Data and analytics as a service play a vital role in today’s world. Businesses require managed analytics services to achieve their goals efficiently. Here, we will discuss the role of data analytics in a business and the top analytics as a service (AaaS) firms to partner with in 2024.
Businesses in today’s world need to utilize their data to derive insights and make efficient decisions. Small, medium, and large businesses from different industries can benefit from investing in managed data analytics. However, not all of them want to build the analytical models from scratch or make major changes to the systems on the premises. Analytics as a Service(AaaS) or managed data analytics is the best solution for such organizations. They can quickly access the analytical tools and reports through cloud platforms and derive real-time insights.
According to Statista, the analytics as a service (AaaS) market is estimated to be $69 billion by 2028. Another report says that the increasing adoption of AaaS solutions will take the market share to $85.1 billion by 2032 and cross $110 billion by 2034. AaaS is a kind of managed analytics service offered by third-party service providers. In this blog, we’ll read more about data analytics as a service and which firms offer these services to businesses from around the globe.
Analytics as a Service or managed analytics is a cloud solution where third-party providers offer data analytics services through cloud platforms. For example, suppose you want to analyze your business data. In that case, you can partner with an AaaS provider who will take care of the entire process from end to end and share the final reports (data visualizations) with your employees. This is done by personalizing the dashboards and connecting them to cloud analytics tools.
Here, you pay only for the resources you consume for your business. There is no need to make heavy investments to buy the software or develop new processes in your enterprise. Data analytics managed services can be quickly set up by the service providers based on your requirements.
Software as a Service (SaaS) has been helping many business enterprises unlock the full potential of their data to derive meaningful insights. Analytics in SaaS refers to analytics as a service. It includes several processes like data collection, data storage, data cleaning, data analytics, and data visualization. You can track various KPIs like inventory, production, customer behavior, sales, accounts, conversion rate, customer LTV (lifetime value), churn rate, etc. Analytics in SaaS can also be termed managed analytics. Simply put, you rely on a third party to provide the necessary insights and pay accordingly.
DataToBiz is an end-to-end digital transformation and AI company offering tailored data & analytics managed services to SMBs, MSMEs, and large enterprises from various industries. The company provides analytics as a service through a tried and tested customer-centric approach. It helps businesses understand the gaps in their processes and find robust methods to strengthen the weak areas.
Businesses could enhance customer satisfaction by 99% and make 3x timely decisions by partnering with DataToBiz to streamline their data and analytical models. The award-winning company offers a range of solutions like big data, data warehousing, data lake, data architecture, data engineering, data governance, AI and ML adoption, cloud computing, and long-term maintenance. The company is a certified partner of Microsoft Azure, Google Cloud, and AWS.
Infosys is a leading consulting company offering analytics managed services to various clients from around the world. It is a digital transformation service provider that helps businesses accelerate growth, build a connected ecosystem, and become efficient.
The company brings flexibility and scalability to the organization by delivering data and insights in real time. It also offers self-servicing solutions and advanced analytics in industries like manufacturing, IT, healthcare, oil & gas, agriculture, retail, travel, and many more. Infosys customizes the solutions to suit the client’s requirements. It is an effective analytics as a service provider for large establishments.
Accenture is a global consulting company with numerous clients from the Fortune 500 list. It offers customized managed analytics services to help businesses revamp their outdated systems and benefit from data-driven models. The company promotes the adoption of artificial intelligence to give enterprises an edge over competitors. It offers varied data services to enhance speed, scale, and innovation.
Accenture provides 360-degree value to businesses by helping them embrace change to adopt the latest technological solutions. The company’s data analytics services and cloud-based analytics as a service solutions are designed to support enterprises unlock the full data potential and make decisions using real-time insights.
Deloitte is a group of firms offering varied services to business organizations from around the globe. It specializes in tax consulting, IT services, and analytical solutions. The company’s strategy and analytics services are aimed at helping businesses leverage proprietary solutions for greater agility. It combines the power of AI and managed analytics to provide automated insights through customized dashboards.
Deloitte also offers DataOps services to facilitate seamless digital transformation. The company works towards making businesses sustainable by creating a long-term strategy and providing continuous support to implement it. The company has many clients from the Fortune 500 list and works with the world’s leading brands from various industries. Its analytics as a service model helps many businesses from different industries to unlock the potential of their data.
Tata Consultancy Services is a global business process transformation company offering diverse services to small, medium, and large enterprises. The company boosts business performance with accelerated analytics managed services. It helps clients use analytical insights for product development, enhancing customer satisfaction, and achieving business goals.
TCS follows a four-fold approach for data management, automation, scalability, and cloud management. It creates a robust data ecosystem for businesses to tap into the unexplored potential and gain competitive advantage. The company sets up embedded analytics through analytics as a service dashboard at all verticals to share real-time insights. It focuses on cost reduction, innovation, and sustainability to make businesses more resilient and adaptable to changing market conditions.
PricewaterhouseCoopers (PwC) is among the leading service providers in the world. The company actively promotes AI adoption and cloud solutions to help clients streamline their processes and survive in competitive markets. It offers managed analytics services to bridge the talent gap in several businesses. It also provides access to expertise and technology for businesses to innovate at scale. Cost efficiency and higher performance are guaranteed by the company.
PwC helps businesses analyze data to understand risk and compliance factors, accelerate results, and overcome operational challenges. The company designs personalized analytics as a service solution with carefully selected KPIs that align with the client’s mission, vision, and objectives. It aims to deliver analytics and insights-oriented solutions to enterprises from different industries.
Cognizant offers industry-based consulting solutions to businesses from different parts of the world. It has a presence in over 40 countries and helps clients become future-ready by adopting AI and cloud-based technologies. The company integrates, automates, manages, maintains, and delivers outcomes that align with clients’ objectives. It accelerates growth and innovation by setting up seamless cloud and data connections throughout an enterprise. Cognizant has helped businesses optimize cloud costs by up to 60% and reduce build time by around 71%. The company’s data engineering, managed analytics, analytics as a service (AaaS) solutions, and business intelligence solutions are customized as per the client’s requirements and industry specifications.
Insights as a Service is where you directly get the data insights for queries by sending your requests to cloud data warehouses. Business intelligence and predictive analytics are offered as cloud solutions in this model. Instead of hiring data scientists and data analysts to manage your business data, you can partner with a firm offering analytics as a service or insights as a service. This allows you to skip the various steps in the beginning and directly get the insights delivered to your business dashboards. The entire process will take place on cloud platforms, reducing the need to build a complex IT infrastructure on the premises. Insights as a service, like analytics as a service, can be used in different departments like R&D, customer service, sales and marketing, supply chain and logistics, etc.
Data analytics as a service (DAaaS) is considered to be a part of everything as a service where end-to-end digital transformation and business intelligence solutions are provided as cloud-based services. With managed analytics, you can process vast amounts of data without consuming your internal resources. The service provider firm offers varied analytics tools and methodologies to provide data-driven answers to your queries. They set up customized dashboards and integrate them with the analytical cloud platforms to share insights in real-time.
For example, you can use business intelligence and analytical tools like Tableau, Power BI, etc., through web-based dashboards instead of the desktop versions. You can also access the insights from smartphones to work on the go. Analytics as a service makes it possible for remote teams to collaborate easily.
Data analytics services is an umbrella term for implementing various processes in the data-driven model. It combines different subjects, tools, technologies, and methodologies to empower businesses to make data-driven decisions. The most important data analytics services are as follows:
Data analytics is primarily classified into four types. You can access analytics as a service (AaaS) solutions for the below analytics:
Descriptive: Descriptive analytics provides insights about what has happened during the given period. It describes past events to provide a clear summary of the bigger picture.
Diagnostic: Diagnostic analytics takes it one step further to diagnose/ determine why the events have occurred and the possible reasons behind them.
Predictive: Predictive analytics helps analyze past events to see what is likely to happen in the future. It is used to predict future outcomes of your decisions/ actions, customer preferences, and market trends.
Prescriptive: Prescriptive analytics offers insights to find solutions for potential business problems. It answers questions like what to do next in such and such conditions to achieve your desired results.
Data analytics as a service, analytics as a service, insights as a service, and managed analytics are similar cost-effective solutions offered by third-party companies to help businesses implement data-driven models and gain a competitive edge. These services are necessary to reduce costs, optimize resources, enhance customer experience, and future-proof the business.
Take your time to understand the services offered by the top business analytics companies to determine who will be the best partner for your enterprise. Choose a company that aligns with your objectives and can understand your needs.
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