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Data as a Service: The Big Opportunity for Business

Big data is imperative to business—and the amount of data in circulation and storage needed increases daily. Most forward-thinking businesses recognize the value of this data and leverage it as a decision-making factor for business strategy, but they don’t use it to its full potential. Unfortunately, most big data exists in silos that bog down its effectiveness.

Break Down Data Silos

One of the biggest issues is departments don’t share data with one another within the company. One department might collect data that another department could benefit from, but a lack of communication eliminates this possibility. Using Data-as-a-Service (DaaS) solves this problem by enabling companies to access real-time data streams from anywhere in the world. It removes the constraints that internal data sources have. Big companies—including SAP and Amazon—are already tapping into this slowly developing area.

This revolutionary idea is changing the game in many ways, and I strongly believe business leaders should pay attention to this trend and start thinking about how DaaS could enhance their organizations.

Leverage DaaS to Perform with Greater Agility

You may wonder how DaaS works in practice. With all the data available, how could one company manage it effectively enough to sell a service to other companies? DaaS is essentially a data stream that subscribers can access on demand. Almost every modern business has embraced data as a decision-making tool, but few companies have the in-house manpower and resources to fully leverage the power of the data they collect.

DaaS companies, however, focus entirely on collating data and compiling it into relevant streams. Subscribers then access the streams they need, when they need them. This essentially eliminates the need for in-house commitment to data and allows businesses to perform with greater agility, because they can seamlessly and effortlessly get the exact data they need.

Manipulate Data More Easily with DaaS

Big data itself isn’t useful at surface value—it’s obtuse, disorganized (in most cases), and more than likely won’t make much sense to most business professionals. The value of data comes from the trends and insights gained from closely examining it.

Most companies that employ onsite data storage and analysis are hard-pressed to keep up with increasing demand for data-driven insights. DaaS aims to ease these constraints by offering catered data streams tailored to client needs. DaaS saves valuable time and effort in our modern era of lightning-fast communication and market shifts. When companies have access to the data they need in an easy-to-use format, it makes leveraging that data as an asset much easier and less time-consuming.

Capitalizing on big data was a scramble for many organizations because its analysis is so time-consuming. Without an accurate idea of exactly what types of data a company should collate and analyze, it’s easy to miss important trends or miscalculate because all the variables aren’t on the table. DaaS companies offer more data sources while making it easier to navigate to the data clients need. This drastically cuts down time spent on analysis and allows companies to make data-driven decisions more quickly and with increased accuracy.

Integrate Data, Company-Wide

I’ve said it many times before—agility is key to modern-day business success. Professionals and leaders must be able to quickly shift gears and refocus on new issues as they come to light. Agility also means departments should step outside traditional roles and start working together more closely on projects to streamline the project management process. The importance of agility also extends to data. When you have more control over the data your company uses, it’s easier to gain actionable insights from that data and leverage it appropriately.

When silos are broken down, it reduces the likelihood that one department will overlook a data stream that another department controls. Essentially, DaaS offers a means for every department in a client company to access the data it needs, when it needs it, without having to worry about being locked out due to departmental restrictions.

Go Forward, Backed by Data

DaaS is an incredible opportunity for countless businesses and industries, and the companies spearheading the DaaS movement have an opportunity to reshape the business world for years to come. Modern companies have caught on quickly to how important data is (and should be) to the strategic business decision-making process, and DaaS offers a means to streamline data more effectively and with more acuity.

Additional Resources on This Topic:

Data as a Service: The Revolution We Need
Why Your Big Data Needs to be Agile

This post was first published on Forbes.

 

Daniel Newman

After 12 years of running technology companies including a CEO appointment at the age of 28, I traded the corner office for a chance to drive the discussion on how the digital economy is going to forever change how business is done. I'm an MBA, adjunct business professor and 5x author of best-selling business books including "The Millennial CEO" and "The New Rules of Customer Engagement." Pianist, soccer fan, husband and father, not in that order. Oh and for work...I'm the CEO of Broadsuite Media Group and President of V3 Broadsuite, a family of marketing and media agencies that help companies be found, seen and heard in a cluttered digital world. I also give keynote speeches around the world on the topics such as digital transformation, technology and marketing.