"n McKinsey & Company’s 2012 report entitled Delivering large-scale IT projects on time, on budget, and on value, the report describes one example of a large bank that wanted to create a central data warehouse to overcome inconsistencies in their data. In this particular example, the end goal was never properly defined and the IT department embarked on building a solution that never considered the actual business objectives, resulting in ‘huge amounts of unnecessary complexity’ and significant cost overruns. After 18 months of missed deadlines, nearly $10 million in sunk costs, and no working solution, the bank decided to stop the bleeding and cancel the project altogether."

I don't see how the bank could have got a solution to this from a SAAS vendor... they would still have had to pipe the data to the warehouse, build the reports and management scripts and so on - setting up the data store is a task, true, but so is initialising your store on a cloud provider.