Cloud-Based Business Intelligence Solutions – Which Are the Benefits
Business intelligence solutions support better decision-making by providing historical, current and predictive views of all business operations. Business Intelligence (BI) technologies can process large amounts of information to provide useful functionalities such as reporting, analytics, data and process mining, business performance management, benchmarking, text mining, predictive and prescriptive analytics. BI solutions help companies gain competitive advantages by identifying and developing new business opportunities.
Although enterprises are still in the early stages of adopting cloud-based BI solutions, a 2012 survey showed that these technologies are among the fastest- growing cloud-based business management tools. According to the survey, in late 2011, only about 13% of enterprises worldwide had cloud-based BI solutions in place and in use. In 2012, cloud-based BI saw an 84% compound annual growth rate. The surveys author declared “inevitably, cloud is opening up business intelligence to more users within organizations. There already is a drive to make BI more ubiquitous, and the cloud will accelerate this move toward simplified access.” Let’s see more advantages of cloud-based Business Intelligence solutions:
• Cloud makes business intelligence affordable. Enterprises benefit from the fact that there is no hardware and ongoing maintenance costs. The implementation of the solution is more rapid, it needs a smaller budget, and upgrades are the provider’s responsibility.
• Cloud enables specific business needs integration. Enterprises benefit by having a more scalable solution that can faster integrate new functionalities to fit business needs or faster adapt to business development. • Cloud increases employee productivity and reduces redundancy. Enterprises using cloud-based Business Intelligence solutions benefit by having more efficient processes as different business departments or external partners can access the same data, eliminating duplication.
• Cloud increases BI tools results. By storing data in a single location that can be accessed by the entire enterprise, the chances of having duplicate data or different versions of almost the same information are eliminated. This helps companies reduce data volume and complexity and leads to valuable data insights for departments across the entire organization. As data continues to increase in all industries and businesses begin to rely more and more on high quality data insights, information accessibility whenever, wherever can provide a critical competitive advantage. If you consider choosing and implementing Business Intelligence technologies in your enterprise, you should research on the advantages a cloud-based solution could bring to your day-by-day activity.
By Rick Blaisdell