June, 10, 2019
Stax Inc., Sri Lanka's leading management consulting firm, helps both local and international clients to make better sense of their internal data with its Insights-as-a-service (IAAS), resulting in greater profitability, growth and employee engagement. As more companies become data-savvy and use data-driven approaches to make important decisions, companies that proactively adopt Insights-as-a-service are able to stay ahead in the industry with an improved understanding of data.
While a handful of companies utilize data to the fullest, a majority of businesses store their data in disparate, siloed systems and do not use it to support or optimize business decisions. Stax Inc. helps combine internal company data with complementary external data, sourced by its in-house primary and secondary research teams, to provide in-depth insights into three key areas of an organization: Sales, Operations, and Support Services.
From a Sales perspective, Stax Inc. has helped businesses identify the most valuable customer segments – the 20% of customers that provide 80% of value – their demographics, behaviour, and touch points. Aided by its internally developed “AdZen” platform, Stax Inc. also help companies dissect the marketing spend and its effectiveness across different digital platforms. From an Operations and Support Services standpoint, Stax Inc. has helped businesses uncover insights into new product launches, demand and supply forecasting, inventory management, Salesforce effectiveness, employee engagement and more.
Operating for over 20 years, Stax Inc. has advised 15 of Top 20 Global Private Equity Investors and 25+ Fortune 500 companies. Headquartered in Boston, with various branch offices spanning across Chicago, New York and Colombo, Stax Inc. has delivered over 2,500+ client engagements across diverse industries, covering 40+ international markets. In Sri Lanka, Stax Inc. comprises of a growing client base including diversified conglomerates, blue chip industry leaders and large family businesses. This enables Stax Inc. to inspire organizations to dream big, think outside the box and complement gut-based decisions with fact-based research.
According to Dr. Kumudu Gunasekara, Managing Director of Stax Inc., insights-as-a-service is a “process through which an external provider makes sense of data for you. In a typical fashion, it lets you buy only the insights you need, using your own, as well as supplementary data and analysis of that data to answer specific business questions”.
Sharing her insights, Stax Inc. Head of Data Analytics Roshanthi Gunaratne commented that, “Companies may think they have lots of data, but if you look really closely you may find that the data is duplicated, missing critical elements or is not in a format that can be analysed. Just as people may not know what new clothing they need until they clean out their closets, companies need to assess their existing data to determine what additional information they require and how to organize their data to resolve their business problems. This is where Stax’s expertise of working with data for nearly 25 years, serving Fortune 500 companies and global investment firms, really comes into play”.
According to global market data, the Insights-as-a-service market is expected to grow from ~$1.16 billion in 2016 to ~$3.33 billion by 2021. With this growth of data and analytics, the biggest challenge facing businesses today is how to extract meaningful insights from the vast volume of data they possess. The ability to combine both unstructured and structured data and transform them into meaningful and actionable insights is what sets apart winning companies from their competitors. Over the longer term, using data to generate insights will become as indispensable as electricity for a business’s operation and success.