Data as a Service (DaaS)

What is Data as a Service (DaaS)?

DaaS program is a cloud-computing model that lets you readily access business-critical data, such as text, sound files, images and videos, through a cloud-based platform in a timely, safe and cost-effective manner.

Many organizations have traditionally stored and managed their own data in-house. However, as today’s data-driven landscape becomes increasingly more complex, managing and maintaining Big Data likewise becomes more and more complex – and costly. With the DaaS model, you can instead delegate the risks and responsibilities of data management to a third-party, cloud-based service provider.

DaaS software allows you to receive and share data on demand – anywhere, any time, and from any device. DaaS tools aggregate data across a wide range of topics and sources. Using application programming interfaces (APIs) integration, these tools can deliver relevant curated content that provides you with the right information and insights you need to drive business growth.

Why is DaaS important?

Making smart, well-informed business decisions for growth and innovation requires having the right information at your disposal. This means moving beyond your limited internal data sources and taking a deeper dive into Big Data to extract broader context and gain valuable, actionable insights. Armed with reliable and pertinent data, you’ll also be upholding quality due-diligence practices, keeping a close eye on clients, partners and other third parties with whom you do business.

As a cloud-computing platform, DaaS software brings with it a number of other benefits, such as

• flexibility
• premium data quality
• increased security
• affordability

Data as a service program benefits span an array of professionals and industries as well, such as:

• financial services, which can look to Big Data to analyse financial trends, conduct quant modelling and drive predictive analytics based on event or price correlations
• corporate data scientists, who can take advantage of different types of data to evaluate product and market trends and power machine-learning applications
• risk- and supply-management departments, which can track watchlist and sanctions data as well as analyse global news to support due diligence, risk monitoring and risk mitigation
• PR, marketing and sales professionals, who can pinpoint information and insights in the news and on social media that relates to their brands, their competitors and their customers
• academic researchers, who can integrate archival and up-to-the-minute data to support research and development, analyse trends and drive innovation

Nexis® DaaS

LexisNexis’ Nexis^® DaaS is a service that enables organizations to connect to our world-class database through an API to get the premium data they need – in a format that suits them – to fit with their own application. APIs (Application Programming Interface) let your product or service communicate with other products and services without having to know how they're implemented. It acts as a messenger & allows two applications to talk to each other. It delivers your request to the provider that you’re requesting it from and then delivers the response back to you. Every time a user uses software to communicate with other software or online web servers, APIs are used to request the information you need. Application programming interfaces acts as the middleman between the application and the web server that aren’t limited to the web only. There are APIs available for virtually every machine or system that expects to interact with other systems.

Our API uses predictive analytics, builds quantitative financial models and fuels machine-learning applications. And our source-rich database provides access to highly relevant domestic and international news; social commentary; company, industry and legal intelligence; magazines and trade publications; radio and TV broadcast transcripts; intellectual property (IP) and patents data; press releases; and more.

So, what differentiates us from other DaaS software providers? Along with our proven track record for innovation and leading-edge technology, LexisNexis’ Nexis DaaS:

• draws from 80,000 sources
• adds 4.5 million documents every day
• covers 80 million companies
• encompasses 75 languages
• spans more than 13,000 topics
• extends across more than 100 countries

With the insights you glean from Nexis Data as a Service system, you’ll be in the ideal position to make strategic business decisions with acumen, care and confidence. Harness the transformative power of data today to transform your business for the better with Nexis DaaS.