Companies aim to streamline their workflow and traverse different ways to create strategic decision-making to add more value. Business Intelligence (BI) solution unlocks business platforms to expand and achieve their goals. It helps people in the tech segment fetch the information they are looking for in the right format, gain insights and take effective calls for the next strategy – everything at the right time. Then comes the role of Cloud Computing which has come from being an innovative technology to a business need.
Cloud Business Intelligence has come a long way now. According to Statista, over 27% of companies indicated that the Cloud-based business intelligence (BI) solution is essential for business growth. While small companies and startups typically used it as they could not afford the expensive BI tools deployments, today, this technology is a critical part of the processes carried out by organizations of all sizes. Let’s unfold this section and learn more about Cloud Business Intelligence and how it contributes to business growth.
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What is Cloud Business Intelligence?
Cloud Business Intelligence is an integration of two technologies – Cloud Computing and Business Intelligence. Cloud BI apps are hosted on virtual networks, including the Internet, and provide companies access to BI-based data like dashboards, KPIs, and various other forms of business analytics.
Organizations are turning their focus to cloud-based tools, like online file collaboration and storage, Customer Relationship Management (CRM) applications, and help desk software. Business Intelligence tools are wholly acknowledged and help leverage the accessibility and swiftness of the Cloud. Cloud BI applications are accessible through many devices and web browsers.
The Cloud is catered to on demand, which makes it different from regular web hosting. Also, it is flexible and easily adaptable. Moreover, the Cloud services are maintained by the provider. The advancements in virtualization and distributed computing have led users to consider and adopt Cloud Computing. Let us now move further and understand the benefits of Cloud BI solutions that make it a buzzword in today’s world.
Benefits of Cloud Business Intelligence
Cloud Business Intelligence has tons of amazing advantages to offer as compared to on-premise applications. Let us take a look at some of the best ones mentioned below:
Cloud Business Intelligence solutions are known for rendering immense flexibility to technical users. They can be easily adjusted, and users enjoy seamless access to additional data and processing resources while also trying the analytics model. Moreover, Cloud resources can easily and quickly scale in and out by allowing several concurrent users. Customers can use software consumption without waiting for more hardware or software installation.
Businesses must face the budget demand for large-scale hardware and software acquisition in the Cloud Computing segment. They regard Business Intelligence infrastructure as a service and spend only on the computing resources they need. This makes room for avoiding the expenses in the name of asset acquisition and maintenance of a lower entry barrier.
Easy to Set Up and Use
End-users prefer Cloud Business Intelligence solutions because of their ease with set-up and cool-headed operations. It leads to a decrease in IT involvement and reduced costs. It is remarkably easy for a user to deploy a cloud BI solution with the help of internet-based software, which is better than waiting for a hand from an IT professional.
Advance Data Sharing
Another incredible advantage of Cloud BI solutions comes with advanced data sharing. Cloud computing apps make it easy for everyone to access data. These solutions also make data sharing super flexible in communicating across different locations effortlessly. These are typically deployed over the Internet and remain outside the company’s firewall.
In the case of SaaS BI platforms, you have your data scattered across several sites. Cloud BI renders data security management and ensures that the company data is safe and sound across all the critical phases – whether the data encryption is in use, flight, or on rest.
Cloud Business Intelligence solutions also bring a variety of data security functions, as well as protocols like fingerprint authentication or voice recognition features that help protect the data from any face hazard. Cloud BI solutions and service providers ensure that the data security is being taken care of at its best and refrain from relying on single sign-on security authentication (SSA).
Easy to Interpret Data
Modern Cloud Business Intelligence solutions provide in-depth data analysis. Virtual analytics elements such as diagrams, charts, flowcharts, decision-making trees, and advanced BI analysis contribute to making it simplified in a way that it becomes much easier to share and understand insights for all the departments.
Cloud BI tools promote effective sharing and collaboration across different teams and departments. It helps the organization’s employees use it to transfer documents and work on them seamlessly. Besides, Cloud infrastructure tools can be easily integrated, paving the way for enhanced performance and easy maintenance.
Reasons Why Businesses Need Cloud Business Intelligence Solutions
Here are the important reasons why businesses need Cloud BI solutions:
- Since businesses aim to enhance their workflow and bring forth valuable strategic decisions, they can count on business intelligence as it enables them to achieve their goal. BI allows people to gain the right information in the right format whenever necessary. One can look to Cloud Computing for tremendous technological advancements that have expanded the scope of innovation.
- There was a time when small businesses and startups majorly incorporated cloud-based business intelligence, given that they could not afford to employ costly BI systems. But now, businesses of all sizes have started embracing Cloud Computing for their business intelligence strategies and operations. This has made Cloud BI an integral part of organizational functions.
- Cloud business analytics combines two of the most powerful business tools into a commonplace. The scalability and flexibility of Cloud Computing are significant enough to make it an enhancement for corporate information solutions. It eases the burden off the shoulders of businesses as they can easily store and gather data from a variety of sources or devices whenever they want, from wherever they are.
- Cloud Computing offers a storehouse for storing both structured and unstructured data. This makes it a perfect solution for conveying data to business intelligence applications using various devices anytime and anywhere. The versatility of the Cloud makes it an excellent option for business intelligence processes.
Many firms can’t make it to the level of winning the complex processes required to utilize a BI infrastructure. But thanks to the Cloud, they can easily delegate business intelligence applications and infrastructure operations and management to their service provider. This option is a wonderful alternative to the On-Premises infrastructure as it is usually more cost-effective and offers better means to share information.
Cloud Business Intelligence Deployment Models
Now that you know the array of benefits Cloud BI solutions bring, it is time to look at various deployment models it works on. There are typically three types of Cloud Business Intelligence. Let’s discuss.
Public Cloud is a model where the cloud infrastructure is shared among multiple tenants. Thus, the cost is split among them, making this Cloud BI deployment model the most affordable option.
It is the perfect choice for small and mid-size businesses that operate with limited budgets or companies that have to work with big data.
Private Cloud is another Cloud Business Intelligence model that offers companies dedicated storage and computation resources. Regarding the cost, it proves to be the most expensive deal for deploying the Cloud BI solution.
It makes the best option for companies willing to bring data security or regulatory compliance in order.
The hybrid Cloud model entails the combination of the offerings of both public and private Cloud for Cloud Business Intelligence solutions. This model is cost-effective.
It is best suited for companies that can define the data that needs the highest security levels from the data that doesn’t.
Cloud BI Software Capabilities
If you plan to implement the Cloud Business Intelligence solution, you must understand different sorts of Cloud BI software capabilities. Understanding these capabilities will help you decide on the right structure for your BI solution.
Here are the various Cloud BI capabilities:
Advanced Analytics Capability
Advanced analytics capability performs and provides data mining and predictive analytics, which helps analyze the root cause effectively and perform accurate predictions.
Cloud Reporting and Visualization Capabilities
Cloud reporting and visualization capabilities are a must for a Cloud BI solution. The solution must be capable of generating and presenting the reports in the most simplified manner. The information should be able to translate into meaningful data and help obtain detailed analytical insight.
Built-in Data Management Capability
Data integration is an essential part of the business intelligence fundamentals. While building a Cloud BI tool, ensure it is capable enough to extract data from multiple sources, translate it into a required format for analysis, and clean the data to provide high quality.
A Cloud BI solution must also be able to share the analytics and reports on a real-time basis effectively. Collaborating with departments over relevant insight helps the business to move forward in a unified way.
The Role of Cloud Data Warehouse
Data warehouses are the foundation of Business intelligence. Their primary role is to gather data from different sources and then store it in a repository that can be used as a source of truth to support analytics in an organization. When it comes to analytics processing, the data collection is structured and optimized.
Data warehouses are used as On-Premises systems with set processing and storage capacities. It meant they could not grow rapidly when the demand was high. Cloud data warehouses have become a popular option for many companies willing to adopt new systems today. It is because this option replaces some of the aging on-premises systems.
This guide taught you Cloud Business Intelligence and how it encourages businesses to scale. There are many reasons why you should be going for Cloud-based solutions to boost your business operations. It can be challenging to integrate and read from data to data of massive size, and this is how you meet Matellio.
As a leading Cloud BI solution provider, we help you automate and secure your data without needing to write the code on repeat. If you are ready to start your journey with Cloud Business Intelligence solutions, our team of highly skilled engineers will help you plan the itinerary for a top-notch outcome. To find out how to contact us today.