What is Insights-as-a-Service (IaaS)? – Learning Guide
What is Insights-as-a-Service (IaaS)

What is Insights-as-a-Service (IaaS)? – Learning Guide

Last updated on 15th Jul 2020, Blog, General

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  • As already defined earlier in this article, Insights-as-a-service refers to cloud-based services that not only provide insights to business corporations but also concrete steps to leverage the insights to achieve business goals.
  • Insights-as-a-service is fundamentally different from other SaaS offerings in the sense that other SaaS offerings offer insights and analytics while Insights-as-a-service offer action plans. However, Insights-as-a-service depends on other SaaS solutions for data and insights.
  • Insights-as-a-service can be offered in multiple ways or forms. The following examples show some typical ways of offering Insights-as-a-service:
  • Business benchmarking services which help corporations compare their businesses with that of their rivals or peers who have hired the services of the same SaaS vendor.
  • Business process improvement services based on the usage of SaaS applications. For example, reduce the budget on search keywords by using the SEM application’s keyword search module.
  • Improving business productivity by integrating syndicated data with client data and reducing client service request response time.

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    Types of big data Insights-as-a-service uses

    Insights-as-a-service cannot deliver independently. It depends on a lot of data sources for delivering actionable insights. Mainly, Insights-as-a-service uses the following data types:

    Company data:

    • This is the data stored by the company in the SaaS applications. Company data could encompass a wide range of data such as financial data and results, stocks, employee details, keyword performance, and business process data.  Basically, the company decides the type of data it stores.

    Usage data:

    • Usage data refers to the data captured during the usage of the SaaS applications. Whenever a module is accessed, used, configured or removed, the data is captured in a web-compatible format.
    • For example, if a few fields in an application are frequently accessed, that constitutes an interesting insight.

    Syndicated data:

    • This is the data collected from third party sources such as LinkedIn, Bloomberg, other open source applications and Facebook. When syndicated data is combined with the two types of data described above, it can result in some deep, relevant insights.
    • What should not be missed is the correlation between the SaaS growth and that of the Insights as Service solutions. Both are directly proportional. So, given the fact that SaaS is on the rise, expect an upsurge in the Insights as Service sector. The image below shows the growth statistics of SaaS.

    How does the service work?

    • There is a certain process to be followed for the solution to work:
    • The service collects data from various sources.
    • The services may employ the domain experts through the entire process if need be.
    • Apart from the industry standard domain processes that are involved, the service providers also use much of the best practices in the industry.
    • Data, insights and analytics and best practices combine to generate actionable insights for specific industries. These plans are specific and concrete which are intended to help companies achieve their business goals.
    • The Action Generator, which is a key component of the Insights-as-a-service solutions, is used to generate a set of steps or actions that a business needs to take to reach its business goals.
    • For example, the Action Generator of D’Bara, which gives solutions for customer acquisition and retention, generates its actions from the deviation-detection analysis.

    How has this trend been growing?

    • For organizations around the world, investing in the process of extracting actionable insights from data can be a proposition that proves to be extremely costly. To do this, at a reasonable cost, organizations need to have their resources and infrastructure.
    • This stands as one of the main reasons why Insights as a service has been a timely solution. Given below is data given by KDNuggets, that shows how rapidly insights as a service has grown in the last couple of years.
    • Companies are said to be directing close to 15% of their IT investments towards Insights-as-a-service and other cloud-based offerings. The investment is going to increase to 35% by 2021.
    • By 2016, it is said that 50% of the data of all organizations will be stored in the cloud.
    • The market value of big data and Insights-as-a-service is expected to reach revenue of 17 million dollars in 2015 and 88 billion dollars by 2021.
    • The big data-based services market, of which the Insights-as-a-service is a part, is expected to reach 30 billion dollars by 2021. Currently, it stands at 2.55 billion dollars.
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    • The industries that will be using the Insights-as-a-service and other SaaS solutions the most are business, finance, retail, media, and telecommunications.

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