Everything you need to know about cloud business intelligence

Data is the most important asset for any business. Due to technological advancements and the widespread use of digitization, companies are now producing huge amounts of data. According to a recent report, 180 zettabytes of data will be produced worldwide by 2025.

Companies can gain insightful information, identify risk factors, and make informed decisions using appropriate data. Understanding this data is a huge challenge for companies because most of the data generated is unstructured. 

Additionally, the diverse and complex nature of data necessitates the implementation of sophisticated and affordable data analytics solutions by organizations to effectively store, extract, and understand this data. Modern cloud data storage and business intelligence tools can help companies overcome these difficulties.

Adopt cloud-based business intelligence solutions 

Companies of all sizes aspire to streamline their operations and enhance the value of their strategic choices. This is exactly what business intelligence enables them to do. Business intelligence makes it easier for the right people to receive the right information at the right time in the right format. On the other hand, cloud computing is gaining momentum due to technological progress and has moved from technological innovation to business necessity.

Until a few years ago, small businesses or startups that couldn’t afford to deploy expensive BI tools were the majority of cloud-based BI users. But as companies of all sizes are starting to use cloud computing for their business intelligence, Cloud BI has now entered the mainstream.

What is Cloud BI?

As the name suggests, Cloud BI is an exciting fusion of two technology ideas: 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 acts as  a safe deposit box for many of the data used in dashboards, KPIs, and other types of business analytics in cloud business intelligence. 

It also serves as a platform for many business intelligence applications, enabling organizations to quickly aggregate data from various sources into a single location that can be viewed from anywhere at any time. The simplicity and flexibility of cloud computing scalability capabilities are other advantages.

Companies are adopting some of the cloud-based technologies that have benefited from the company’s growth, such as help desk software, online file sharing, and customer relationship management (CRM).

Cloud-based business intelligence, which has no restrictions on data access and is linked with sophisticated business intelligence tools, makes it possible to provide the necessary data in the forms required to make corporate decisions.

Key Advantages of Cloud-Based Business Intelligence

Compared to on-premises systems, cloud business intelligence offers many important benefits. 

Here are some of the main benefits of Cloud BI:

• Affordability

When two technologies are combined, the best technologies are combined together for mutual benefit, reducing cost. Companies can save money with cloud-based business intelligence instead of investing in expensive hardware, software, and maintenance fees. 

The cloud computing business keeps everything up to date. Due to the ease of setup, management, and cloud procurement, business intelligence can be implemented on the cloud quickly with minimal financial requirements.

• Ease of integration 

Integrating cloud-based business intelligence systems with databases and other software to provide a live data flow is simple. More complex business intelligence tools use social media platform data to perform “sentiment analysis” in real time. It is possible to share data remotely without difficulty, regardless of location.

• Publishing scalability

Analytics of data from many sources provides the basis for business intelligence logic. Integrating it with cloud business intelligence tools makes it easy to get this data. It gives you the freedom to easily access more data and processing resources. 

The number of users can be scaled up and scaled without having to install new hardware or software based on necessary data processing and analysis. Plus, paying for what you use ensures enhanced functionality at a reasonable price.

• Reduce overhead

The total cost of ownership (TCO) of the cloud model is one of its primary advantages. Using the cloud allows businesses to pay only for the services used. Because of this strategy, cloud computing enables companies to have better control over capital expenditures and operating expenses related to non-core activities. 

With the help of cloud solutions, fewer servers and employees are required on site to run regular operations. The organization can now use the expenses previously allocated to IT in other areas.

• improved reliability

Cloud computing is an excellent option for disaster recovery and business continuity because it provides reliable and secure data storage and storage locations.

Only trustworthy systems are safe. But it is a common misconception that cloud services are less secure. Cloud BI solutions provide highly secure services by implementing many security protocols and features. Data security is ensured using the latest security technologies, such as user fingerprint and voice recognition authentication.

• Advanced data sharing

Cloud computing applications allow data to be easily viewed and exchanged from a distance and between different locations. They are often implemented online and are not subject to the company’s firewall.

• Easier setup and operation

Like other Cloud applications, end users find Cloud BI solutions easy to set up and use. Thus IT participation and costs are reduced. Instead of waiting for overburdened IT experts to emerge, users can quickly implement a cloud BI solution using software that can be accessed online.