pricing that simultaneously tackles the competition as well as satisfies the consumer.
In the coming era, technology is bound to grow even further and so are consumer expectations. For companies of any size, the use of advanced analytics is becoming increasingly important. With the number of startups coming up each day, a full-fledged analytics solution may be out of reach until a certain revenue is achieved. For all these companies, AaaS is no less than a boon which enables them to analyze their work and prepare for the future. These organizations can be the big corporates of the future with the help of powerful analytics.
About the Author
Aayushi Sharma is a Sales And Marketing Representative at Ghar Esate Solutions. She desires to empower the organisation by creating innovative marketing so that it can spread their message and increase the positive impact.