The current internet era is driven by data and cloud analytics. And as it is being generated in abundance, if it is not analyzed or structured, businesses won’t benefit from it. If we take a look at the global cloud analytics market, the CAGR growth is expected to shoot at the rate of 22.35% in the market chart within 6 years. This foreseen calculation brings out a financial surge in the market, which is a spike of $37.816 billion by 2023 from $11.272 billion in 2017.
The market potential of cloud analytics is huge and is driving technology leaders with basic digital transformation/ experience space to invest in it. Let us check out all the vital reasons for businesses to opt for the current days’ cloud analytics.
Understanding Cloud Analytics
A service model, cloud analytics has one or more analytics components, which are carefully and thoroughly implemented in the cloud. Simply put, cloud analytics uses private computing or remote public resources to analyze data that are on demand. The cloud models help companies to scale their analytics capabilities side to side of its growth.
Cloud computing analytics assists organizations to streamline business intelligence process, which mainly includes the following works:
- Improving business decision making
- Presenting fruitful insights
- Analyzing data
- Integrating data
- Gathering and sieving useful data and information
Importance of Cloud Analytics
With passing time, cloud analytics has become quite popular. It has not only gained the trust of businesses but also helped them to gain a better insight into the importance and requirement of demand and supply. With the current advanced level of cloud technology, a majority of companies are comfortable in sharing various business data without being concerned about security and integrity.
Cloud Analytics Working Procedure
If you own a business, you can use cloud analytics to attain long-term effective results. You can attain business-critical insight in a faster way and implement those for positive decision making. Cloud analytics allows you to work on the cloud analytics platforms and use advanced data analytics tools present on the same. With this, you can evaluate huge quantities of collected data.
You can later store those findings and report them for repeat use. In most cases, you can acquire the benefits of cloud analytics as ‘pay on a volume’ of query or data, or as a subscription.
Components of Cloud Analytics
There are mainly 6 cloud analytics components that we are sharing as per Garter’s description, namely:
- Data Sharing or Storage
Most services enable organizations to prefer the usage of data warehouses. This is because it assists in faster modern analytics architecture implementation and quick scalability.
- Analytic Models
These models are based on calculation and need strong computing power to be created. Models like these are used for forecasting outcomes (narrowed down).
- Computing Power
Conglomerates or SMBs, firms do require raw computing power. Its main work is to input, structuralize, cleanse, evaluate, and serve the scaling data to the businesses.
- Processing Applications
Processing applications involves the progression of big data in larger volumes. Its working is basically dependent on the input of those voluminous data into the data warehouse.
- Data Models
With the help of cloud-based data models, one can understand the relationship between different data points and standardize with the structured data types.
- Data Sources
These are considered the origin of where the data is acquired. This may be:
- Website usage data
- Social media data
- Data from CRMs
- Data from ERPs
Cloud Analytics Types
There are 3 types of cloud analytics mainly:
- Private Cloud
These are proprietary clouds, which are dedicated to individual companies. Private clouds act as the extensions to existing IT infrastructure of companies. Only the companies with a paid subscription can assess it. When security and data privacy are the top priorities, it is implemented.
- Public Cloud
Organizations can acquire A3S (applications-as-a-service) from public clouds. The main services under this include:
- Data processing
- Virtual machines
The public cloud is based on multi-tenant architecture and is available for public use. In this, only the IT systems are shared by individuals and not the data. With this, organizations can streamline their IT management and reduce costs.
- Hybrid Cloud
The combination of private and public clouds is known as a hybrid cloud. As the same suggests, it offers you the benefits of both the private and public clouds. With this you can avail benefits like:
- Maintain sensitive data
- On-demand IT infrastructure (basically for non-sensitive data)
Cloud Analytics as Real-time Data Management Mode
Cloud analytics is robustly built and its reliability is quite higher on the on-premise systems during hazardous situations like data breaches. By the time an in-house team detects any form of breaches, it may be weeks or even months.
Comparatively, cloud services in data science have a better and most-effective infrastructure.A cloud-based analytics platform offers you the provision of a secure and individual data access point. It enhances data governance by offering you granular access controls if you have the proper access audit and data capabilities.
Businesses using cloud analytics platforms have the ability to access data from the central place and connect to that shared details or info whenever they require it the most. Both the aspects – quick access and shared connection, are the features that improve intra-enterprise collaboration.
- Faster Insights
Businesses can evaluate and integrate data better in the cloud analytics platform. With it, they can quickly recognize intelligent insights as per the relevance and take actionable decisions.
- Data Integration and Storage
A business utilizing cloud analytics can acquire cross-organizational integration of data. You can obtain daily insights by leveraging data from the various parts of your organization. This acts as a competitive advantage, propelling your business forward
Cloud Analytics Current Trends
- Cloud BI platforms and Google Analytics data Connectivity
Google Analytics integration is one of the highly sought options, which most third-party data connectors prefer. Some of them are like:
- Google Sheets
- Windows Azure SQL, etc.
Once the integration is in place, you can see from where the online visitors are coming from. Added to this, you can also see what they do after reaching the website. This is a good way to generate business feedback and help you to create content that brings more impressions.
- Advanced Visualizations and Dashboards
Both of these are the highly in-demand BI capabilities. Advanced Visualizations and Dashboards have always been pushed to the forefront, especially now, as business requires constant, real-time analytics. The current modern platforms offer you provisions like the self-service style so that you can gain insight and decide quickly on every area of your business.
Cloud BI Architecture Changes
- Increased Adoption Rates
As per Forbes, the adoption levels regarding cloud BI adoption jumped to twice its numbers from 2016 to 2018. Various businesses understand their importance and have adopted cloud analytics.
So, these are some of the effective and preferred reasons for the current day business owners to opt for cloud analytics. We hope that you got a better overview of it. We would also advise you to go through thorough research after reading this blog to get a better idea and also be a part of the current technological trend.
A tech geek and a passionate writer, Poulomy D. Pakrasi is Sagenext’s most loving Assistant Manager. Alongside handling her responsibilities, she loves writing on the latest technology trends, Quickbooks hosting, artificial intelligence, cloud computing, and more. Amidst everything technical, Poulomy is an avid reader with a penchant towards Sci-fi and fantasy novels and is a die-hard Marvel fan.