Data is a driving factor in the strategies and output of these companies; they rely on it to develop their products and decipher how they can influence and expand their customer base. However, many organizations face enormous challenges when implementing big data solutions, including the lack of required big data skillsets required to both build a team and a technology stack.
Big data has the potential to be transformational, but companies with limited financial and technology resources have found themselves crippled by the sheer mountain of data available. This has created a market opportunity for companies that are able to outsource their data processing and analytical abilities—making data-as-a-service (DaaS) a necessity in today’s economy.
Sifting through large amounts of data has obvious advantages including business intelligence, insights for future strategies, and a better understanding of a company’s performance.
Nevertheless, the disadvantages can be daunting when considering the time, energy, and money that must go into concise data analysis. Businesses need to be able to focus their resources into generating the value gleaned from insights of their big data. Instead of placing the onus on these businesses to make sense of the data, DaaS providers can be used to collect, decipher and then generate insights from data, providing businesses with an on-demand service tailored specifically to their needs.
The possibilities for DaaS are virtually endless as there are already hundreds of DaaS companies, and that number grows every day. TradingScreen sits at the critical juncture of electronic trading software services and big data analysis, so we are well situated to navigate the choppy waters that big data can present. Our DaaS product offering is designed to provide on-demand access to the financial data necessary to drive today’s trading and regulatory requirements and integrate within a firm’s technological ecosystem.
2017 is poised to be a year of opportunity for data-as-a-service (DaaS) products. The fact is, data as a service isn’t a luxury, it’s a necessity for businesses looking for insight into how they perform and how they can improve.