Firms that specialize in data and analytics are in big demand these days. Even large companies that used to be able to manage data in-house are beginning to outsource to experts at data firms. Businesses are looking for help with managing and processing data, but they’re also beginning to look for more than just the basics. It seems we’re hearing the term “Data as a Service” (DaaS) being coupled with newer terms like “Insights as a Service” (IaaS) as the technology speeds us forward.
A new report released by Forrester, Insights Services Disrupt The Data And Analytics Market, addresses this trend, detailing how changes in the marketplace are driving businesses to outsource their data needs to specialists such as data aggregators and other DaaS firms, and stressing the need for these data firms to adapt quickly to support this growing market.
One of the report’s authors, Jennifer Belissent, Ph.D., writes in a blog post, Introducing the New Insights Service Provider, “According to Forrester’s Q3 2015 Global State of Strategic Planning, Enterprise Architecture, and PMO Online Survey, 73 percent of companies understand the business value of data and aspire to be data-driven but just 29 percent confirm that they are actually turning data into action.”
The Forrester team recommends a new approach for data experts to consider.
A great time to be a data aggregator
Data aggregators and other data-crunching firms that are keeping up with the trends are in high demand. They’re also attracting some of the best talent in the data sciences, and if you’ve been looking to hire data experts, you know how competitive the market is these days.
Data firms understand what Belissent refers to as the “insights services cycle”. She argues that an increase in time to value can be achieved in four steps.
In the first step, a data firm helps its client define or refine the business problem, helping the client construct the right questions to ask in order to solve the problem. Once the right questions are in place, the data specialists are often really good at helping clients with step two, knowing where to find the right data in order to get the best answers. Belessent notes that aggregators often have an opportunity to get the right data at the right price for clients, as well.
Step three is the most important: applying advanced analytics capabilities and designing the right framework for performing those analytics.
This is where eContext is helpful. As a data expert, you have a question that needs an answer as quickly as possible, and you have a series of data sets that contain the right kind of information for analysis. What you don’t have is a month to wait for your data to be pulled from disparate sources and normalized for analysis — clients want answers and insights now.
eContext is a real-time classification engine that helps data aggregators pull text data from any source into a unified taxonomy structure for easy discovery, analysis, and strategic recommendations. eContext offers a deep classification structure — more than 500,000 total categories that reach down 21 tiers — to help you deliver greater relevance and deeper meaning on behalf of your clients.
We work with companies like DataSift that aggregate astronomic volumes of text data from a wide range of sources like social media networks, streams of editorial content, blogs, and forums, and other data sources they have access to. DataSift relies on eContext to quickly provide an infrastructure for all their data, so that they can unify, standardize, and structure their assets into a topic hierarchy framework to enhance overall efficiency of the insights supply chain.
Pulling it all together
eContext can be key in Belissent’s final quadrant of the insights services cycle — delivering better insights. She notes the growing number of firms that are differentiating their services by stressing excellent data capabilities backed up by keen insights.
Consider the competitors in your space who are delivering insights to clients based on the shallow industry-standard three-tiers-deep classification system. Leveraging eContext to classify your data gives you the infrastructure required to , help your key staff cull stronger and deeper insights, faster.
It’s a great moment to be a data expert. Your services have never been more in demand, and there’s a wide and untapped market that’s just waking up to the fact that data will drive them forward. If you can add value by giving them answers along with insight faster than your competitor, you’re in a good position to lead the pack. Step out ahead of your competition with better, deeper, richer text classification capabilities from eContext.