What kind of analytics are people willing to pay for? That’s a fair question – it shows, perhaps, where there is greatest need and where one might successfully start up a business. Let’s answer that question with a little analytics ourselves.
First, we need a data set. Where might we find data on the kinds of analytics people pay for? Doubtless there a various choices, but I think it would be wise to have a look at the current top analytics vendor, which, as anyone in the analytics space knows, is SAS. Assuredly, they must have some customer testimonials and success stories, from which we can extrapolate the kinds of analytics being sold.
We are not disappointed in this assumption; in fact, we are pleasantly surprised. Have a look at the SAS customer testimonials page.
That’s a TON of analytics success story data; and what’s more, it’s already structured into a nice data format! Scrapping a little bit of data from the page, we can produce the following table, which shows the number of customer success stories by industry-
WOW! That’s 665 accounts of people paying for analytics (and being happy about it) across 23 industries. I believe we’ve found a rich data source for understanding the value that analytics has and how we can in turn apply it to solve real world problems.
We could go and have a look at all 665 successes to get an extremely broad overview of the space, but since life is all about decisions and segmentation, I’m going to leave the banking industry to SAS and have look at some of the more interesting verticals. There are some fascinating things here.