Businesses of all sizes want to stay up to date on the latest technology to survive and thrive in the industry. Companies now want to strategically optimize their current business processes to make strategic decisions that add value to the company and help the business grow and scale to new levels of value. Business intelligence enables them to do just that.
While BI tools were initially used only by business giants because startups could not afford them, cloud BI has now become an integral part of the business as companies of all sizes embrace the benefits of cloud BI strategies.
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What is Cloud BI?
As the name implies, it is an intriguing combination of two distinct technological concepts: cloud computing and business intelligence. In other words, it is the deployment of business intelligence (BI) tools on cloud infrastructure that can be accessed via virtual networks such as the internet.
Cloud computing is used in cloud business intelligence to store large amounts of data such as dashboards, KPIs, and other types of business analytics. It also serves as a platform for various business intelligence applications, allowing businesses to easily gather data from various resources in one location that can be accessed at any time and from any location. Another advantage of cloud computing is its ease of scalability and flexibility.
Some cloud-based technologies, such as Customer Relationship Management (CRM), online file collaboration and storage, and helpdesk software, are being adopted by businesses and have been positively contributing to business growth.
With no restrictions on data access, cloud-based business intelligence, which is integrated with advanced business intelligence tools, facilitates the required information in the required formats that are critical for making business decisions.
Key Advantages of Cloud Business Intelligence
According to statistics, the global cloud-based business intelligence software market was valued at $28,854 million in 2016 and is expected to reach $57,055 million by 2023, growing at a CAGR of 10.2 percent from 2017 to 2023. Geographically, the Asia-Pacific region would experience the fastest growth.
This clearly shows that cloud business intelligence has enormous potential. Let’s peek into some of the key advantages of the same.
With the integration of two technologies, the best of both worlds come together to benefit each other, making it more affordable. Companies that use cloud-based business intelligence avoid investing in costly hardware, software, and maintenance costs. The cloud computing company is in charge of all of this. Because cloud procurement, setup, and management are simple, BI implementation on the cloud is quick and inexpensive.
Scalability of Deployment
The logic of business intelligence is based on data analytics from various sources. Integrating this data with cloud business intelligence tools makes it easier to obtain and gives you the freedom to easily access additional data and processing resources. Scaling in and scaling out the number of users can be seamless based on the required data handling and analysis without additional hardware or software installation. Furthermore, you only pay for your use, ensuring better functionality at a reasonable price.
Ease of Integration
Integration with other databases and programs, allowing for smooth data flow, becomes simple with cloud-based business intelligence solutions. The more sophisticated BI solutions use data from social media platforms to perform “sentiment analysis” in real-time. Remote data sharing is possible regardless of geographical location.
Cloud computing provides dependable and secure data backup and storage, and it is an excellent choice for disaster recovery and business continuity.
Only secure systems can be relied on. However, there is a widespread misconception that cloud services are less secure. Cloud BI solutions provide highly secure services by implementing various security protocols and features. The most advanced security protocols, such as fingerprint and voice recognition authentication, are used to ensure data security.
How Do Different Industries Use Cloud BI?
Cloud BI can benefit any industry because data is used as a lubricant to ensure the smooth operation of business machinery. However, education, entertainment, healthcare, and finance have embraced the tool faster than others.
Organizations widely use cloud business intelligence software to ensure smooth data flow and analytics across departments. Based on real-time data availability and analysis, this facilitates the organization’s rapid vertical growth.
Some companies that have successfully implemented Cloud BI technology have realized multiple benefits. Some examples are provided below:
With a global presence, the company has effectively leveraged 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 long been an essential component of any financial organization. Using Cloud BI, American Express can develop and deliver new payment service products to their global customers.
Netflix could increase engagement with its content by integrating various business intelligence tools. With the exceptional service, its recommendation system drives more than 80% of the streamed content. At the same time, reaching millions of viewers could only be accomplished through the pure public cloud.
This US-based high-street coffee shop chain has devised strategies to maintain its competitive edge by developing cloud solutions and business intelligence tools. The company predicts customer purchase patterns and sends individual offers based on customer preferences using customer data from geographies, and this has aided in attracting customers and increasing sales.
Cloud BI Software Capabilities to Look For
Now that we’ve covered the main benefits of cloud-based business intelligence software let’s look at the features it must have to help you choose the best structure for your modern BI solution.
Built-in Data Management Capability
The foundations of business intelligence are found in critical data integration. Your cloud BI tool must be capable of extracting data from multiple sources, transforming it into a usable format for analysis, and cleaning the data to ensure high quality.
Advanced Analytics Capability
Capability to perform and facilitate data mining and predictive analytics for accurate forecasting and effective root cause analysis.
Cloud Reporting and Visualization Capabilities
The ability to generate reports in a presentable and simple format that can be translated into meaningful data is required to obtain detailed analytical insight.
Your cloud BI solution should be capable of easily sharing analytics and reports in real-time. Sharing relevant insight across departments will assist the company in moving forward with a common goal.
Deployment Models of Cloud Business Intelligence
With a clear understanding of cloud-based business intelligence’s benefits and must-have capabilities, it’s time to learn about different deployment models. There are three types of clouds in general.
The term “public cloud” implies that many tenants share the cloud infrastructure. As a result, the cost is divided, making it the most affordable option for cloud BI. It is an excellent choice for small and medium-sized businesses with limited budgets and companies dealing with large data workloads.
Companies concerned about regulatory compliance or data security should choose the private cloud model. It costs because it only provides dedicated storage and computation resources for your company’s use, which is the most costly way to deploy the cloud BI solution.
Hybrid cloud deployment is the most cost-effective option if your company can separate data that require the highest security levels from data that does not. For your cloud BI solution, the computing environment combines the characteristics of both public and private clouds.
According to Allied Market Research’s analysis, the hybrid cloud lead market has dominated in the past and will continue to do so.
Why choose Applify for your cloud BI needs?
Applify assists organizations with smooth digital transformation through effective strategies and exceptional execution. We aim to deliver the best results for your business by providing the best services, technology expertise, and execution models.
We successfully built a customer-centric data analytics platform for one of the largest telecom companies in the United States and we could ensure 100 percent data availability to every department of the company in real-time by leveraging Business Intelligence.
Our cloud professionals will collaborate with your business and technology leaders to deliver best-in-class cloud computing services on your choice’s cloud storage service platform. By discussing your requirements with our seasoned experts, you can ensure the success of your business in leaps and bounds with our business intelligence services.
When two tried-and-true technologies, such as cloud computing and business intelligence, come together, the result is bound to be spectacular. Cloud business intelligence is the solution that will streamline and automate your business, making data available on the devices of your choice while leveraging the flexibility and essential capabilities.
If you are looking for an app development company, feel free to reach out to applify.co.