Why Cloud Data Analytics Is Starting a Business Analytics Revolution
Businesses are moving their data into the cloud — just as they are with applications — like never before. According to the InformationWeek 2015 Analytics, BI, and Information Management Survey: “Cloud-based data warehousing services show the biggest gains in adoption of any information management category, jumping to 34% adoption among respondents, up from just 24% in 2014.”
If traditional business analytics play such an important role in the lives of so many, imagine the potential disruption that cloud data analytics brings to the table. This is exactly what is happening around the world right now. Fueled in part by lower costs of data storage and processing, and the exponential increase in the total number of devices capturing data (think: the Internet of Things), cloud data analytics is very much the “next big thing” in terms of business intelligence.
The Shape of Things to Come
The cloud data analytics industry is expected to double by 2018 (per the July 2015 Harvard Business Review Analytics Services Survey). IDC expects the worldwide market for business analytics to grow to a staggering $59.2 billion as soon as 2018 – up from $37.7 billion as recently as 2013.
Part of this popularity has to do with the natural flexibility and scalability that cloud data analytics has to offer, says Search Business Analytics. No two businesses are created equally, which is why such an organic and customizable solution is so desirable. As the needs of a particular business change, so can their cloud-based software resources.
Not only does this help generate the highest possible return on investment for a service that is ultimately superior to older techniques. It also helps reduce the costs of acquisition and deployment at the same time.
Even if cloud data analytics only made sense in terms of a company’s bottom line, it would STILL be clear why it is poised to take the world of business analytics by storm. But there’s more — its advantages stem even deeper than that.
The Major Benefits of Cloud Data Analytics
One of the major reasons why cloud data analytics are so popular has to do with the many challenges they eliminate over alternative models. Many businesses struggle to embrace the data-centric, Internet-connected world we’re now living in for a number of reasons, including but not limited to things like:
- Antiquated data collection methods quickly lead to siloed data that isn’t serving a larger purpose.
- Collected data often becomes outdated, rendering it essentially useless.
- The general complexity of data access is often too much for small businesses in particular to handle.
- Businesses know how to collect data, but they lack the deep knowledge of how to properly learn from it and act on what it is trying to tell them.
Thankfully, these are precisely the types of challenges that cloud data analytics were designed to help organizations over come. Not only do they provide consistent data across an organization, but they offer also increased value and exceptional speed at which data insights can be discovered. In addition to this, they offer dramatic cost savings in terms of things like report preparation and analysis and even lower costs on technology in general thanks to the fact that everything is in the cloud and is therefore largely hardware independent.
Cloud Data Analytics: The Revolution Has Already Started
It’s no secret that to remain competitive in a crowded marketplace, businesses have to turn to technology to fill in the gap between “the way things were” and “the way things are going to be.” Cloud data analytics, in large part, do exactly that by allowing businesses to not only collect data but to act on it, deploying custom solutions to their unique challenges and embracing the data-driven culture in which we now live.
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