Business intelligence (BI) industry is experiencing a profound effect since the inception of Cloud computing. The exponential growth in the use of amorphous data by companies, including big data leads many decision-makers to grapple with the most efficient ways to analyze real-time data quickly and effectively. These intensifying data demands are just one of the reasons that predict the developing market interest in cloud-based analytics. While Gartner forecasts the global business intelligence (BI) market to grow 9.7% this year to $10.8 billion, business analytics software-as-a-service (SaaS) is anticipated to spring up three times faster than the total business analytics software market.
BI facilitates companies to analyze data and turn it into valuable business information. As more data and applications migrate into the cloud, numerous new data sources are being created. Cloud-based BI and analytics offer companies and business users multiple benefits. Businesses of all sizes can leverage vast computing and storage resources in the cloud without having to invest in expanding their existing IT footprints or IT support staffs. BI providers are adapting their tools to this new reality, and successful companies must now evaluate and act upon this opportunity. In addition, cloud-based BI and analytics provide business leaders opportunities to quickly gather and act on granular insights from a mix of structured and unstructured data.
Cloud-based BI and analytics tools also relieve business users from trusting on their employees to generate reports or create dashboards for them, thus facilitating decision-makers to act quickly on rapidly changing market conditions. Thus enabling organizational leaders analyze the sales pipeline, monitor the results of marketing campaigns, or trends involving individual line-item expenses and releasing other departments/employees to focus on other activities.
The availability of cloud-based BI and analytics helps to have a greater collaboration and teamwork between decision-makers, including those who might be geographically separated. For instance, users of a particular BI tool can embed dashboards within its dedicated platform via a stream so that followers of that stream can then obtain and share real-time information. Hence provides business users to easily share ideas and insights with one another
These capabilities provide line-of-business users the ability to promptly and easily make informed business decisions across all levels of the organization.
Benefits of cloud BI
- Investment: Without any upfront cost, hardware and software systems can be managed remotely by the vendors or the services providers
- Opex Vs Capex: The Money that has been invested by the business people are expense incurred to create future benefit i.e. acquisition of assets that will have a useful life beyond the tax year
- Elasticity in terms of volume, usage, and price.
- Less reliance on internal IT resources.
- Scalability: Even the smallest businesses can have the ability to tailor a BI system to fit their needs and improve their businesses.
- Cost: Instead of buying complete software or full license, a Cloud-based system provide companies a subscription-based model that ensure companies paying only for their usage.
It is believed that 50% to 80% of all BI applications fall or can fall under the above criteria and therefore SaaS cloud BI will be a huge market. So if you are planning for a Cloud BI, then you have taken an apt decision at your level.
To know more on ZSL’s cloud BI services and solutions, Contact Shaughn Knight.
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