the year when 89% of business leaders believe that Big Data will revolutionize business operations the same way the internet did. Tim Berners-Lee’s invention of the World Wide Web in 1991 brought about extraordinary changes. The impact of Big Data will certainly be extraordinary as well. But less than 50 percent of enterprises stated in a Gartner survey that they do not know how to get value from Big Data. Something needs to connect Big Data to business value. That is where Data Science as a Service comes in.
Data Science as a Service is a relatively new term that can be defined as UX-focused data analytics programs that surface analytics data to business users’ workflows in order to provide companies with a business-centered approach to Big Data, rather than a complex statistical avenue. DSaaS tools are created to be used by both technical and non-technical workers; this allows data to give meaning to every department throughout an organization.
Imagine that an eCommerce clothing site recently unveiled a new line of designer jeans. A week after the launch, the company noticed a decline in web conversions and saw an increase in shopping cart abandonment throughout the site. What could have caused this? Market research clearly indicated that customers loved the new line of jeans. Data Science as a Service can explain what happened. A DSaaS such as Blue Triangle may tell them that their page speed on their site is slow and this is directly impacting conversions. By monitoring real users and providing easily accessible graphs representing data, the dSaaS might indicate in real time that whenever a user waits 3 seconds to load a page on this eCommerce site, their likelihood of conversion decreases by 20 percent. Being able to correlate data among many sources (provide meaning) is vital, and this ability is the highest interest driver for those considering to conduct Big Data analysis.
“EVERYONE’S DOING IT.”
Gartner reported that 73 percent of organizations have invested or plan to invest in Big Data within the next two years. On an organizational level, CMOs will be spending more on big data than CIOs by 2017. As the Big Data market is expected to reach $84 Billion in 2026, DSaaS becomes all-important. You need to have tools that capture data and organize it to create insights for your business. You need a service that alerts you when a customer is having poor experience on your website, and takes the extra step by triggering next-page optimization. Just like Big Data’s boom over the past few years, so Data Science as a Service will follow in suit.