Cloud Analytics is the process of storing and analyzing data in the cloud and using it to extract actionable business statistics. Cloud analytics involves grouping extensive data with powerful analytics to identify patterns, predict future outcomes, and other insights useful for SMEs and large enterprises.
It works similarly to on-premise analytics but is a more efficient alternative for businesses heavily dependent on cloud computing. It is often associated with artificial intelligence, machine learning, and deep learning. Nowadays, Cloud Analytics is helping businesses gain a competitive advantage and has become an increasingly valuable tool.
In this article, we cover –
- What is Cloud Analytics?
- What are the different types of cloud analytics tools?
- Benefits of cloud analytics
Before we dive deep, let’s understand what cloud computing is-
Cloud computing delivers computer services via the Internet using third-party infrastructure. In a cloud computing model, organizations can either create an in-built system or rent the IT infrastructure and services based on the requirement of a cloud service provider. The solution includes everything from essential infrastructures like networking, servers, storage, databases, and software to advanced tools like artificial intelligence, machine learning, and deep learning systems.
Cloud computing allows businesses to use the advanced system within a set budget, thus increasing productivity. Cloud computing enables remote working efficiently; they can be used from any geographical location with the Internet.
What are the modules of cloud computing?
There are 3 modules of cloud computing and cloud analytics, defined below:
- Public Cloud: A type of cloud computing where services are publicly available via third-party service providers. Often free, these services are sometimes charged according to usage or consumption. Although the IT systems are shared in the public cloud, the data is kept private. Public clouds help in cost reduction since maintenance of servers, applications, and infrastructure is handled by cloud service providers.
- Private Cloud: Private cloud involves all hardware and software dedicated & accessible by a single owner. It offers the benefits of the public cloud, such as scalability and centralized access, but is owned and operated by a single organization or hosting service. With increased privacy and security, private cloud solutions are more expensive than public cloud solutions.
- Hybrid Cloud: This is the combination of private and public cloud solutions. Businesses opting for a hybrid cloud structure typically use public cloud or non-sensitive data while keeping sensitive information on a private cloud. It gives the best of both worlds for businesses looking to scale or moving to cloud solutions.
What are the different types of cloud analytics tools?
While service providers provide cloud services, Cloud Analytics adds value by throwing light on the right amount of data required for your business to grow. There are numerous types of cloud analytics tools available. Here are a few popular ones:
Website Analytics: One of the most commonly used cloud analytics is website analytics. This tool is used to understand and evaluate website traffic, conversion, and bounce rates, which can be implemented to improve user experience, revenue, and profitability.
Sales Analytics: This cloud analytics tool helps businesses manage customers and leads, evaluate worldwide sales, and monitor performance. It also helps predict significant trends or signals to help decision-makers develop efficient strategies.
Financial Analytics: Financial cloud analytics helps understand revenue and expense trends and evaluate minute financial details that can help leaders make decisions wisely. Financial analytics also helps answer many ad hoc questions, prepare strategies, and forecast future trends based on factual insights rather than simple intuition.
Performance Analytics: This looks at sales, production, evaluating business practices, and reviewing revenues and other data to find performance blockage, expense sources, and improvement opportunities.
More advanced cloud analytics tools process bigger data chunks using machine learning and artificial intelligence and help C-level executives make predictions using accurate analytical outcomes.
How Cloud Analytics work?
Cloud Analytics allows companies to access remote data centers connected via numerous network systems and process large data chunks to better evaluate, understand, and predict business information. This is especially beneficial for companies with no on-premise cloud computing data center or those dealing in heavy digital data.
Benefits of cloud analytics
Some of the major advantages of cloud analytics are :
1. Growth and Scalability: With powerful capabilities such as on-demand scaling up/down and maximum flexibility with no on-site infrastructure set-up requirement, the cloud presents tremendous growth and scalability options at the touch of a button.
2. Centralized and Unified Approach: With Cloud Analytics, teams need not manage different databases and analytics tools. Cloud analytics pulled from an organization\’s ERP system allows the entire workforce to work on a single source of information and analytics irrespective of their department or location.
3. Breaks Down Isolation: Using a single system throughout the firm increases collaboration between departments and promotes communication across teams for data usability.
4. Cost Reduction: Cost reduction is enormous when a company uses a single system. Housing and maintaining on-premise systems, including IT, software, hardware, and other administrative expenditures, are reduced significantly in the long run.
5. Increased Processing: The cloud is operated via powerful servers as opposed to on-site systems, thus increasing the processing capabilities of the entire organization.
6. Promotes Collaboration: The cloud is best if used by a bunch of people as it provides a better system for data sharing and collaboration all at the same time. Multiple people can access the same documents worldwide without lag and in real-time.
7. Enhanced Security: With regular cloud backups at third-party servers located at multiple geographical locations, data security is an event of utmost importance that the cloud carries out seamlessly.
Conclusion:
Cloud analytics is gaining popularity among industries and business leaders for all the right reasons, including accessibility, security, reliability, and valuable insights. Cloud Analytics is the perfect answer for any company dealing with larger data chunks and limited resources to process, manage, and analyze it. In short, it helps drive growth, scalability, improve application performance and optimize IT costs.
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