Cloud analytics is now a common marketing phrase for businesses to perform analysis on their own internal network using cloud computing. It makes use of a wide variety of analytic tools and techniques to assist businesses to extract information from large consolidated data and present it into a quick and easy manner via a Web browser.
Cloud analytics helps companies to:
Consolidate Data: Cloud analytics allows you to combine external sources of information into one consolidated and easy to access data. This leads to better overall organization and decision-making ability. It also leads to a reduction in data entry errors. Also, it can be used for business planning and forecasting. You can feed this information into different applications such as Microsoft Excel, Google Docs, and Yahoo! Finance etc.
Distribute Data: Various data are often used within an organization. This information varies greatly in both source and volume. Some companies create custom database and maintain it internally. In such cases, there may be very little possibility for data sharing with other companies or even external clients.
Align Data: Many companies store data concerning different departments and locations separately. They also may not wish to share information with other departments and/or locations. However, by using cloud analytics, all these data can be centrally located, managed and analyzed and this provides a great degree of leverage.
Reduce Operational Costs: The cost of running and maintaining a server can be very high. This is especially so if you cannot allocate your time and money appropriately. With the help of cloud computing, the infrastructure costs are managed by the hosting provider. All the server software and applications are hosted in the clouds and hence, do not incur any sort of maintenance costs. Also, cloud analytics tools create an easy-to-use interface that reduces user-obligation and reduces training costs. It also helps organizations create a workflow that reduces redundant work, boosts up efficiency and reduces cost.
Improve Customer Experience: Using cloud analytics and related solutions, the customer gets better value for his/her time and money. The customer does not have to spend time, energy and resources searching information. This information is available instantly and the solution can be provided quickly. The customer gets a better experience. Also, increased customer retention and satisfaction are other benefits.
Enhance Company Mission: If you have a clear vision about the company's vision and mission, it will be easier to establish and align the objectives and the strategy with the needs of the company. Also, if the company is operating in different markets across the world and branch offices, cloud analytics is very helpful as it provides a unified platform for tracking the activities across the locations. Therefore, you can get more insights about the market behavior, business performance and adaptability.
Faster Decision Making: Cloud analytics tools provide quick access to big data. It minimizes the time taken in data analysis and helps in decision making. With such tools, the company can make informed decisions without having to wait for days or months. For example, if you want to send out a project request to a contractor, you do not need to go to the office physically. Your request gets processed and the contractor gets the updates instantly.
Scalable Solutions: You can easily scale up these solutions for higher growth rate. The application can grow according to your business needs and business revenue. In addition to this, the solutions are scalable. Thus, you can increase the number of users as and when necessary.
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