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Businesses of all sizes want to stay updated with the latest technology for existence and success in the industry. Understanding the competitive landscape, the companies now want to strategically optimize their current business processes to make strategic decisions that not only add value to the company but help the business grow and scale to new levels of value. Business intelligence helps them in achieving exactly that.
While at the initial stage, BI tools were only used by business giants as the startups could not afford them, today cloud BI has become an integral part of the business as the companies of all sizes are embracing the benefits of cloud BI strategies.
As the name suggests, it is the interesting integration of two different technological concepts – cloud computing and business intelligence. In other words, it is the deployment of BI tools on cloud infrastructure that can be accessed using virtual networks including the internet.
In cloud business intelligence, cloud computing serves as a vault for a large amount of data such as dashboards, KPIs, and other types of business analytics. It also serves as a platform for various business intelligence applications where businesses can easily gather data from a wide range of resources in one place that can be accessed anytime and anywhere. Another benefit of cloud computing is that it offers easy scalability options and flexibility.
Some of the cloud-based technologies are being embraced by businesses that have been contributing positively towards business growth, for example, Customer Relation Management (CRM), online file collaboration and storage, and helpdesk software.
With no limitation to data access, integrated with advanced business intelligence tools, which is termed cloud-based business intelligence, facilitates the required information in the required formats that are critical for making business decisions.
Statistics clearly show that the global cloud-based business intelligence software market size was valued at $28,854 million in 2016, and is projected to reach $57,055 million by 2023, growing at a CAGR of 10.2% from 2017 to 2023. Geographically, the Asia-Pacific region would exhibit the highest growth rate.
This clearly indicates that the potential of cloud business intelligence is huge. Let’s peek into some of the key advantages of the same.
With the integration of two technologies, the best of both come under one roof benefiting each other thus making it affordable. With cloud-based business intelligence, companies do not have to bother investing in expensive hardware and software and maintenance costs. All this is maintained by the cloud computing company. The implementation of BI on the cloud is quick with lower budget requirements as the procurement, setup, and management on the cloud are simple.
Business intelligence logic is based on data analytics from various sources. Ease of sourcing this data is made possible by integrating it with cloud business intelligence tools. It provides the flexibility of accessing additional data and processing resources with ease. Based on the required data handling and analysis, scaling in and scaling out the number of users can be seamless without having to wait for additional hardware or software installation needs. Also, you pay for what you use guaranteeing better functionality at a fair price.
With cloud-based business intelligence solutions, integration with other databases and programs enabling smooth data flow becomes easy. The more advanced BI solutions exploit the data from social media platforms to perform “sentiment analysis” on a real-time basis. Remote data sharing can be done smoothly irrespective of geographical location.
Cloud computing offers reliable and secure data backup and storage places and is an excellent choice for disaster recovery for business continuity.
Only secure systems are reliable. However, it is a myth around the world that cloud services are less secure. With the implementation of varied security protocols and features, cloud BI solutions offer highly secured services. The most advanced security protocols such as user fingerprint and voice recognition authentication are used to ensure data security.
Cloud BI can be beneficial for every industry as data is being used as the lubricant to ensure smooth operations of business machinery. Having said that, education, entertainment, healthcare, and finance have adopted the tool more quickly than others.
Cloud business intelligence software is extensively used by organizations for smooth data flow and analytics across departments. This helps in the quick vertical growth of the organization based on real-time data availability and analysis.
Some of the companies that have successfully implemented Cloud BI technology have been reaping its benefits in multiple folds. Mentioned below are some of the examples:
Having presence across the globe, the company has been effectively tapping the benefits of the hybrid cloud with the ease of infrastructure functionality that serves 100 million card members. On the other hand, business intelligence has been a critical component of any financial organization. With Cloud BI, American Express is able to develop and deliver new payment service products to their global customers.
With the integration of various business intelligence tools, Netflix could get more people to engage with the content. With the remarkable service, its recommendation system drives over 80% of the steamed content. At the same time, reaching out to millions of viewers, could only be made possible with the use of pure public cloud.
With innovation of cloud solutions and business intelligence tools, this US-based high street coffee shop chain has formulated strategies to maintain the competitive edge. With the help of customer data across the geographies, the company predicts the purchase pattern of the customers and sends individual offers based on customer preferences. This has helped in drawing the customers to the store increasing sales.
Now that we have understood the key advantages of cloud-based business intelligence software, let’s look for the capabilities it must have that will help you choose the right structure for your modern BI solution.
The basics of business intelligence lie in crucial data integration. Your cloud BI tool must have the capability of extracting data from multiple sources, transforming it into a required usable format for analysis, and cleansing the data for high quality.
Must have the ability to generate reports in a presentable and simple format that can be translated into meaningful data to obtain detailed analytical insight.
Your cloud BI solution must have the capability of sharing the analytics and reports with ease on a real-time basis. Sharing relevant insight across departments will help the business to move forward with a unified goal.
With a clear understanding of the advantages and must-have capabilities of cloud-based business intelligence, now is the time to understand various deployment models. Generally, there are three cloud types.
The word public implies that the cloud infrastructure is shared by multiple tenants. The cost thus gets divided making it the most affordable option for cloud BI. It is a great option for small and mid-sized businesses with limited budgets or companies that deal with big data workloads.
Companies that are concerned about regulatory compliance or data security should opt for the private cloud model. As it provides dedicated storage and computation resources only for your company’s use, it comes with a cost. This is the most expensive option to deploy the cloud BI solution.
If your company can segregate between the data that require the highest security levels and the one that doesn’t, opting for the hybrid cloud deployment is the most cost-effective option. The computing environment combines the traits of both public and private cloud for your cloud BI solution.
Based on the analytics drawn by Allied Market Research, the hybrid cloud lead market clearly has dominated in the past and will continue with the same trend in the future as well.
With effective strategies and excellence in execution, we, at Appinventiv, help organizations with smooth digital transformation. By offering our best services, technology expertise, and execution models, we aim at delivering the best to achieve your intended business outcomes.
We have successfully built a customer-centric data analytics platform for one of the largest US-based telecom companies. By leveraging Business Intelligence, we could ensure 100% data availability to every department of the company in real-time.
Collaborating with your business and technology leader, our cloud professionals will deliver the best-in-class cloud computing services on the cloud storage service platform of your choice.
With our business intelligence services, you can ensure the success of your business in leaps and bounds by discussing your requirements with our seasoned experts.
When two proven technologies, like cloud computing and business intelligence, synergize, the result is bound to be wondrous. To modernize your business and keep up with the pace, cloud business intelligence is the solution that will streamline and automate your business making data available on the devices of your choice leveraging it with flexibility and essential capabilities.
Q. How does cloud BI work?
A. Business intelligence is the core that helps in analyzing data and transforming it into meaningful deductions. Data present on the cloud in clean high-quality format is used for business analysis and forecasting. By integrating the two technologies cloud BI offers flexibility, scalability, and affordability at the same time.
Q. What are the challenges of cloud BI?
A. The main challenge that cloud computing has been dealing with is security and reliability as the companies do not want their data crossing borders and falling under foreign jurisdiction.
Q. Which software applications are exploiting the cloud BI functionalities?
A. Customer analytics being on the top of the ladder, supply chain analytics, marketing analytics, and pricing analytics are the key players in the global cloud-based business intelligence market.