What is Cloud BI and How Can it Improve Your Business Growth

  • January 24, 2023
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What is Cloud BI and How Can it Improve Your Business Growth

In the past, businesses have relied on traditional methods of managing data, such as paper records and spreadsheets. However, with the advent of new technologies, businesses can now adapt to better ways of managing data. These new methods include cloud-based solutions. 

By using these new technologies, businesses can improve their efficiency and accuracy in data management. 

Numerous factors make Cloud BI crucial for corporate expansion. The ability of organizations to gain insights into their data that was initially hard to do is among the most significant benefits. 

Businesses can access data stored in the cloud anytime and from any location. As a result, they will be able to get reports generated and may base their judgments on real-time data. The ability to save money is another factor in why this cloud system is crucial for corporate success. 

Data storage in the cloud is often far less expensive than data stored on-premises. There are more benefits that we will discuss. 

In this article, we will discuss what Cloud Business Intelligence is, how it can improve business growth, ways to implement it, and different features. 

What Is Cloud BI? 

Cloud-based intelligence uses cloud computing to transform any data into actionable software and services. It incorporates the use of two technologies: Cloud Computing and Business Intelligence. 

Cloud Business Intelligence tools are typically subscription services, so you pay a monthly or annual fee to access the software. This makes it a more cost-effective option for small and medium-sized businesses that may not have the budget for an on-premises BI solution.

The Cloud-based solutions offer a variety of features, including data warehousing, reporting, dashboards, and advanced analytics that help in data-driven decisions without having to store them in hardware. BI vendors also offer machine learning and artificial intelligence capabilities.

How to Implement Cloud-based Business Intelligence 

If you’re considering using Cloud-based BI in your business, there are a few things to keep in mind. First, you’ll need to determine which cloud solution services are right for your business. There are three main types of cloud-based BI solutions:

1. Software as a Service (SaaS)

SaaS BI involves a third-party vendor that provides BI tools in a safe digital environment using the cloud-based dissemination paradigm. SaaS is cloud-based software that is easily accessible. 

You can use it on a pay-as-you-go basis. This makes SaaS a good option for businesses that want to avoid making a long-term commitment to a BI solution.  

SaaS BI technologies give businesses direct access to analytics services with customizable pricing, including real-time insights. Below is an example of areas you can apply this cloud-based solution

Areas to use SaaS – Image Source: EasyBlog

2. Platform as a Service (PaaS)

PaaS cloud computing systems allow the consumer to receive hardware and software resources from a third party online. 

PaaS is a cloud-based platform that allows you to develop and deploy custom applications. This makes PaaS a good option for businesses that need a more customized BI solution. 

Public, private, and hybrid clouds are all capable of providing PaaS. This cloud system provider hosts the hardware and software in its infrastructure. PaaS relieves developers from the burden of installing on-site hardware and software to create or execute a new application.

Below is an illustration of how PaaS works.

PaaS functionality – Image Source: openPR

3. Infrastructure as a Service (IaaS)

IaaS functions – Image Source: java T point

IaaS is a cloud-based infrastructure that provides access to storage, networking, and computing resources. This makes IaaS a good option for businesses that need a more comprehensive BI solution.

Once you’ve determined which cloud BI solution is right for your business, you’ll need to choose a vendor. There are several cloud BI vendors to choose from, so be sure to find the one that best meets your needs.

When evaluating vendors, consider cost, features, and support factors. Once you’ve selected a vendor, you’ll need to set up an account and sign up for a subscription. 

Once you’ve signed up for a subscription, you’ll be able to access the Cloud-based BI platform and start using it to collect, store, and analyze data.

How Cloud Business Intelligence Improves Business Growth

There are many benefits that come with using Cloud-based solutions. Almost every entity uses at least one application based in the cloud, which is why it is becoming increasingly popular amongst businesses of all sizes. 

According to Statista, revenue from business intelligence software is projected to reach $23.43 billion in 2022. By 2027, the market is expected to be worth $32.48 billion, with revenue increasing at a compound annual growth (CAGR) of 6.75%.

Here are just some ways in how Cloud-based BI can improve your business growth: 

1. Increased Flexibility and Scalability

One of the main benefits of Cloud-based Business Intelligence is that it is highly flexible and scalable. This means that it can easily be adapted to suit the changing needs of your business. For example, if you need to increase the amount of data you are processing, you can simply scale up your Cloud Intelligence solution. 

This is in contrast to traditional on-premise BI solutions, which can be inflexible and difficult to scale. If you are dealing with SaaS, the main problems that will be solved are infrastructure, such as data fresh capabilities, redundancy, etc. 

If your primary line of work is less inclusive of technology, cloud-based BI tools will make it simpler to scale up as your company grows because your time can be better spent on developing the company. 

Using this cloud-based solution guarantees that you will get the most recent version of the application due to frequent developments and updates of the cloud solution.

2. Reduced Costs 

Another major benefit of Cloud-based solutions is that they can help reduce your costs. This is because you only need to pay for the resources that you use, and you can avoid the high upfront costs associated with traditional on-premise BI solutions.

3. Improved Collaboration 

Allowing your team members to collaborate on the dashboards and reports, you get to encourage teamwork within your organisation. Also, the information available to everyone simultaneously makes it easy to discuss a common topic. 

This fastens up ideas and decision-making. It also brings equality in the organization as nobody will feel certain groups are favored with any information. 

4. Improved Integration

As a business, you want to be able to access and analyze your data from anywhere. Cloud Business Intelligence tools make it easy to connect to various data sources and share data across locations with smart data connectors. 

You can also visualize data in real-time to see what’s happening and identify current industry trends. This information can help you improve your business performance. 

5. Better Decision-making 

Amazon Web Services

When it comes to business growth, making the right decisions is essential. Cloud-based BI can help improve your decision-making processes by providing access to real-time data and powerful analytical tools. 

This means that you can make decisions based on the most up-to-date information, which can help to improve your chances of success.

6. Faster Time to Market 

When introducing new products or services, getting them to market as quickly as possible is essential. Cloud BI can improve business growth by speeding up your time to market. This is because the solutions allow you to quickly and easily access your needed data. 

This then helps you get your products and services to market faster and improves your chances of success in the future.

Data Security 

Most Cloud Business Intelligence offers access to encryption that ensures your data is safe from hackers. Saas BI solutions depend on more than just multi-factor authentication, encryption, and single sign-on (SSO) security. 

Data integrity is guaranteed by ISO27k criteria, which also prevent access to, deletion of, or tampering with sensitive data.

Features of Cloud-based BI

Features of Cloud-based BI

Many different vendors offer cloud-based BI solutions, each with unique features and capabilities. However, some common features are typically found in most cloud-based BI solutions, such as:

1. Cutting edge features

Most cloud-based BI solutions offer advanced features such as data warehousing, mining, predictive analytics, and real-time reporting. These features are what is accelerating the usage of cloud-based solutions. People want to save time and use the saved time to grow their businesses.

2. Cloud reporting

Cloud-based BI solutions have the ability to generate reports from data stored in the cloud. This can be done using various reporting tools, such as Microsoft Power BI, Tableau, or QlikSense.

3. Self-service

Cloud-based BI enables organizations to give their employees access to data and tools so they can generate their reports and insights. This can save organizations time and money as it reduces the need for IT staff to generate reports on behalf of employees.

4. Scalability

One of the main advantages of using a Cloud Business Intelligence solution is that it can be easily scaled up or down to meet the changing needs of an organization. This is in contrast to on-premises BI solutions, which can be more difficult and expensive to scale.

5. Cost-effectiveness 

cloud-based Business Intelligence is associated with being cheap, which is a win for any organization wanting to utilize such services. It is more cost-effective than on-premises solutions. This is because organizations only pay for the resources they use and don’t have to invest in the infrastructure required to run BI tools on-premises.

Types of Cloud Computing 

Choosing the type of clouding to use is a crucial step that is dependent on your needs. Each type has its uniqueness. Cloud computing can be divided into four main categories: 

1. Public Cloud

A public cloud is owned and operated by a third-party provider. The provider manages all hardware and software components with a public cloud. This means you don’t have to worry about maintaining or updating infrastructure.

The public cloud is the most popular type of cloud deployment and improves business growth. It’s also the most cost-effective because you only pay for the resources you use. 

Public Cloud BI deployments are ideal for organizations that want the flexibility and scalability of the cloud without the hassle and expense of managing their infrastructure. 

With public cloud-based BI, all hardware and software are managed by the cloud provider, so your organization can focus on using the BI solution to attain its goals. Famous public cloud providers include Amazon Web Services, Microsoft Azure, and Google Cloud.

2. Private Cloud

A private cloud is owned and operated by a single organization. With a private cloud, you have more control over the hardware and software components. This means that you are responsible for maintaining and updating the infrastructure. 

Private cloud Business Intelligence deployments are ideal for organizations that want the security and control of on-premises deployments but with the flexibility and scalability of the public cloud. 

However, a private cloud can be more expensive than a public cloud because you have to pay for the resources even when you’re not using them.

3. Hybrid Cloud

Hybrid cloud solution deployments are ideal for organizations that want the best of both worlds the security and control of on-premises deployments with the flexibility and scalability of the public cloud. 

With hybrid cloud-based BI, your organization can deploy some components of the solution on-premises and others in the public cloud. This allows you to choose the best deployment model for each solution component. 

The characteristics of a hybrid cloud are complex and may differ between different cloud solution providers.

4. Multi Clouds

A multi-cloud architecture consists of many cloud services from various public or private cloud vendors. Not all multi-clouds are hybrid clouds; all hybrid clouds are multi-clouds. When numerous clouds are linked together by some kind of integration or coordination, they become multi-clouds.

No matter which clouds based BI deployment model you choose, you’ll need to consider the following factors.

Security. How important is security to your organization? If security is a top priority, you’ll want to choose a deployment model that gives you the most control over the solution. Cost. How much are you willing to spend on your cloud BI solution? Public cloud deployments are typically less expensive than private or hybrid cloud deployments.Scalability. How important is scalability to your organization? If you need to be able to scale up or down quickly, you’ll want to choose a deployment model that gives you the most flexibility.Management. How much time and resources are you willing to spend managing your cloud BI solution? If you want to focus on using the solution rather than managing it, you’ll want to choose a deployment model that requires less management.

Advantages of Cloud Business Intelligence

Cloud BI offers many advantages over traditional on-premise BI solutions, including:

Quick and easy deployment – Cloud-based BI can be up and running in minutes without the need for complex on-premise infrastructure.Flexible and scalable – Cloud Business Intelligence can be easily scaled up or down to meet changing business needs.Pay-as-you-go pricing – Cloud Business Intelligence services are typically priced on a pay-as-you-go basis, so you only pay for what you use.Increased collaboration – Cloud solutions provide users with easy access to data and analytics from anywhere, at any time, enabling better decision-making and collaboration across the enterprise.

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Which Cloud Business Intelligence Solutions Are Right for Your Business?

The answer to this question depends on your specific business needs. To help you make the right decision, we have provided you with some major cloud solutions examples:

1. Microsoft Azure

Microsoft Azure is a reliable cloud platform that offers various services, including storage, computing, networking, and analytics. It also supports many different programming languages, tools, and frameworks, making it a popular choice for developers. 

The BI solution offers a pay-as-you-go pricing model and a free trial. Microsoft Azure is a cloud computing service created by Microsoft for building, testing, deploying, and managing applications and services through a global network of Microsoft-managed data centers.

2. Amazon Web Services (AWS)

Amazon Web Services

AWS is a comprehensive, easy-to-use cloud computing platform provided by Amazon.com. AWS provides on-demand computing resources and services in a pay-as-you-go pricing model and free trial. 

AWS offers global cloud-based products, including computing, storage, databases, analytics, networking, mobile, developer tools, management tools, IoT, security, and enterprise applications.  

3. Google Cloud Platform (GCP)

Google Cloud Platform (GCP)

Google offers GCP, a suite of cloud computing services that runs on the same infrastructure that Google uses internally for its end-user products, such as Google Search, Gmail, file storage, etc., that is needed to improve business growth. 

GCP offers various services, including computing, storage, networking, big data, machine learning, and the Internet of Things (IoT). It also provides tools to help developers build, test, and deploy applications on the platform. It uses a pay-as-you-go pricing model and has a free trial.

Conclusion

Cloud solutions are essential for businesses today as the world becomes increasingly connected and competitive. 

To survive and thrive in this environment, organisations need to be able to make decisions quickly and efficiently based on the most accurate and up-to-date information available. Cloud Businesses Intelligence provides organisations with the ability to do just that. 

Organizations that have adopted Cloud computing services have seen several benefits, including improved decision-making, reduced costs, improved integration, better collaboration, and increased accuracy. 

There are various types of cloud computing, such as hybrid, public and private clouds. All are dependent on your needs. 

Cloud-based BI computing services such as Saas PaaS and IaaS are the major ones in the market. Ensure you analyze your needs before settling on a cloud solution to ensure you are focusing on the main ones. 

Cloud Businesses Intelligence is a powerful tool that can help to improve business growth. If you are looking for ways to improve your business, then you should definitely consider using cloud-based solutions.

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