In this blog, we have covered a few crucial benefits of cloud business intelligence technology for businesses. Read this article to know more about how cloud business intelligence models can help your businesses in growing rapidly.
Modern businesses are promoting cultures such as remote connectivity, virtual services, wireless controls, automation, etc. And to empower these technological advancements, cloud business intelligence has become an easily available but preferred technology. However, this simple term consists of several stages and technologies that come together to create an entire intelligent tech ecosystem for businesses.
Cloud Business Intelligence – Benefits for Businesses and Key Players
- 1 What is cloud business intelligence?
- 2 Some top cloud business intelligence solutions
- 3 Wrapping Up
Cloud Business Intelligence, as the name suggests, mixes the nature of two separate technologies- cloud computing and business intelligence (BI). To put it simply, cloud business intelligence talks about deploying elements of business intelligence on cloud infrastructures. To store business intelligence data, to access it at any point in time, and from anywhere, businesses deploy cloud technologies.
Additionally, the top benefits of cloud business intelligence technology are synchronization between businesses, smooth automation, fast data processing, data security, backups, etc. According to the 2022 Cloud Computing report by Exploding Topics, 50% of corporate data from all over the world is stored on cloud technologies. Now, to understand how cloud business intelligence can come together to benefit and grow your business, we are going to discuss a few of the benefits that accompany cloud intelligence technologies. So, stay with us until the end for some in-depth insights!
1. Accessibility and availability of the massive data
One of the major advantages of cloud computing technology is that it enables remote availability and accessibility of corporate data. Now, with the integration of business intelligence technologies, some additional advantages such as smart scalability, data optimization, computation, data filtering, etc. are possible as well.
On top of that, cloud business intelligence also enables companies to connect with each other remotely and exchange massive amounts of data smoothly. Due to these advantages, companies can run their businesses even internationally by connecting with clients from overseas, targeting customer segments across the globe, and doing much more.
2. Smarter data security and backups
With the rapidly rising digitalization, data security has also become a necessity for virtual businesses. According to a Forbes article, in 2021, data breaches and cyberattacks increased by 15.1% compared to 2020. With the deployment of business intelligence technologies across cloud servers, these cyber threats can be reduced in numbers.
For instance, organizations have started using AI to keep an eye on possible data breaches or patterns of data breaches before an attack is executed. These smart-systems keep an eye on hardware and software connected to data storage servers to notice patterns of any cyberattacks. To raise instant cyber threat alerts, and to take precautionary measures to secure the data, these business intelligence technologies are considered quite reliable across several industries and sizes of businesses.
Additionally, data backups handled by cloud intelligence technologies are usually done in real-time. So, in case any hardware is failed or data is corrupted, it is easier to recover the data at any point in time. Business intelligence companies recommend adapting smart computing technologies to avoid possible losses that cyber threats can cause, especially to organizations that are involved in virtual business operations where data is exchanged and generated regularly.
3. Smart analytics and business predictions
Cloud business intelligence is a reliable solution for business operations that relied on in-depth data analytics and predictive analytics. Some of the common industries that use this technology are streaming services, e-commerce businesses, edtech companies, stock and trading industries, sports industries, etc.
Cloud intelligence technologies empower predictive analytics capabilities by providing smooth integration of the data, access to historical data, and more. Thus, even in real-time, it gets smoother for corporations to predict factors such as airport fares, sales, etc. Predictive analytics is also used in customer assistance chatbots to make them smarter. These chatbots are able to recognize more dialects, pronunciations, languages, and more. On top of that, such chatbots are also known for their reduced dependency on human customer service agents to solve customer queries.
4. Personalization of user recommendations
Companies are using cloud business intelligence technologies to personalize their services, especially in industries like streaming, e-commerce, etc. The data generated through user behavior help e-commerce/entertainment websites, and apps to personalize recommendations on the basis of the same. Amazon Personalize is one of the leading solution providers to create a real-time personalized user experience with a rapid speed.
There are a few crucial key players involved in providing cloud business intelligence services like Amazon, Salesforce, IBM, etc. These tech leaders provide customized solutions to enterprises of all scales. However, there are some additional business intelligence solutions as well that offer several packages based on the requirements of companies.
One of the most popular and user-friendly business intelligence solutions out there, Tableau was founded in 2003. However, Salesforce acquired the company later in 2019 for $15.7 billion. The software is a perfect solution for tasks such as augmented data preparation, smart data analysis, secure collaboration, and more. Some Tableau features that are included in the solution are Tableau Server, Tableau Prep, Tableau Data Management, Tableau Mobile, and Embedded Analytics among others.
2. Power BI
Another top name in the list of popular cloud business intelligence solutions providers, Power BI is a tool by Microsoft. The tool is mainly optimized to empower business intelligence advantages. You can use Power BI as a package that includes software services, smart apps, along with connectors. Apart from business intelligence solutions, it also provides data discovery, data preparation, and interactive dashboards as well.
3. Qlik Sense
This top key player in the segment was released initially in 2014. Some advantages that it comes with are the integration of advanced analytics to empower real-time data exchange. The aim of this cloud intelligence solution is to help people in making data-based decisions irrespective of their skills for the data.
Cloud business intelligence is a technology witnessing rapid growth in popularity as the culture of wireless is becoming more common. Thus, more and more businesses in several industries are emerging and finding ways to leverage this technology. Additionally, as the number of rising businesses is resulting in increasing competition as well, cloud business intelligence technologies are helping companies in thriving even in the large-scale competitive ecosystem.