With companies increasingly looking to metrics as the basis for business improvement, it is not surprising that yet another new concept has emerged – Analytics as a Service (AaaS). With so much data being created and stored “in the cloud,” it does make sense that hosted analytics tools would be a fast, efficient way to make sense of that information.
AaaS may not be a very appealing acronym, but according to an article on information-management.com, it is a very attractive solution to many firms and enables them to exploit the potential within the data that already exists. It delivers agility and scalability and can effectively streamline management reporting processes and potentially allow for analysis of larger volumes of data.
There are many benefits to AaaS. It’s a holistic solution hosted on a cloud platform that can be shared with the entire business. There are two types of output, one is to humans and the other is to machines – providing opportunities for both real-time decision making and straight-through processing.
An article titled “The Rise of Analytics as a Service,” written by Narenda Mulan of Accenture Analytics, says that businesses will need to contend with and manage very specific issues. Each business is different, and using analytics as a service offers great flexibility. Most companies can’t afford to hire a full time SME in each of the scientific disciplines, so the AaaS model can deliver flexibility with different types of subscription offers.
On the human resources front, the AaaS models offers a faster path to driving greater innovation and more effectively benchmarking workforce performance. No longer will line-of-business managers and human resources executives have to make decisions based solely on hunches or struggle with extracting information from enterprise systems such as HRMS and ERP platforms. By using analytics as a service, useful insight is presented quickly, enabling more informed decisions on everything from tweaking commission structure to drive better sales to investing more heavily in training to build new skillsets to predicting and responding to turnover threats.
Interested in learning more? Zeroedin Technologies has the tools to help you put your own AaaS program in place and make better use of data you already have. Contact ZeroedIn today to explore the potential benefits of workforce analytics for your business.