Why Do We Need SaaS Analytics?

Data has always been valuable to a business’s success. However, ever since the dawn of the internet, its importance and significance have grown indispensably, regardless of the industry or business size. As data has become more important and larger in size, so has the advancement in technology that allows you to leverage that data better. 

Some years back, businesses leveraged on-premise analytics software to report on business data. However, because of its complex implementation and sizable upfront investment, on-premise analytics was mainly limited to big organizations. But today, there are SaaS (Software as a Service) analytics software tools that allow even a small business to leverage the power of analytics in their organization. 

SaaS analytics, unlike their legacy counterparts, do not demand significant investment. Plus, the user-friendly nature of these software allows even non-technical firms to collect and store data and perform data analysis. And they can gain valuable insights into customer behavior, market trends, and operational efficiency, among other areas. Read to find why SaaS analytics tools, like analytics reports for Microsoft 365, are the answers for today’s businesses. 

Benefits of SaaS Analytics

SaaS analytics provides businesses with several benefits that allow them to optimize operations and drive business growth. Here are some of the primary benefits of SaaS analytics:

1. 80% of businesses that use a SaaS analytics tool say their insights have improved. 

Improved business insights mean identifying trends and patterns is simple. SaaS analytics allows organizations to get their hands on real-time and historical data insights — allowing for a better understanding of their past and current operations. This means they can understand the problems that they faced in the past and current processes and identify the trends and patterns that caused those problems. So, they can avoid them and make informed decisions in all aspects of business operations, from product development to customer retention, marketing to employee engagement. 

Gartner suggests that companies that use SaaS analytics say their data and insights are 80% better than the companies that do not use analytics software. 

2. Businesses that use cloud-based analytics tools are able to make better data-driven decisions compared to businesses that do not use any analytics technology. 

SaaS analytics allows businesses to make data-driven decisions based on real-time and historical data. The key benefits of SaaS analytics are that it allows businesses to make sense of structured and unstructured data. By using SaaS analytics software or programs, businesses can gain insights into their business operations and take corrective measures if required. This allows them to mitigate risks, and the overall decision-making in the organizations improves. 

Dresner Advisory Services research suggests that organizations that use cloud-based analytics are more likely to be successful in making data-driven decisions than companies that do not use such technologies. 

3. Businesses that use SaaS analytics realize 5% higher employee productivity and 6% higher profitability than their cohorts.

By providing valuable insights, SaaS analytics allows businesses to optimize their supply chain and production processes. This will eliminate redundancies and improve organizational productivity. It can also provide insights into employee productivity. And thus, it will enable managers to identify areas for improvement. Many managers fret about increasing employee productivity but do not know what to do. So, SaaS analytics and business intelligence tools can provide solutions. 

Hardware Business Review research suggests that SaaS analytics businesses realize 5% higher employee productivity and 6% higher profitability than their competitors.

4. Businesses that use SaaS analytics are 2.5x more likely to outperform their cohorts in customer satisfaction.

With real-time insights, businesses can make informed decisions better than their competitors before they even arise and take corrective steps as soon as possible. It is important to note that businesses that have the ability to avoid problems from arising in the first place have always been better in all metrics compared to businesses that do not take a provocative approach. 

In fact, Forrester suggests that businesses that use SaaS analytics are 2.5x more likely to have higher customer satisfaction rates compared to their cohorts. 

5. 75% of companies that use SaaS analytics and business intelligence tools say decision-making has improved; 68% realized increased revenue. 

SaaS analytics allows you to gain insights into the future and see the trends and customer demands based on the market’s current needs. And by analyzing future trends, organizations will be able to make decisions and stay on top of their competitors. 

NewVantage Partners’ research suggests that 75% of companies that use SaaS analytics realize better decision-making in their organization. In addition, 68% of SaaS analytics companies have realized higher revenue.

The Use Case of SaaS Analytics

SaaS analytics allows businesses to make informed decisions and optimize their performance by making sense of data. Here are some of the use cases for SaaS analytics: 

1. Businesses can analyze customer behavior and track marketing campaigns. 

SaaS analytics allows businesses to identify customer trends and patterns and derive marketing campaign effectiveness. This will allow marketers to gain a competitive edge and increase their profits substantially. 

2. Businesses can tailor products according to the needs and demands of the market.

SaaS analytics allows businesses to gain insights into customer behavior and preferences and tailor products according to market needs. Businesses often have important data like customer feedback, purchase history, and demographics — however, they do not know what to make of the data. And that’s where SaaS analytics software makes a difference. 

3. Businesses can make informed financial decisions. 

Once again, businesses have data like revenue, expenses, and cash flow. But they do not really take advantage of the data stored in their books. And that’s where SaaS analytics can make a difference by allowing you to optimize your financial performance.

Conclusion, 

SaaS analytics services serve every imaginable industry. For e-commerce companies, SaaS analytics is valuable for tracking customer behavior and preferences, analyzing sales data, and monitoring website traffic. In the healthcare industry, SaaS analytics is helpful in tracking patients’ data, monitoring patient outcomes, and identifying trends in patient care, leading to better diagnose and treatment. And so on. 

What’s important to note is SaaS analytics has become an essential tool for businesses of all sizes, and that too across all industries. Using it lets your businesses make informed decisions and improve their performance. 

TIME BUSINESS NEWS