Although technology has progressed a lot in the past decade, Business intelligence still happens to be a complicated and costly preposition for many organizations. It requires a lot of hard work and considerable time to realize value even from a mid-sized business intelligence project. A recent research report by Aberdeen group cited that almost 40% of the BI projects are shelved midway due to the incurred cost and complexity. Also in almost 50% of the cases end-users feel that expectations are not met, which results in still lower adaptation of BI.
Even for large industries BI is a complex task. Firstly buy software tools, and build out BI infrastructure (and survive a potential failed BI project). Does that mean that mid-sized businesses cannot hop on the BI bandwagon? The answer is in the cloud. Bi on Cloud address this as SME’s can adapt the software as a service model. The cloud based BI applications are the new paradigm in business intelligence.
The cloud based business intelligence model delivers far greater ROI and faster time-to-value than traditional BI tools. The end users can extract the actionable information within hours of getting started. The BI on cloud application model significantly reduces the amount of complexity for IT with the help of pre-built dashboards, report formats, and analytics without the need for high budget hardware infrastructure.
The cloud BI tools enable enterprises to focus on those analytics that helps to improve performance rather than spend time in traditional business intelligence processes and systems. This is especially welcome opportunity in a time of economic hardship prevailing across the globe. The cost and effort factors for BI on cloud initiative require very less to almost zero upfront costs while it starts to provide value within days of deployment as compared to months of gestation time taken by traditional business intelligence solutions.
With the advent of mobility and Smartphone the enterprise leaders can access BI reports anytime-anywhere. It is also possible to integrate mobile solutions as a part of cloud based business intelligence tools. This enables the travelling executives to access critical data from where ever they are and use it as a part of client presentation or for making decisions on the go. However, this also comes with its own security concerns.
One concern that is commonly shared by the enterprise leadership community across industries is that of data security in the cloud. This is a very valid concern as enterprise data is surely sensitive to theft or misuse by notorious elements. However, the current cloud scenario has robust security measures and mobile device management solutions in place which are capable of providing greater amount of security than ever before. Thus, we can safely conclude that BI on cloud is sure the next big wave which can foster better adaptation of BI practices by the small and mid-sized industries.