Future of Business Intelligence in the Cloud

Future of Business Intelligence in the Cloud
In the wake of economic slowdown, organizations are aiming to make the most of their existing resources—to make every input a viable source. In such a strategy, modern technologies such as Cloud Services and Business Intelligence (BI) are regarded to be prerequisite platforms. Such technologies not only prepare companies to become efficient but also make them ready to maintain a competitive stance. BI and cloud work in sync to form hypotheses and predictions to be prepared for market competition. Researchers believe that the future of BI will be very bright when it is used on existing cloud platforms; it may also exhibit computing advantages based on daily data accumulating of large volumes.

Cloud-based BI is different from traditional BI in the sense that it implements expensive and complicated software on-site; it is accessible anywhere on any device in a so-called software-as-a-service model. Cloud BI doesn’t require additional hardware or software nor a strict restriction on space. The system can also auto-select storage according to current computing needs – this elastic scaling and ever-ready availability are the perks that make cloud-based BI so powerful.

BI involves making better decisions through the use of people, data, processes, and related tools and methodologies. Recently, BI has come to rely on near real-time operational data of systems such as ERPs, CRMs, supply chains, and so on. Operational BI is often tied to performance management and business process management with natural undertones of maintaining data quality, consistency, and the monitoring of these two. BI prompts intelligent reports based on a market analysis which may also involve geography based investment decision for MNCs or buying behavior of consumers for producers.

The ability to operate on BI involves intensive data management and computationally expensive data analysis. With the help of the cloud, BI bypasses these hurdles without impacting the quality of the processes negatively. Instead, it improves efficiency, reduces error, and expenditure. The analytics performed on the cloud platform will affect BI in the following ways:

• Accelerating the adoption of BI services due to rising lucrative intents involved.

• Easier evaluation of the data and analytics through real-time analysis at lightning-fast speed.

• Increased short-term ad-hoc analysis through avoiding data marts spawning. The data mart can be created whenever needed, and after the job, it can be eliminated from a cloud cluster without causing redundancy.

• BI will also make the process very flexible through avoidance of long-term business commitments. The companies will be autonomous in catering to the needs of data usage.

• Consideration of probable growth through ongoing analysis of data staged on an architecture functionally efficient, elastic and platform such as cloud.

BI in the cloud also has some benefits that might be instrumental in transforming its future, especially in its broad adoption. These benefits include:

• Fast, easy and inexpensive deployment resulting from non-requirement of infrastructural setup.

• No extra expenditure on hardware and software setup, which will inevitably result in low Total Cost of Ownership (TCO).

• Higher reliability will be extended as cloud computing can be used at reliable and secure locations for data storage against the threat of accidental data loss.

• Multi-tenancy environments where the resources could be better exploited to their optimum usage will result in cost reduction and higher customer reach.

• Free automated software upgrades and maintenance would attract wise brains in adopting the cloud for BI.

• Flexibility and scalability of the cloud needed are not just smart but also economical. Reduction in a waste of cloud space will help save both energy and money.

• Cloud types such as SaaS allow the consumers to pay for only what is used; this would result in the elimination of waste and reduced costs.

• Specific cloud solutions come with personalized needs for data handling. From large numbers of simultaneous users to a minimal amount of users, the consumer will indulge in fast and easy scalability.

• Cloud computing allows easy cross-location data sharing and remote data access even when they are deployed outside a company’s firewall.

With such astounding benefits, it seems convincing to agree with the researchers who proclaim a rapid growth of cloud-based business intelligence in the near future. As the world is progressing and advancing towards the betterment of the technology, it wouldn’t be entirely wrong to predict the improvement of current benefits of cloud-based BI. Cloud-based BI enhances efficiency and productivity of business intelligence. In the future, BI will be further assisted by web 3.0 technology, making its future even brighter.

Also Read

Securing Efficient Optimization through Multiple Cloud Applications Management
Benefits of Utilizing Enterprise Cloud Applications
Hybrid Cloud: Defining The Face of Futuristic Cloud Architecture
Cloud Computing in the Healthcare Industry
Four Key Steps That Can Enhance and Endure Cloud Migration

What is Data Intelligence and Why Do You Need It?

What is Data Intelligence and Why Do You Need It?
With the advent of available technologies such as big data, artificial intelligence (AI) and machine learning have been moving towards an unforeseen evolution. Smart machines are no longer operating on synthetic data, but use in-field ‘true’ data, which not only enhances their capability for better human interaction but also signals towards many more future possibilities. Data Intelligence is one such development that can contribute to these tools significantly.

Data Intelligence is the combination of AI and machine learning (ML) and is the promise of a prolific tomorrow. With cloud-based storage featuring massive sizes and speeds, data intelligence signals a coming of optimal fusion. Technology is becoming better every day, especially with regards to efficiency, and amid this stream, data intelligence does not seem to be a pick of disappointment.

The Base Foundation For Data Intelligence
With optimized data awareness, data intelligence offers a rather unconventional 360-degree view of the business environment which enfolds within both customer and organization centered data analysis. With proper knowledge of both ends, business will flourish.

Data intelligence has several components that involve a set of techniques each:
Descriptive: For reviewing and examining the data to understand and analyze business performance.
Prescriptive: For developing and analyzing alternative knowledge that can be applied in the courses of action
Diagnostic: For determining the possible causes of particulate occurrences.
Predictive: For analyzing historical data to determine future occurrences.
Decisive: For measuring the data adequacy and recommending future actions to be undertaken in an environment of multiple possibilities.

Data intelligence is moving towards becoming one of the primary facets of big data. From a quick infantile stage, data intelligence has reached a certain level which promises smart conduction of massive data. It is not going to contract its wings either; the immediate favorable results have attracted eyes of many firms. Even various entrepreneurs have been showing interest in making use of and developing Data Intelligence further.

Having stated the potential of Data Intelligence, let us elaborate upon the various benefits of data intelligence and why a firm should embrace them:

Adaptive Dynamics
The business nowadays is continuously on the verge of change. Any organization must accept and propagate newly emerging trends, failing to do so may result in a decrement in popularity. Take, for example, smartphones with selfie cameras in India. Mobile companies that don’t fan up the trend are dwelling into an utter loss. With the help of data intelligence, these organizations become immune to ignorance of change. The smart adaptive dynamics inform the firms about recurrent changes and what pattern of occurrence they are following. Based on the analysis, it enables the organization to make informed decisions.

Stronger Foundations of Data
Data intelligence (DI) works towards strengthening existing big data through restructuring the mechanism of data arrangement. AI needs to dwell on data extensively, and therefore, it becomes vital to enhance the data AI is going to use. With reliable data foundations, DI transforms big data into insights and then renders an optimized engagement capability involving the active agents; these include BI strategists, intelligent BI analysts, data intelligence warehouse architects, data scientists, implementation and development experts, whom all contribute towards making a stronger base for the data.

Data Transformation
Data intelligence also takes charge of metamorphosing raw chunks of data into a cumulative knowledge – it is akin to a “concept formation” for computer systems. Machines that usually intake data do it regardless of shunning the bad and choosing the good. With Data intelligence, information is cleansed and transformed into smart capsules of readymade information that are used within the business to measure performance, besides incorporating contextual data sources to enrich the information management. With Data intelligence, organizations need not worry about defining particular cases to the machines. Data intelligence collectively feeds the deduced “knowledge” into the operation area where final processing is carried out.

Developing Augmented Analytics
Data intelligence incorporates advanced analytic techniques to advance visualized predictive and prescriptive analytics. A scenario might be to augment instead of building a full application, beforehand. Based on the outcomes, further improvements can be proposed if necessary. With such preparation for an actual scenario, there remains a null scope of failure in business strategies. The advanced simulations enable the firms to foresee the possible outcomes and reform the prescriptions wherever necessary.

In conclusion, data intelligence is emerging to be a modern tool that will become a prerequisite to any successful business. With enhanced features such as adaptive dynamics, data transformation, and augmented analysis, data intelligence lays a foundation for the smooth and beneficial functioning of companies. If carried out aptly, it can yield extraordinary profits on investment through increased gain and simplifying business strategies.