In the past, many business decisions were made on historical data that was internal to the company. Today, thanks to the availability of market data from around the world, businesses can rely on up-to-the-minute information as well as historical data to make effective decisions.
However, the sheer volume of data in the age of Big Data creates its own problems, and most specifically for small to mid-sized companies where in-house abilities to analyze the data are limited. To resolve this issue, it is now possible to choose the option of using cloud analytics provided by different services and software options.
The apparent advantage of having this type of data is the ability to respond in real-time to the markets and to variables based on the industry, business, and consumer trends. By using a third-party provider for cloud analytics, a small to medium-sized business does not have to develop in-house analytics, but they also do not have to give up on the latest in critical data.
Cost and Scalability
Outsourcing of cloud analytics as a service means the business can avoid the cost of designing, developing, installing, and integrating an in-house analytics solution. In addition, with a subscription to a cloud-based service, the company can control the ongoing cost of the service, upsizing, and adding services as needed.
Access to Data
An important benefit to using cloud-based technology is the availability of data. In many cases, specifically as related to marketing, business operations, and consumer trends, the data already exists in some form both within the company as well as in external databases. By using the cloud, analytics can incorporate multiple sources of data, both internally and externally, for more significant and relevant information.
There are also security features, the ability to access data outside of the internal network, and the ability to quickly modify analytics to meet current needs. Overall, this makes cloud-based analytics an excellent choice for small to mid-sized enterprise companies.