Rise in cloud-based BI is transforming the value of analytics
Recently, more businesses are realizing the benefits of cloud computing go beyond cost-saving and increased mobility. As more enterprises deploy the cloud for business intelligence (BI) technologies, these firms can leverage support from database experts for improved accessibility to analytics and a more effective decision-making process.
A recent study by MarketsandMarkets reported that the global Cloud Based Business Analytics market is expected to grow at an estimated rate of 25.8 percent to reach $16.52 billion by 2018. The research firm cited emerging trends such as big data and cloud computing as the primary drivers of the market. As enterprises struggle with a shortage in IT expertise and a rise in operating costs as well as employee mobility, traditional BI and analytics solutions are no longer adequate. However, cloud BI, which uses the SaaS licensing model and pay-per-use pricing, is more scalable and easily implemented than tradition installations. As a result, MarketsandMarkets determined that cloud-based analytics will be essential to driving innovation and maintaining a competitive edge.
Accounting Technology contributor Rob Ganjon explained that businesses utilizing BI solutions in the cloud can eliminate errors and inconsistencies while reducing manual work and gap time that hinders decisions. This, he revealed, is the key to leveraging the cloud for collaboration. Since these BI technologies better organize, standardize and analyze data in real-time, users can focus on more high-value tasks such as identifying new sales opportunities or developing future marketing strategies. In other words, these tools empower firms to look ahead instead of reporting on the past.
Better use of time through automation
By enabling businesses to automate processes that were previously manual and labor-intensive, Ganjon asserted that enterprises are capable of adopting more forward-thinking tactics than ever before. Cloud BI solutions will be especially critical as firms are collecting higher volumes of data, at a faster pace and from an ever-increasing variety of sources. This information can give enterprises insight into clients as well as the overall market. By sharing insights more easily on a cloud platform, decision-makers can apply BI analytics in new, more useful ways.
Ultimately, Bi solutions in the cloud are just one component of a strategy to deliver more valuable messages, campaigns products and services. In mining big data through cloud-based BI technologies, enterprises are on track to fueling more relevant, informed strategies and advantageous differentiation in the market.
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