In today’s digital age, everything revolves around data. From logging employee productivity to managing client information, the business world is dependent on capturing and analyzing data to gain insight into organizational functions.
When companies fail to do so effectively, their operations suffer. According to a global survey conducted by Dimensional Research, 82% of organizations operate using outdated data, and 85% are forced to face “incorrect decisions and poor business outcomes” because of it.
That said, it’s crucial that your organization effectively manage data, so you can make more informed decisions and avoid negative outcomes. That’s where data as a service (DaaS) comes in.
What Is Data as a Service?
DaaS is a strategy that encompasses the collection and management of an organization’s data. The goal is to be able to collect, organize, analyze, enhance, calculate, and share data better.
But how can your organization achieve this goal? It may sound like a big ask, but the answer is simple: leverage business data services.
These services combine outsourced management and intelligent technology to maintain the integrity and efficacy of your data. They often include business process outsourcing (BPO) services like document scanning, digital mailroom solutions, document management software, and e-forms software.
What Are the Benefits of DaaS?
Organizations that take advantage of business data services experience a wide variety of benefits, including:
Better Decision Making
Ever try to find a light switch in the dark? Making organizational decisions without the data to understand the impact is similar. With business data services, you can effectively capture and analyze data and gain key insights into financial health, market trends, and customer satisfaction, enabling you to make more informed decisions.
In addition to gaining critical knowledge prior to making business decisions, data as a service facilitates faster decision making. Unavailable enterprise resource planning (ERP) data alone results in delayed decisions for 71% of companies, according to Dimensional Research. With the information you need at your fingertips, you can avoid setbacks.
Data silos are common in organizations that house information within various systems that don’t connect with one another. For data to be used effectively, it needs to be readily available in an easy-to-access location.
Queue integration as a service (IaaS), data as a service’s partner in information management!
By improving data collection and storage through solutions like document conversion services, e-forms software, and document management software and then integrating your business systems, you can close the gaps between them and eliminate data silos. This, in turn, will boost productivity throughout your organization – for in-office and remote employees.
Increased Cost Savings
According to a report from McKinsey, “Lack of data quality and availability can cause employees to spend a significant amount of time on non-value-added tasks.”
Spending time on mundane, manual, or repetitive tasks, like searching for information, can harm the profitability of your company. After all, you need more employees to complete the work when several of them are focused on locating the data required for the overall task at hand. This translates to unnecessarily high labor costs.
With DaaS, you can ensure that your team can access the data they need when they need it, reducing time spent on non-value-added tasks and, therefore, labor expenses. This is a key benefit today, as organizations of all kinds continue to be impacted by inflation.
What to Look for in a DaaS Partner
There are four key factors to look for in a potential business data services partner:
- Experience: Does the partner have longstanding relationships with organizations in your industry? How long have they provided outsourced data services? The right partner will provide specific examples and case studies of their success with existing clients to prove that they’re experienced enough to assist your business in improving data management.
- Expertise: Can the DaaS partner identify how data services will impact your organization and provide a detailed plan for successful implementation? Does the team you’ll be working with have the skills required to ensure data management success? It doesn’t hurt to ask about specific team members’ resumes to get a better sense of their skillsets.
- Variety of Solutions: Are their solutions diverse and customizable to your needs? An effective partner will tailor solutions to your exact organization’s structure, workflow, and goals. From document scanning and data management platforms to robotic process automation (RPA) and other intelligent technologies, the right partner will offer a suite of solutions that can function seamlessly with your existing systems.
- Security Prioritization: Maintaining the safety of data is crucial to its management. The right partner should improve the safety of your data through solutions and platforms with advanced protection, recovery, and compliance features. These may include data at rest encryption, configurable password rules, robust audit trails, and PCI DSS, SOC 2 Type 2, and HIPAA compliance.
With over 30 years of experience, the MetaSource Team meets the above criteria and is committed to finding secure, scalable BPO solutions for your organization’s data collection and management needs. Contact us to get started today!