What is Cloud Analytics?
Cloud analytics is an approach that involves the application of advanced algorithms to identify data patterns and extract valuable insights. Today companies are increasingly relying on data analysis to improve business operations and gain an edge over competitors. By leveraging cloud analytics approaches, companies can improve their decisions significantly and enhance business performance. Cloud analytics provides an indispensable platform that can help in scaling analytics capabilities and reduce the burden of management and implementation.
Cloud analytics can help organizations to improve their data governance capabilities by consolidating information from all communication channels and resources. Want to know how? Get in touch with our experts right away.
Components of Cloud Analytics
Data sources are the original sources of data that comprise ERPs, social media data, CRM, and website usage data. Twitter sentiment data is an example of a cloud-based data source.
Cloud-based data models explain the relationship between various data points. They are created with structured data types.
Analytics-based models are mathematical models that are used to forecast business outcomes and drive change using data-driven and fact-based information.
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Types of Cloud Analytics
Public clouds are operated by third-party cloud service providers and within a public cloud, all hardware, software, and other supporting infrastructure is managed by the cloud service providers.
A private cloud is a cloud computing resource that is used exclusively by a single organization. A private cloud is usually located on the company’s on-site datacenter. Also, some companies pay third-party service providers for hosting their private cloud. A private cloud facilitates the maintenance of the services and infrastructure on a private network.
Hybrid clouds comprise both public and private clouds which are connected by technology that allows the sharing of data and applications between them. A hybrid cloud-based platform provides better flexibility and deployment options to the business by allowing data and applications to move between private and public clouds. Furthermore, this helps organizations to optimize existing security, compliance, and infrastructure.
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Benefits of Cloud Analytics
Cloud analytics helps businesses to improve performances through fast and efficient computing hardware. This offers several benefits over a single corporate data center, including reduced network latency for applications and greater economies of scale.
A better understanding of the bottom line
Cloud analytics can transform every segment of an organization by giving access to human resources, marketing, and operations to the important financial information they need to execute the visual analysis. This can provide a better understanding of the bottom-line impact of their decisions.
Breaking down departmental silos
For any organization financial data is very important. Therefore, if business users outside the finance department have access to this data, it can help in improving the business functions. Cloud analytics provides the ability to query and analyze data from a single source. Furthermore, cloud analytics solutions help in sharing strategy and discipline across the core business operations.
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