Nearly 95% of business leaders agree with the statement that managing unstructured data can be a major problem for their company. It's not hard to understand why in today's Digital Age. The Internet of Things (IoT) is enabling us to create and share more information than ever before.
It can be difficult to keep up with all the insights. Cloud analytics is the solution. This refers to the storage and analysis of data in the cloud, and the use of that data to gain actionable business insight.
We'll be sharing with you how cloud analytics works and how it relates to your ERP.
What is Cloud Analytics?
Cloud analytics simply means data collection and analysis on systems hosted in the clouds, rather than within a company's on-premise data centers. On-premise systems can be overwhelmed by the sheer volume of data that flows through enterprises every day. Modern businesses need to be able to store large amounts of data without overloading their internal networks.
Business leaders can use cloud-based platforms to analyze large data sets.
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Identify trends
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Future outcomes can be predicted
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Pinpoint inefficiencies
These solutions can be scaled and are affordable. These solutions require less upfront investment than establishing a data center on-site. They are secure and can only be accessed by users who have the appropriate credentials. Cloud analytics can be used by executives to enable more informed decision-making. This is especially true when the systems are used with other cloud-based enterprise software such as ERP. Cloud analytics can pull data directly from ERP software if you have it in place. Your entire workforce will have one source of information.
Different types of cloud analytics tools
There are many cloud analytics tools. Let's take a look at some of the most popular.
1. Sales Analytics
You can keep track of the progress of your sales team with sales analytics. These tools enable you to monitor leads, prospects, and customers and evaluate sales trends.
2. Analytics of Web Traffic
You want to know how many people are visiting your site. These numbers can be gathered using web traffic analytics tools. You can monitor site traffic and other metrics to improve customer experience and increase your bottom line.
3. Finance Analytics
The financial health of your company goes beyond monthly reports. You need to see past and current revenue and expense trends in order to understand where you are and where you want it to go. Finance analytics allows you to track and analyze that data and make adjustments as needed.
4. Operations Analytics
Operations analytics shows you where your departments are doing well and where you should make improvements. These reports provide insight into both short- and long-term growth by measuring sales data, production capacities, manufacturing metrics, as well as other measures. This data can be used to identify bottlenecks, challenges, and opportunities for improvement.
Cloud Analytics: 5 Benefits
Cloud infrastructure is a great investment for your company. These are the top benefits that you can expect from moving away from on-premise data analysis.
1. Centralized, Comprehensive Insights
Are you currently using different databases for analytics? You are probably comparing disparate data. You're left with fragmented insights but no complete picture of how they fit together or how your company is performing as a whole.
Cloud analytics gives all users access to the same database. All users have access to the same database, which consolidates insights so that everyone can see exactly where they stand and how it impacts their ability to achieve organizational goals.
2. Unmatched Scalability
Cloud-based analytics platforms can scale infinitely better than those on-site. Cloud-based analytics platforms are infinitely more scalable than on-site servers.
3. Easier Collaboration
It's easier for everyone to have access to the same data and facilitate collaboration. If data from different departments are not available, this type of unity may be difficult to achieve.
Data sharing is made easier when you move your analytics to the cloud. Role-based access controls make sure that users only have the insights they need. However, users can still communicate with other departments to get additional insights.
4. Faster data processing
Your employees must have the ability to gain important insights from customers, sales, marketing, and supply chain management. It can be difficult to find the information you need when data is scattered across different systems within your company.
Your data is always up-to-date and accessible in the cloud. You can provide real-time data directly from your ERP system to users.
5. Enhanced Security
Cloud providers routinely back up data to servers at different locations. It protects your data in the event that there is a natural disaster. There are no hard drives or other physical hardware that could be stolen.
If your confidential and sensitive data is not stored locally, it's safe to share it with others via a non-secure medium, such as a flash drive.
You now know how cloud analytics works
Would you like to be able to use the information you have at your disposal to make better business decisions? To react quickly to problems before they occur? Understanding cloud analytics is key to making these crucial decisions. It's a flexible, secure, and scalable solution. Our ERP consultants at Arion ERP are available to show you all the data analytics that are currently available. We are also available to assist you in selecting enterprise software.
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