In the digital era, data isn't just a commodity: it's the lifeblood of businesses worldwide. From online interactions to customer reviews and social media posts, every digital footprint adds to this immense pool of information. However, a significant portion of this data isn't neatly organized: 90% of data is unstructured, a mix of text, numbers, and dates from various sources and formats. This data contains valuable insights, but companies need innovative solutions to use all this information effectively.
Recognizing the need for innovative solutions, businesses turn to Software-as-a-Service (SaaS) technology, which stands at the forefront of the data revolution. SaaS operates on a cloud-based model, where third-party providers host applications accessible to users over the internet. What sets SaaS apart is its elimination of the need for users to install, maintain, or upgrade applications individually. Instead, users can seamlessly access the software through a web browser, paying a subscription fee either monthly or annually. This approach not only simplifies data management but also empowers businesses to effectively harness the untapped potential of unstructured data, transforming it into valuable insights for strategic decision-making.
An example of SaaS model application is Elastic, a cloud-based platform designed to handle large volumes of unstructured data accessible to users over the internet. What sets Elastic apart is indeed its remarkable adaptability as users don't need to install any software on their device. Elastic provides its services on a subscription basis, allowing businesses to pay for the services they use without the hassle of upfront costs.
Concur is another company that operates on a SaaS model, offering cloud-based software solutions to businesses for managing their travel expenses and invoices. By leveraging SaaS technology, Concur’s users can access travel, expense, and invoice management tools from anywhere paying a subscription fee based on their usage. Also, Concur's SaaS platform can connect with other business software, making it easy to share data between different systems. By doing so, Concur transforms seemingly disparate pieces of information into meaningful, actionable insights that empower businesses to make well-informed decisions related to their travel expenditures, employee preferences, and overall travel management strategies.
Car-sharing leader Uber has successfully integrated SaaS technology into its operations, revolutionizing the way it serves its customers. Through advanced data analysis, Uber integrates and processes unstructured data coming from different data sources, including traffic patterns and GPS information, to make real-time decisions on pricing and optimizes driver routes. Moreover, UberEATS, an extension of Uber that specializes in food delivery, employs sophisticated data analysis software: By understanding customer preferences and behaviors, UberEATS can predict the arrival time of a customer's UberEATS order, ensuring a seamless customer experience.
The Software-as-a-Service (SaaS) market is experiencing unprecedented growth, reaching $148.75 billion in 2021 and projected to soar to $702.19 billion by 2030, as reported by Gartner. In this era of data-driven decision-making, the importance of SaaS technology in harnessing unstructured data cannot be overstated. Companies are increasingly recognizing the pivotal role SaaS plays in converting raw data into actionable insights and enhancing their growth prospects.
The information in this article should not be regarded as a description of services provided by Delian Partners SA. The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. The views reflected in this article are subject to change at any time without notice.
