How Cloud Analytics is Revolutionizing the Way Businesses Analyze Data
- Ndz Anthony
- May 15, 2023
All over the world, businesses generate a vast amount of data, this data in turn helps them gain insights and make informed decisions. That’s why they collect, store and analyze the vast amount of data they generate. The question is, how best can they do this?
The answer is cloud analytics!
Cloud analytics is the process of using cloud computing resources to analyze data, it is an essential tool for businesses to remain competitive.
Is cloud analytics really helping businesses? According to a study by Forbes, businesses using cloud analytics are 2.6 times more likely to outperform their competitors in terms of profitability.
So, what exactly is cloud analytics and how is it helping businesses achieve such impressive results?
In this article, we’ll dive deep into the world of cloud analytics, whether you’re a small business owner or a seasoned executive, this article will provide valuable insights on how cloud analytics can help your business thrive in today’s data-driven world.
What is Cloud Analytics?
Cloud analytics is the process of using cloud-based tools and technologies to analyze data.
In cloud analytics, we use cloud computing resources to analyze large volumes of data, to gain real-time insights into customer behavior, market trends, and more.
It often includes data visualization tools, machine learning algorithms, and other advanced analytics capabilities.
Cloud analytics is powered by cloud computing with businesses hosting their analytical system in the cloud and not on-premise.
So, why invest in cloud analytics?
The benefits of cloud analytics over traditional analytics cannot be overemphasized. The truth is, all businesses have an inherent need to quickly and efficiently derive insights from large datasets.
Cloud analytics provides a powerful solution to this need, enabling businesses to access and analyze data in real-time, without needing on-premises infrastructure.
A report by MarketWatch predicts that the global cloud analytics market will reach $35.5 billion by 2026, reflecting a compound annual growth rate (CAGR) of 25.8% from 2021 to 2026. Why are businesses increasingly looking to the cloud for analytics solutions?
Here are some of the reasons why cloud analytics has come to stay.
- Scalable; scalability is very important for today’s businesses. Economic changes may necessitate that a business grows or slows down at any time. Cloud analytics adapts to the needs of the business, allowing businesses to easily increase or decrease their data storage and analysis capacity to reflect the changes in the business.
- Cost reduction: In cloud analytics, businesses do not build and maintain IT infrastructure but simply pay for what they use, this makes cloud solutions very effective.
- Sharing and collaboration: With the rise of remote work, an increasing amount of businesses are looking to cloud analytics to help them in their business processes. Why?For one thing, the cloud is better for collaboration and sharing, enabling remote workers to work on the same dataset and share reports seamlessly and in real time.
- Improved security: when it comes to data security, businesses cannot afford to compromise, everyone knows that even just a bit of complacency is disastrous.
Because of this, businesses will want to gain more granular control of data access, auditing capabilities, and data storage in the data centers of cloud server platforms. Cloud analytics ensure that businesses easily comply with data governance rules.
The business data is protected against natural disasters where it is housed in-house and not on the cloud. All the data is protected by powerful encryption technologies when in transit or ‘sitting on’ the cloud in data centers.
Types of cloud analytics
There are 3 types of cloud analytics models based on the cloud computing model.
Let’s briefly discuss them.
- Public cloud: In this model of cloud computing, services like virtual machines, storage, and applications for analytics are publicly available to remote users in multiple locations. In a public cloud model, you do not need to deploy your own hardware and infrastructure but pay a fee to service providers to deploy and scale. Examples of public cloud are SaaS for email processing, website, e-shop, etc.
- Private cloud: Unlike the publicly available public cloud, a private cloud is only available to people who are inside a private network or organization. Because data security and privacy are top-notch, it is more expensive than the public cloud.
- Hybrid cloud: A hybrid cloud means that an organization will combine both models. They use the public cloud for non-sensitive data while maintaining a smaller private cloud for very sensitive data.
Tools for Cloud Analytics
To streamline the process of cloud analytics, there are various tools available.
In this section, we will discuss some of the popular tools for cloud analytics that can help you make the most of your data.
- Amazon Web Services (AWS) Analytics: AWS offers a suite of cloud-based analytics tools, including Amazon Redshift, Amazon EMR, and Amazon Kinesis. These tools can be used to process and analyze large volumes of data, providing real-time insights to businesses.
- Google Cloud Analytics: Google Cloud offers a range of analytics tools, including BigQuery, Dataflow, and Dataproc. These tools allow businesses to analyze data in real-time, perform batch processing, and create custom dashboards.
- Microsoft Azure Analytics: Microsoft Azure provides a variety of analytics tools, such as HDInsight, Stream Analytics, and Data Lake Analytics. These tools enable businesses to process and analyze data in the cloud, providing insights into customer behavior, market trends, and more.
- Tableau: Tableau is a popular data visualization tool that can be used in conjunction with cloud analytics platforms. It allows businesses to create interactive dashboards and reports that help visualize complex data sets.
- Apache Hadoop: Apache Hadoop is an open-source framework that provides distributed processing of large data sets. It is commonly used for cloud analytics, as it allows businesses to store and process vast amounts of data in the cloud.
- Datameer: Datameer is a leading provider of cloud-based data analytics solutions. We will discuss more Datameer later.
FAQs of Cloud Analytics
- Cloud computing vs Cloud analytics, what is the difference? Cloud computing is the delivery of computing resources over the internet, allowing businesses to access and use these resources on-demand without having to invest in and maintain their own IT infrastructure. It offers scalability, cost-effectiveness, and ease of deployment, while Cloud analytics is the process of using cloud-based tools and technologies to analyze data. It enables businesses to access and analyze large datasets in real-time, without needing on-premises infrastructure.
- How is cloud analytics used across various industries? The application of cloud analytics is endless. It is useful in every industry, as long as data is involved. Here are some of the use cases of cloud analytics:
- Sales and Marketing: Businesses use cloud analytics to track customer behavior, sales trends, and marketing campaign performance, allowing them to optimize their sales and marketing strategies.
- Supply Chain Management: Cloud analytics is used for analyzing supply chain data, helping identify bottlenecks, reduce costs, and improve efficiency.
- Customer Service: Cloud analytics can help businesses gain insights into customer satisfaction levels and improve their customer service operations.
- Fraud Detection: Used to analyze vast amounts of data, cloud analytics can help businesses detect fraud in real time, reducing the risk of financial loss.
- Financial Management: By analyzing financial data, businesses can gain insights into their cash flow, revenue, and expenses, allowing them to make informed financial decisions.
- Healthcare: In health, cloud analytics is integrated to help healthcare providers analyze patient data, identify patterns, and make informed decisions about patient care.
How Can I Get Started With Cloud Analytics?
A robust cloud analytic roadmap should without fail have a platform like Datameer. How can your business leverage Datameer for revolutionary cloud analytics? Let’s see.
Revolutionary Cloud Analytics With Datameer
Datameer is a leading provider of cloud-based data analytics solutions. It offers a wide range of features and capabilities, including data integration, data preparation, and data visualization.
Here’s how Datameer is helping businesses take their cloud analytics journey to the next level.
- Data Integration: Datameer’s platform enables businesses to integrate data from a wide range of sources, including on-premises databases, cloud-based applications, and external data sources. This integration process is quick and easy, allowing businesses to start analyzing their data in real time.
- Data Preparation: Once data has been integrated, Datameer’s platform offers a suite of data preparation tools that enable businesses to clean, transform, and enrich their data. This process ensures that data is accurate, complete, and ready for analysis.
- Data Visualization: Datameer’s platform also offers a wide range of data visualization tools that enable businesses to create powerful and insightful visualizations of their data. These visualizations can help businesses uncover patterns, trends, and insights that may not be visible in raw data.
Cloud analytics is a powerful technology that is transforming the world of data analysis.
With a robust cloud-based data platform like Datameer, your business can quickly and easily gain insights that can drive your business growth.
Book a demo to experience how Datameer can help your business.