If you’re a business owner or executive looking to grow your business and outperform your competitors, then you must have heard about Data as a service and how it affects how people run their businesses now.
According to a Forbes article, Data as a Service allows you to directly access stored data, whenever and wherever you need it, as well as analyze and exploit it for your various advertising, managerial or research-based endeavors.
Data as a Service is everywhere around us, both in our daily and work lives. Big data like Google and Facebook make Billions every year from parsing, analyzing, and selling customer data to millions of entrepreneurs, businesses, and organizations. The potential of DaaS is almost transformative, yet most businesses have barely tapped into its amazing potential.
In this post, we’ll be going over 10 of the most important things you need to know about DaaS to make the most of it in our businesses.
1.True virtual workspace with a Database as a Service
Recruiting international talent and virtual work is the way businesses operate in the pandemic work environment. Setting up a virtual database you can access from any location globally gives you and our team unprecedented flexibility and opportunity for collaborative work. DaaS provides this natively, letting you either access stored company data, analytics, or licensed data files.
- Daas is going to get a lot cheaper
A Forbes Post in 2017 foresaw the growth of DaaS and its potential for businesses. The demand for DaaS services is at an all-time high as businesses of all sizes flock to market analytics tools and online data storage and repositories. Data companies like Oracle, IBM, Amazon, and Microsoft are at the front and center of the boom and are scrambling to get the biggest piece of a rapidly expanding market, inadvertently driving down the cost of Data Services.
Setting up DaaS for business might seem expensive now, but it won’t be in a few months or years.
A Grand View Research report projects that Big-Data-as-a-Service will become a $51.9 billion industry by 2025, and it’s expected to grow even larger with time.
- DaaS Breaks down data silos to improve agility
Modern businesses are heavily focused on speed, efficiency, and the bottom line. Managers and executives spend lots of money trying to reduce redundancies by experimenting with new models and systems, but what if we told you that using DaaS services can help you achieve similar results by breaking down data silos?
Reduced latency and improved communication between teams and departments are among the most basic benefits of a DaaS. Your teams won’t have to jump to hoops to communicate with each other and reference data, and that can increase their output, reduce your operational costs, and foster deeper interpersonal relationships.
- Targeted advertising and knowing your audience
Arguably one of the biggest advantages of working with DaaS companies is gaining access to their sizable data stores. Most offer businesses factual data about their demographic market, helping them establish behavioral patterns they can use to understand better and service them. Data as a Service ensures that every Ad, promotion, discount sale is as targeted and efficient as can be, making sure you’re getting your money’s worth on every campaign.
- Not all DaaS are right for you
DaaS sounds so good it’s easy you think it can make your business successful overnight, but it’s not that simple. There are hundreds of DaaS providers on the market, and some of them offer wildly contrasting and, at times, useless data. Most businesses pick services based on their needs, recommendations, and research. DaaS services are not perfect.
- DaaS strive for true and actionable data
DaaS companies are in the business of collecting and analyzing data and selling facts, so they need to be accurate. They’ve moved away from the quantity-over-quality approach and are focused on providing accurate data to their customers because they understand how important brand integrity is.
- Data delivery matters a great deal
Data delivery will vary depending on your business’s needs, budget, and data provider. Your DaaS might come in a big batch file, through an API, or a self-serve UI. You might also see layered integrations with platforms like SFDC or Shopify.
You might also have to specify what frequencies you’re most comfortable with. You can decide whether you prefer receiving monthly batches of fresh data, real-time analysis, or infrequent dumps prompted by new developments or news.
- Big Data companies barter data
There are over a hundred ways data companies source raw data and grow their repositories, although there are three popular methods they default to the most:
Data co-op: They enter deals with customers to get free data in return for their services—usually analytics.
BD deals: They enter long-term deals to acquire large repositories of data for an agreed-upon price.
Public data: This is how Google and other search engines and large platforms gather data. They collect data as people use their services, which means they technically don’t pay to gather data.
- What does Big Data really mean?
Big Data has less to do with the volume of data gathered and processed and more to do with the different applications different companies and organizations have for them. Big data companies deal with data capture, storage, analysis, transfer, and sharing, operating with the 3V model, which advocates high volume, high velocity, and high variety.
Certain brands often dabble in or are pioneers of interactive AIs, natural language processing, AI algorithms, operational analysis, risk management, etc.
- Using Data as a Service in 2021 still makes you an early adopter
In a survey conducted by ARM and Treasure Data in 2019, 54% of the organizations interviewed said that Data silos were their biggest obstacle to properly using gathered data. Siloed data is distant, difficult to access, and is wasting away on servers and reserves. Fast forward two full years, and the problem is still more or less the same.
Although more companies are looking to DaaS services to handle analysis and storage, odds are you’ll beat the 54% of organizations in the US with redundant systems.