The Advent Of Cloud-Based Analytics
Updated: Jul 4, 2018
The technological world is changing at neck-breaking speed, but the barriers to entry for new businesses have never been so low. Once up a time, you needed big bucks to break into this world. Now, all you need is a laptop, a stable internet connection, and one of the countless desirable computer skills.
Business intelligence (BI) has become a major component behind the scenes for many companies, and the main reason some even exist. The use of technologies or applications to collect, analyze, and present business information that aids the decision-making process is now the norm.
There are many tools out there to use for this practice, and one of those is called Cloud-based Analytics.
What Are Cloud-based Analytics?
Cloud-based analytics may sound like something completely foreign, but it's essentially just using a 3rd party host to collect and house your data, in either a public or private cloud. You'll receive your information back through some type of dashboard in real-time, which allows you to analyze the information collected. There are countless providers - Google Analytics, for example.
Cloud computing can be traced back to the 1960's, but it has developed from something that companies are encouraged to embrace, to an essential and efficient tool used by modern enterprises. It is a cloud-enabled solution that allows a company to conduct business analysis - it's a typical data analytics service that provides similar features and capabilities as if you were collecting it in-house. Only, you're not. Cloud-based analytics provide a unified platform to organize, process and store the inexhaustible amount of data coming in.
Why Use Cloud-Based Analytics?
The cloud is now the go-to platform for driving enterprise transformation. For instance, the innovation of automation within the cloud is capable of reducing the need for IT employees in an organization. It enables businesses to select programs that align with the policies they want to use in running their business.
Cloud-based analytics have gone far beyond just small business and startups and has been adopted by large organizations in an effort to offer better customer service, easier access to data, and reduced operational costs.
One of the major reasons for the adoption of cloud analytics by these organizations, including the change-resistant sectors, is unhindered access to the data. Because the cloud is where the data lives, it allows the merging of internal and external data from social media, subscription services, and many others. Having the ability to instantly access and analyze multiple streams of data, which came from multiple sources, is a significant win for businesses of all sizes.
Additionally, it helps to avoid wasting time and resources that could be spent on other important things. Because all of the data processing and set-up is done for you, your valuable workforce can direct their attention to other tasks, such as the actual data analysis part.
Expenses can be better managed when data is being processed through the cloud, rather than funding a large IT department. Cloud-based analytics allow business owners to make intelligent and quick data-driven decisions with real-time information, without having to use too many resources.
What Are Future Implications Of Cloud-Based Analytics?
Cloud-based analytics are continuing to gain traction.
With the unified and simplistic approach, it's not a surprise whatsoever that so many businesses are jumping on board. Cloud-based analytics function without the hassles that come with establishing an operational analytic platform. They possess end-user focused tools that accelerate daily tasks, performance tuning, and workflow.
Cloud-based analytics appear to be an omega IT platform that will just keep growing and dominating. The cloud has become an unstoppable force that one day may be the only platform for IT infrastructure, applications, and commerce. Despite the disruptive nature of technology, cloud-based analytics look like the technology shift that will reshape the IT industry and the business world.
A survey of over 1,000 business leaders conducted by IBM revealed that 71% of these companies are cloud-enabled innovators. Cloud-based analytics enable organizations to expand product features, reach new customers and provide easy access to new markets.
Now, businesses risk being left behind by competitors if they don’t join the cloud analytics trend. It is an unbeatable choice that has proven that it is here to dominate - risky or not, the benefits appear to outweigh the potential dangers.