Cloud Analytics and BI – the latest trend in enterprise analytics
With most businesses moving part of their operations to the cloud, analytics and BI in the cloud have emerged as the new frontiers of the service model. From IBM, Oracle, Hewlett-Packard and Salesforce , to start-ups like Ideal Analytics, Cloud Analytics is the latest trend in the delivery of enterprise analytics.
Today, apps and data are increasingly being deployed to the cloud. This has led to cloud analytics and business intelligence revolutionising data analysis and reporting in a totally new avatar.
A short time-to-delivery for analytics, improved agility and an effective ROI are the key drivers for the phenomenal increase in the adoption of cloud analytics by large enterprises and smaller players.
The success of Cloud BI and analytics has also given rise to many data visualisation tools and cloud suites for BI, data warehousing and analytics. For instance the Amazon Web Service, Alteryx, IBM Watson Analytics, the Boz Allen cloud analytics architecture or the SAP Big Data Analytics platform – all of which offer varying degrees of data storage, analysis and reporting.
Analytics in the Cloud
Where any of the following elements are fulfilled:
- data stored or sourced in the cloud,
- cloud based data modelling
- cloud processing
- cloud computing
- analytic modeling, sharing or storage
How does it work?
Cloud analytics services are either subscription-based or pay-per-use. Services and applications include Data warehousing and harvesting, SaaS (Software-as-a-service) or hybrid service, BI on demand or analytics as a service. Hosted services are made available to the enterprise / multiple users by the service provider. Off-site storage and harvesting of data cuts down costs and improves access. So data can be retrieved and analysis done, when and where required. The cloud can also be deployed as platform-as-a-service for data analytics.
Advantages – Multiple pricing options, minimal hardware and infrastructure, speedy reporting and analysis environment, cost-effective, analytics on the go in real-time, minimum outlay, sophisticated dashboards and interactive visualization, intuitive reporting for non-technical users, in-memory analysis, integration of data from multiple sources, mobile BI, multi-tenancy support, audit logging and OLAP functionalities, free technical support, multiple deployment options, various analytical models, reduced administrative and implementations costs, options of distributed cloud services, ability to connects large disparate social data, Big Data capability, and more.
The Cloud Analytics market
Reports indicate that the global Cloud Analytics Market is expected to grow from $5.25 billion in 2013 to $16.5 billion in 2018. at a CAGR of 25.8%.
The Banking & Financial Industry (BFSI) is expected to account for the largest market share.
The high growth markets are identified as:
Hosted warehouse – storage and management of mission critical data
Analytics – predictive, spatial, video, social media, text, web
Cloud BI – data integration, reporting, CRM
Application areas of BI and Analytics in the cloud
Healthcare, BFSI, media, social media, government, consulting, research and education, energy, telecommunication
Bottomline: As the data being handled becomes more voluminous, businesses are seeing value in moving their data analysis to the cloud. Rather than build large complex data warehouses and deploy analytics thereon, companies chose to connect with source data APIs and cloud for rapid analysis in real-time. Scalability, reduced costs of infrastructure, improved ROI and analytics on the go are revolutionizing the way analytics is being leveraged in the cloud.