Cloud-based business intelligence has reached the point where it’s no longer a question of if you will join the cloud, but when. According to Forbes, 78% of business owners plan to switch to the cloud in the next year for their business intelligence data needs. That same number, 78%, plan to increase their use of cloud computing for BI data storage. Clearly, the cloud isn’t just a great idea - for many businesses, it’s as integral to how they run their operations as a telephone and internet connection.
What’s driving this trend is a combination of cost-effectiveness and benefits that make cloud computing appealing to small and mid-sized businesses. Larger companies have almost all embraced the cloud over the past decade since the first cloud-based systems launched, but some small and mid-sized companies found that migrating their own work to the cloud is a daunting prospect. New technologies, public - yet secure - clouds, and affordable BI software and systems make BI on the cloud available to almost all.
Trends Driving Cloud Adoption
There are several trends driving cloud adoption for BI systems. These trends reflect the many benefits of cloud computing as well as some of the features you’ll find in cloud-based systems.
- Greater access for small businesses: Cloud-based systems used to be available only to larger companies. As more companies adopted the cloud, the prices came down while the features improved, making it more attractive and accessible for small business owners. Today, cloud systems are being adopted by small businesses at lightning speed. The previously cited Forbes report claims that cloud adoption increased from 29% to 43% from 2013 to 2016.
- Easier data management: BI systems run via the cloud offer better data management than site-based legacy systems. Cloud systems can handle larger data volumes and offer advanced computing power to analyze and report on data. Better data management makes cloud solutions appealing for many companies.
- Outsourcing trends: A short while ago, it was common for companies to put all of their technology developments in-house and try to do everything themselves. Many distrusted outsourcing key systems to external vendors, preferring to build the capability themselves. Today, cloud systems are changing how businesses think about outsourcing their needs. Public and private clouds foster an outsourcing mentality and encourage companies to outsource cloud services. They may work with the vendor who helped them choose their BI software, using their hosting services or assistance to find hosting services, but they are more willing to outsource these tasks than before.
- Faster onboarding: Small businesses are adopting cloud solutions at record rates partly because it’s a big improvement over what they have now. Companies looking to replace legacy systems find cloud solutions friendly, affordable, and easier to learn. Faster onboarding means that more people can begin to use the system’s capabilities sooner rather than after lengthy training.
- Better security: Hackers have grown bolder, and news of data breaches is now so common that it seems like it is inevitable. Companies hosting their own BI solutions must worry about security in addition to all the tasks that accompany BI management. With cloud systems, security is handled by the cloud vendor. Most offer greater security than any one company can provide on their own. These companies have a vested interest in keeping both their customers happy and their customers’ data secure and go to great lengths to patch gaps in their firewalls and prevent cyber attacks. Better security means cloud adoption will increase over time.
Business intelligence data can help a business improve its operations, fix inefficiencies in their processes, and gain insights that can make them more competitive. Cloud-based BI systems are making them easier to use and more accessible than ever before. Joining the cloud isn’t a question of “if you should” or even “when you should” now, but “how will you?” When you’re ready, BAASS Business Solutions is here to help.
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BAASS Business Solutions
At BAASS Business Solutions, we seek to help our customers improve processes to become more profitable. We take the time to understand the needs of your business and help you select software that will improve efficiencies, service, and profitability. For more information, please contact us.