Having the appropriate data analytics solution is vital to strategic decision making. However, one-size-fits-all solutions don’t always address a company’s specific needs. Cloud technology has facilitated the rise of vertical SaaS data analytics and more bespoke, industry-specific solutions.
The rise of industry-specific data analytics solutions or vertical SaaS
Many companies still rely heavily on legacy solutions for their analytics. However, next-generation vertical SaaS (Software as a Service) offers bespoke solutions for industry-specific needs. With vertical Saas, industries such as HVAC and plumbing, food and beverage, or construction have access to custom-tailored solutions that will help them achieve the market advantage.
Before the cloud, companies were required to host, maintain and upgrade their own servers. Software had to be installed on site and the data was only accessible from a specific computer. But the advent of internet and cloud computing has ushered in massive advancements in technology, including the creation of SaaS solutions. The cloud made it possible to make use of virtual servers, store an unlimited amount of data, and access information from anywhere and whenever you want.
Companies are no longer encumbered by the cost and hassle associated with hosting servers, onsite data storage, or purchasing or building the latest version of necessary software. With SaaS, a user can access their data in real-time from home, the office, or anywhere else using their notebook, tablet, or smartphone.Likewise, the SaaS industry has grown in response to the rapidly changing marketplace. Today, companies require more than what’s offered in pre-packaged analytics and standardized KPIs. Vertical SaaS solutions are tailored to address the unique needs of a particular industry to help them meet their business goals.
Types of industries that use specific data analytics
Because vertical SaaS is customized according to industry, a company’s data and insights can be leveraged to address their unique problems and to discover new opportunities. For instance, the plumbing and HVAC industry must be able to run a lean warehouse. This means having enough stock on hand to fulfill orders without becoming overstocked. Although HVAC products don’t have an expiration date, there are seasonal fluctuations in demand that are unique to the industry.
As such, effective inventory management is critical to an HVAC company’s continued success. If, for example, a company does not have enough A/C condensers, fans, and blower motors on hand, this might impact a company’s ability to deliver in full, on time (DIFOT) during the long days of summer. At the same time, many companies cannot afford to invest capital in unnecessary stock that might not sell. The ability to maintain a lean warehouse while meeting seasonal demands will ensure a company stays ahead of the pack in the HVAC industry.
At Phocas, some of our plumbing and HVAC customers have reduced supply chain inefficiencies by 20-30% due to more detailed data analysis. Others have been able to identify new cross-sell opportunities to generate six-figure increases in sales to their existing customer base within the first few months of using our solution.
In the food and beverage industry, serving great food and providing great service is central to a restaurant’s success. The ability to monitor the performance of key metrics is the foundation for providing these on a consistent basis. Vertical SaaS solutions provide access to margin analysis so a restaurant can understand the profitability of the food and beverages on offer.
Many different types of industries benefit from the use of a vertical SaaS solution. These include, but are not limited to automotive, building and industrial, health and scientific, janitorial, electrical, retail, manufacturing, and wholesale distribution. At Phocas, we help our customers increase profitability, optimize operations, quickly spot trends, and more, for ongoing improvement to their bottom line.
Ongoing value, improvement and loyalty
Vertical SaaS providers offer continuous improvement in performance through the development of new features and regular upgrades, without additional cost. The solutions are easy to use since they are designed with best practices in mind. Many vendors allow users to do proof of concepts and test new release features in advance.
Phocas is compatible with more than thirty ERP systems which makes integration quick and easy. For example, Phocas is used by hundreds of building and industrial supply companies. They rave about finally getting the full picture of their business and using insights buried in their ERP, customer and financial data.
We specialize in developing solutions with our clients that meet their distinct needs, going beyond off-the-shelf solutions. Phocas has worked on projects across many industries. As a result, we can shed new light on opportunities, as well as leveraging existing ideas. We are experts in helping customers turn their company data into results.
Phocas is designed so non-technical, time-strapped users can report, track and drill into the data throughout your entire supply chain. From easy-to-read dashboards to the lightning-fast grid, everything about Phocas is designed for ease-of-use. Phocas allows you to drill from high-level dashboards right down into the underlying transactions, so you can see the data that drives your business.
To learn more about how industry analytics can help your company optimize operations, click here to download our eBook: Top BI and data trends for 2021