Business organizations nowadays are prioritizing data-driven decisions, which is why most companies are focusing on analytics. However, they are in a sort of dilemma of whether to build internal analytics or outsource the process. If you are creating an analytics team within the company, you may find it complex and time-consuming. Therefore, you need to collaborate with a specialist Managed Analytics Services (MAaas) provider to gain improved and faster useful insights.
This brings us to the discussion of what Managed Analytics Services (MAaas) is all about. Well, if you were to define MAaaS in a simple and understanding language, it is a cloud-based, completely configurated analytics solution that leverages your team to make intelligent and profitable decisions. These smart decisions are based on available data for which you don’t have to make any hefty investments.
Also, if you are looking to outsmart your competitors in a competitive digital scenario, Managed Analytics will help you provide cost-effective data insights. In addition, you can focus on improving your profitability where you don’t have to struggle to get better visibility.
Let’s highlight a few stats, which indicate the growing importance of data analytics today.
- The US-based company International Data Corporation (IDC) has estimated that the total amount of data created worldwide is expected to grow by 163 zettabytes by 2025.
- IDC also anticipates that 25% of all data created will be in real-time with the Internet of Things (IoT) generating more than 95% of data.
- According to a report of the Global State of Enterprise Analytical Report, 90% of the business organizations and analytics experts view that data and analytics are the key drivers of their company’s digital transformation initiative.
- According to another study, data-driven companies will acquire customers 23 times more than others and even enhance their consumer-retention capability 6 times more.
When You Should Plan for Managed Analytics Services (MAaas)
Do you have to invest a lot of your valuable time in gathering and organizing the important data and insights? If your answer is yes, it’s time to consider Managed Analytics Services (MAaas), which automates data from multiple sources into a single source of truth.
Secondly, you need Managed Analytics Services (MAaas) when it literally becomes challenging for you to measure your key performance indicators or KPIs.
Next, MAaaS proves to be more than a handy asset when you are in a sort of confusion and cannot decide what are the major underperforming products and which employee hasn’t performed their tasks well. MAaaS helps you identify the areas where sales have declined so that you can take the necessary steps in that regard.
Apart from these essential factors, there are some more key aspects that are driving Managed Analytics forward. The deployment of cloud solutions is making third-party data analytics more natural.
Managed Analytics has also grown in recent years due to the insufficient numbers of experienced data scientists. This led to an increase in the budget of the project. Thus, to combat that issue, the business enterprises chose the analytics service model. And it considerably lowered their cost.
Also, when the companies got in touch with Business Intelligence and analytics solutions, through the fixed-price model, they saw a rise in their budget estimate. Moreover, it also increased the project-related risks as well. Therefore, the companies started giving preference to third-party analytics via the subscription-based model.
Managed Analytics has also become relatively popular due to their increased reliability and robust security. It has allowed IT managers and professionals to control the costs and related risks. Cloud-based services can provide data in real-time to make immediate decisions.
What are the Striking MAaaS Benefits
Let’s now discuss some of the striking benefits of Managed Analytics as a service that can boost the profitability of your business. It includes –
Accelerated and Accurate Business Insights
Managed Analytics offers accelerated and effective business insights. Faster and simpler data access allows you to make accurate decisions based on data.
Predictable Business Outcomes
MAaaS helps you to take advantage of the available, platforms, tools, and technologies to strategically analyze, predict, and achieve quantifiable results.
Reducing the Total Cost of Ownership (TCO)
Managed Analytics helps a great deal in reducing your total cost of ownership (TCO), which includes the purchase price of the product and cost of operation.
Leverage Big Data Technologies on Cloud
With MAaaS, you get the advantage of a powerful and easy-to-use analytics service that allows you to take leverage of Big Data Technologies on the cloud and stay ahead in the competition.
Quickly Analyze the Changing Conditions
Managed Analytics is an innovative analytics solution that helps you to quickly adapt to changing business conditions. You can make more accurate decisions and identify the unexpected opportunities laying ahead. You don’t have to bear any upfront costs and invest more time in the process.