What is Cloud Business Intelligence (Cloud BI)?
Businesses continue to seek tools to analyze data for improved decision making and to efficiently run their operations. At the leading edge of these efforts is business intelligence (BI) software. Business intelligence (BI) is about delivering the right information to the right people at the right time, and Cloud BI is a fast way to access data. The strength of Cloud BI is to provide access to data from anywhere, but cloud investments also bring greater flexibility to companies, quicker reactions to changing market conditions and the ability to scale.
For the last decade, cloud was seen as a cost reduction strategy, but now it’s enabling a digital business model allowing companies to have a remote workforce and transact with customers anywhere. “According to the research study, the global Cloud Computing Market was estimated at USD $321 Billion in 2019 and is expected to reach USD $1025.9 Billion by 2026. The global Cloud Computing Market is expected to grow at a compound annual growth rate (CAGR) of 18% from 2019 to 2027”.
In a report published by DELL, it mentioned that companies which are investing in big data, cloud, mobility, and security are enjoying more than 53% higher revenue growth as compared to their competitors. The disruption of the pandemic and the subsequent changes in business and consumer behaviour has made mid-market businesses recognize the importance of cloud-computing. Businesses need cloud computing solutions to run their operations with a remote workforce, to improve customer service, and above all increase their overall revenue and income.
BI solutions that analyze information and map data have traditionally been on premise. While the outcomes may have been acceptable, the outputs often suffered due to a lack of speed and an inability to interpret data.
Cloud, or Software-as-a-Service (SaaS), solutions are faster, scalable, available on-demand, secure and offer lower administrative costs. Cloud services are mobile friendly so that users can leverage the technology from anywhere.
Cloud BI merges the growing need of organizations for deeper BI with the value of cloud applications to create tools that make a difference.
Why Cloud BI?
Cloud BI offers several advantages, including the following:
Ease of deployment – as an internet-based software, users can quickly install a cloud BI solution without waiting for overworked IT staff to arrive.
Simplicity – quality cloud BI tools are designed with easy-to-use dashboards and intuitive design so users get in and get started without muddling through a complicated set of instructions.
Mobile-friendly – employees are no longer tied to their desktops in order to access information. Cloud BI solutions are accessible from mobile phones and tablets.
Scalability – as companies increase headcount or expand geographically, adding new users to an existing cloud BI solution is simple and quick.
Reduced overheads – cloud solutions minimize the number of on-site servers and staff needed to manage day-to-day operations. Expenses that once fell to IT can be reapplied to other functions within the company.
Increased competition – in the past, only large organizations could afford to implement software that provided business intelligence insights. With cloud expansion and its economic benefits, small- and medium-sized businesses can also gain access to valuable intelligence. Companies of all sizes within an industry vertical can leverage cloud BI tools, which creates a more level playing field.
Why Phocas Cloud BI?
Phocas cloud business intelligence differentiates itself in a large, generic BI market by offering a specialized solution for everyday users.
Mid-market manufacturers, wholesalers and retailers choose Phocas Software because it has a low barrier to entry, and they can get results to adapt to market changes quickly. Phocas integrates with specific ERP systems the mid-market already uses, which saves on implementation time and set-up costs.
Phocas delivers a simple yet powerful analytical capability that turns data into a chart, graph, or map quickly. Users can bring up data in seconds on local, regional, or global sales, inventory, forecasts, prices, profit margins and budgets.
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