Data storage and management providers are becoming key contributors for insight as a service.
Contrary to what many believe, insights are difficult to identify and effectively apply. As the difficulty of insight generation becomes apparent, we are starting to see companies that offer insight generation as a service.
Data storage, management and analytics are maturing into commoditized services, and the companies that provide these services are well-positioned to provide insight on the basis not just of data, but data access and other metadata patterns.
Companies like DataHero and Host Analytics [full disclosure: Host Analytics is one of my portfolio companies] are paving the way in the insight-as-a-service space. Host Analytics’ initial product offering was a cloud-based Enterprise Performance Management (EPM) Suite, but far more important is what they are now enabling for the enterprise: they have moved from being an EPM company to being an insight generation company. In this post, I will discuss a few of the trends that have enabled insight as a service (IaaS) and discuss the general case of using a software-as-a-service (SaaS) EPM solution to corral data and deliver insight as a service as the next level of product.
Insight generation is the identification of novel, interesting, plausible and understandable relations among elements of a data set that a) lead to the formation of an action plan and b) result in an improvement as measured by a set of KPIs. The evaluation of the set of identified relations to establish an insight, and the creation of an action plan associated with a particular insight or insights, needs to be done within a particular context and necessitates the use of domain knowledge. Read more…