According to IDC, the big data and analytics market will grow at a 26% annual clip to $41.5bn in 2018. This is about six times the growth rate of the overall IT market and so highlights a huge potential in the analytics space for service providers.
What is Analytics-as-a-Service?
Faced with a high-level of competition, service providers can use Analytics-as-a-Service as a differentiator.
Analytics-as-a-Service turns analytics capabilities into a feature of business systems and applications, so your customers can access a stream of readily available information on a simple, easy-to-read dashboard.
Solutions like IBM Cloud Data Services enable service providers to extract value from the data layer of applications and send insights based on unstructured and structured data to customers’ dashboards. These insights can then be used to inform strategic business decisions.
This practice means your customers no longer need to request data via SQL or purchase expensive business intelligence (BI) data, they just pay you, the service provider, a monthly fee for the Analytics-as-a-Service.
What do you need to operate an Analytics-as-a-Service business?
Managed service provider, KeyInfo, has successfully implemented Analytics-as-a-Service into their portfolio and suggest there are 3 key elements to launching an Analytics-as-a-Service practice.
Firstly, you must have a vision for your Analytics-as-a-Service practice and a strategy to execute your vision.
Secondly, you must recruit the right people. Those people will be professionals who understand the analytics business; not always hardware engineers, but possibly former salesmen who understand what different business units need to find in the data.
Finally, you must invest in the necessary technology, which includes a data center. Plus, you’ll need to partner with a vendor like IBM, to host the technology so you can sell analytics as a cloud offering.
If you have question regarding IBM cloud analytics solutions or need support with getting your Analytics-as-a-Service business up and running, please contact us.