Cloud Based Business Analytics
According to the research firm Gartner, the business analytics market is about $14 billion, dominated by big technology corporations like IBM, Microsoft, Oracle, SAP, and the SAS Institute. This is largely due to the high demand for products that have the ability to analyze huge amounts of data. This is illustrated in a recent Boston University report on business leaders, stating that data analysis is essential to the success of their company.
Not that long ago, business intelligence software tools were exclusively for large companies, to examine historical sales data and many other aspects of their business. These hefty software platforms typically required several weeks to integrate, and the expertise of a completely separate analyst department to interpret the output. This made the tools expensive and only affordable to large companies. Fortunately, that is changing. Now, complex software tools and business intelligence are available in the cloud, and can help even the smallest businesses with improvement and customer retention.
These services aim to make complex analytics available to business owners, and not cost them thousands of dollars. This gives companies a competitive edge with predictive modeling, data visualization, and interactive charting services. In addition, these cloud services will provide your company with the opportunity to make comparisons between your business and your competitors, all without hiring a dedicated team of analysts.
There has been a growing trend toward widespread acceptance of cloud computing and services. Though, certain experts predict that there may be a decrease in technology spending, based on the stagnant GDP growth thus far this year. So far, it has already affected company spending on IT departments and services, in all business sizes.
Even still, cloud use is growing rapidly, especially in the small to moderate size business markets. The main reason is that cloud software licenses and software are fairly affordable. These smaller companies are able to utilize these complex cloud services, integrate the software within the company, and see results from the historical data in as little as just a few hours.
Not to mention, those companies making use of these services are reporting significant savings on business intelligence tools and services, particularly when compared to the more cumbersome competing products. The cloud based business analytics tools allow these companies to refine their sales process, identify any areas that need attention, and make intelligent decisions about strategic planning for the company.
For more information on business analytics in the cloud, contact us today.