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“Insights-as-a-Service” and making sense of big data

Invaluable insights could be gained from the vast data your business collects.

It’s a digital world out there — and businesses that think ‘cloud-first’ when developing their programs, projects and strategies may hold a unique advantage.

Whether it’s about improved IT control, greater flexibility or reduced costs, many organizations now understand the cloud’s potential as a cost-effective, secure and scalable approach to meeting infrastructure needs and requirements.

But as on-premise and cloud data complexity escalates, the capability to extract actionable insights from this data is now critical for success. This is particularly true for organizations within the retail, telecommunications, media and financial services sectors.

Unlocking big data

Insights-as-a-Service and Big Data

Taking things a step further, organizations should also consider gaining more control over their big data flows.

By turning raw structured and unstructured data into ‘insights,’ companies can make better business decisions — and strength their digital/online presence for a better customer experience.

Research firm Forrester predicts that up to 80 per cent of firms will rely on Insights-as-a-Service or IaaS tools for insight capabilities in 2018. But what exactly is IaaS, who should be thinking about it and how can it help you reach your business goals?

What is Insights-as-a-Service?

Simply defined, Insights-as-a-Service (IaaS) is the process of having an external provider help you make sense of that enormous amount of data so that you can make better business decisions. By accessing the cloud-based platforms and services from the external provider (aka the IaaS company), you can start to gain valuable insights from the confusing clusters of unstructured and structured data that your organization collects.

At its foundation, IaaS represents the perceptible shift from data-driven practices to insight-driven ones. It’s about connecting the virtual dots between disparate and comparative data assets collected across the cloud — enterprise and customer-related information included.

IaaS helps organizations better understand aggregated data along with supplementary data sources to establish information-rich datasets and analytics for informed decisions. The aim: to establish a growth strategy that can scale with business data and track success.

The transformative benefits of insight

Insights-as-a-Service and Big Data

It’s no secret that gaining a competitive edge can be based on how well an organization makes sense of collected business data and consumer insights. This can include using business intelligence and predictions analytics, CRM insights, key performance metrics and data-driven knowledge points to identify opportunities and develop actionable initiatives.

IaaS tools collect information from these various sources — encompassing business, syndicated and usage data. By unlocking big data to optimize internal and external-facing processes, the IaaS benefits for business can be transformative — from providing management with the information they need to monetize data to boost operational processes, benchmarking and productivity.

And as a cloud-based service, IaaS can be scaled up or down based on business needs and requirements. Organizations can use only the supplementary data and insight needed to address key business issues and projects. It’s all about establishing an optimized closed-loop system of insight.

A new standard

Discovering cost-effective methods to extract value from collected unstructured and structured data sets — including data from online applications, servers and sensors — is both a goal and challenge for today’s business.

Whether seeking to capitalize on new markets, efficiencies or revenue streams, adopting an IaaS platform should be seen as a vital component of a cloud-based strategy to gain better business insights from all this data.

 

Up Next: The most successful businesses of the future are those that collect data today.

Mark Glucki

Mark has been developing digital blog communities for 10+ years that connect business and tech pros with their inspirational stories. He developed a North American best practice on creating great experiences on social networks and spends as much time learning about entrepreneur success stories as he does producing content for others to enjoy. Mark is also a commercial photographer focusing on product and location images. His work can be seen at Wonderlab Photo.

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