Janifha Evangeline | Sunday, 04 September 2022, 09:12 IST
The global cloud analytics market size is anticipated to reach USD 65.4 billion by 2025 and this is because several organizations have started realizing that the cloud is an excellent place to run business analytics.
Cloud analytics tools enable organizations to work with large data sets for identifying the most significant business trends & pinpoint areas which need improvement across your company. While a laptop’s spreadsheet program or on-premise would analyze a few thousand data points, big data sets, with tens of 1000’s to millions of inputs, need a better-suited tool.
Rather than developing/building expensive infrastructure on-site for handling the process, organizations can utilize cloud analytics for processing big data in a scalable & more affordable way and this is just another huge reason for leveraging the power of the cloud for data analytics requirements in BI.
Importance of cloud analytics
Leveraging cloud analytics makes the implementation process, management, accessing analytics & obtaining feedback easier for all. Organizations need not have to worry about the expensive software updates as well as the infrastructure. Analytics helps in having more focus on the insights which inform better business decisions & an impressive fifty four percent of business leaders consider cloud BI as critical.
Most enterprises are turning to data & analytics for streamlining their processes & making informed decisions & this means the organizations are turning to cloud analytics for launching & scaling their analytics solutions faster but not at a higher IT expense.
Benefits
Better Decision-making process
One of the major benefits of cloud analytics for Business Intelligence is its capability in making better & more valuable business decisions. Most enterprises are struggling with the evolving internal culture which needs all businesses data to be accessible across the board. When the Information Technology department has all the control over your data, it stops other departments from working collaboratively or even making informed decisions.
BI platforms which provide automated data reporting processes decentralize the organization data and these platforms enable the data to become more digestible to enhance decision-making across departments. Therefore, this will not only save your valuable hours of preparing reports but also help in making the information available & useful for everyone.
Cost savings
While weighing the merits & demerits of implementing cloud analytics, organizations have to focus on more than the first price & consider the ROI. Access to business data online is not difficult anymore and it helps in saving time & money in project startups. Furthermore, most of the online BI platforms which integrate cloud analytics function on pay-as-you-go model and this means organizations are only paying for what they use. The pay as-you-go model also applies to data storage needed. For example, enterprises will pay only for the amount of storage they need while using Google Cloud Analytics. And when all of these factors are put together it simply means that they are paying lower costs & obtaining higher returns.
Improved flexibility
While there is a finite amount of focus in businesses for dividing all the responsibilities, the present IT solutions would force organizations to commit too much attention for data storage & computer problems and this only means that the organization is not focusing on what is important, achieving the business goals & enhancing customer satisfaction. A cloud data solution helps organizations devote more time for significant business aspects which affect your bottom line. Also, cloud analytics solutions render more flexibility when compared to hosting data on a local server.
When businesses need extra bandwidth, a cloud service will help in meeting that demand immediately and this is not as costlier as compared to undertaking an expensive & complex update to the IT infrastructure. The enhanced flexibility & freedom make a huge difference to business’ efficiency. In a survey conducted by InformationWeek it was found that the ability to adapt to business requirements/needs is the first priority to 65 percent of respondents.
Improved security
Most of the business managers & owners have security concerns on implementing cloud-based solutions. They are concerned about whether the files, programs & data in the cloud are protected? And What is stopping any hacker from accessing the data remotely as how organizations access?
For beginners, a full-time task of a cloud-based document platform such as Sizle is for monitoring security carefully & a significant percentage of data thefts happen internally. The key to cloud repositories is amped-up with security and are supported by data encryption when they are in storage as well as transmitting over networks. Encryption makes the information less accessible by hackers or even unauthorized users lets for secure sharing. Moreover, most cloud-based services use several security settings that are based on the user and this leads to secure document sharing with your employees.
Improved mobility
Keeping data in the cloud lets authorized personnel to access it through portable devices. Another significant advantage is that over 6.37 billion people around the globe use smartphones while busy employees especially the ones who are away from the office location can also leverage cloud-based services to stay up to date with co-workers & clients. The cloud renders conveniently accessible information through secure sharing to traveling sales staff, remote employees, or even freelance staff for a better work-life balance.
In a nutshell
The cloud will be the future of data analytics as the volume of data rises to a greater extent. Cloud Analytics renders agility, faster time to value & an opportunity to make data-driven business intelligence decisions.
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