Around 95% of business leaders agree that managing unstructured data is a major pain point for their organization.
In today’s Digital Age, it’s easy to see why. We’re creating and sharing more information than ever before, thanks to the Internet of Things (IoT).
Keeping up with all these insights can be a challenge. That’s where cloud analytics comes in. This is the process of storing and analyzing data in the cloud and using it to obtain actionable business insights.
Today, we’re sharing how cloud analytics works, how it relates to ERP, and why you need it.
What is Cloud Analytics?
Put simply, cloud analytics is data collection and analysis that happens on systems hosted in the cloud instead of within a company’s local, on-premise data center.
The sheer volume of data that passes through an enterprise on a daily basis can overwhelm on-premise systems. Modern companies need the ability to store a large amount of data without overloading their internal networks.
By leveraging cloud-based platforms, business leaders can analyze massive data sets to:
- Identify trends
- Predict future outcomes
- Pinpoint inefficiencies
These solutions are both scalable and affordable. They require less of an upfront investment than setting up such a data center on-site. They’re also secure and only accessible to users with the required credentials.
Executives can use cloud analytics to empower more informed decision-making. This is especially the case when these systems are used in conjunction with other types of cloud-based enterprise software, such as ERP.
If you already have ERP software in place, cloud analytics can pull data from that system. This way, your entire workforce has a single source of information.
The 2023 Top 10 ERP Systems Report
This report is relevant to organizations across industries and outlines the best ERP vendors that we believe will help organizations prosper in 2023.
Types of Cloud Analytics Tools
There are many different types of cloud analytics tools. Let’s look at a few of the most common ones.
1. Sales Analytics
With sales analytics, you can stay up-to-date on your sales team’s progress. These tools allow you to manage leads, prospects, and customers, as well as evaluate current sales trends.
2. Web Traffic Analytics
Do you want to track how many visitors are coming to your website? You can use web traffic analytics tools to capture these numbers. In addition to site traffic, you can also monitor conversion rates, bounce rates, and other metrics to improve the customer experience and your bottom line.
3. Finance Analytics
Your company’s financial health extends far past monthly reports. To understand where you stand and where you’re headed, you need visibility into current and historic revenue and expense trends. Finance analytics allows you to track that data, analyze it, and make changes where necessary.
4. Operations Analytics
Operations analytics measures how your departments are performing and where you need to make changes. These reports measure sales data, production capacity, manufacturing metrics, and other measures to provide visibility into short-term and long-term growth. You can use this data to identify bottlenecks and challenges as well as find opportunities for improvement.
5 Benefits of Cloud Analytics
Why should your company invest in cloud infrastructure? Here are some of the top benefits you can expect when you make the transition away from on-premise data analytics.
1. Centralized, Comprehensive Insights
Are you currently using different databases to run analytics on your sales, finance, marketing, and IT departments? If so, you’re probably comparing disparate reports.
What you’re left with are fragmented insights, but no comprehensive look at how these parts fit together or how your company is doing as a whole.
With cloud analytics, all users have access to the same database. Insights are consolidated so everyone can see where their department stands and how that impacts the achievement of organizational goals.
2. Unmatched Scalability
Cloud-based analytics platforms are infinitely more scalable than on-site ones. As your company grows, you don’t have to contend with the costs and time restraints associated with buying, setting up, or maintaining your own servers.
3. Easier Collaboration
When everyone has access to the same data, it’s easier to facilitate teamwork and collaboration. This type of unity can be hard to achieve if each department’s data is siloed.
When you move your analytics to the cloud, data sharing becomes easier. While role-based access controls ensure that each user only has access to the insights they need, users can still communicate across departments to find additional insights.
4. Faster Data Processing
From sales and marketing to customer service to supply chain management, your employees need the ability to access important insights on demand.
However, when your data is scattered among various in-house systems, it can take forever to find the information you need.
In the cloud, your data is accessible and up-to-date. Users can access real-time information pulled directly from your ERP system.
5. Enhanced Security
Most cloud providers regularly back-up data to servers across various locations. This way, it’s protected in the event of a natural disaster. Also, there aren’t any hard drives or other types of physical hardware for someone to steal.
When your sensitive and confidential data isn’t maintained locally, you don’t have to worry about anyone sharing it through a non-secure method, such as a flash drive.
Now You Know How Cloud Analytics Works
Do you wish you could harness the information at your fingertips to make better business decisions and react quickly before a problem occurs?
When you understand how cloud analytics works, it becomes clear that this is a secure, flexible, and scalable solution that can help you make these critical decisions.