Today, businesses see data as one of their core assets that aid in sustainable growth. Research shows that nearly 49% of senior executives at businesses worldwide consider data analytics as an integral part of their decision-making framework. This is also the reason why the worldwide market for big data analytics is forecasted to grow towards the 1 Trillion mark in the next couple of years with exact estimates of USD 924.39 billion in market size by 2032.
The power of data analytics is in no way being underestimated by businesses in any domain. However, the journey to realizing value from data analytics is not an easy one. The technology ecosystem needed for businesses to understand their data and create value through intelligent processing of the same involves hefty costs, intense infrastructure investments and management overheads, skilled resources, and much more. In a practical sense, such a magnitude of focus for data analytics can only be accomplished by big businesses.
But that is not the case thanks to the rise of cloud-based data analytics platforms.
The Advent of Cloud-based Data Analytics Platforms
In simple terms, it is a cloud-based data analytics platform that businesses can leverage on demand and control their utilization for cost and operational efficiency. Any CTO can vouch for the Herculean efforts needed to build, operate, and maintain an in-house or on-premises data platform for analytics. Availability of staff, bandwidth of servers, periodic maintenance, accommodating scaled-up workloads, etc. can turn into severe challenges over time. Cloud-based data analytics platforms offer a sigh of relief for all these problems in addition to being extremely cost-friendly making it an ideal choice for businesses of all sizes.
The Key Benefits of Cloud-based Data Analytics Platforms
- Democratize Insights
With cloud-based data analytics, it is easy for decision-makers to decentralize analytic capabilities and let more staff have access to informed decision-making workflows. By simply providing a user account to a cloud data analytic platform, the organization can empower employees to run their analytical workloads on the cloud and deduce insights they need to work better or drive results faster.
In the traditional sense, on-premises solutions like a spreadsheet program or low-level data processing software never offered employees at all levels the computing power or intelligence needed to execute complex data workloads. They had to wait their turn for the IT team to run the analytics on limited internal technologies and resources. In most cases, the delays will render the data captured unusable for accurate results.
- High-performance Guarantee
Traditional data analytics platforms ran on on-premises servers and computing infrastructure. As the business grows, it must invest continuously in upgrading the computational capabilities of its data ecosystem. Analytic hardware like powerful processors, servers, etc. are extremely complex machines that need periodic upgrades and configuration changes to run at optimal performance. This can involve a lot of manual effort.
On the other hand, with cloud-based data platforms, business teams only need to focus on connecting the right data inputs to the platform. The platform vendor will ensure that performance is upgraded automatically in alignment with workload and that new processing models and workflows are accommodated with ease into the analytic solution in sync with market trends. Cloud-based data analytics platforms enable simultaneous or parallel execution of analytic workloads by different users or departments in the business with a high-performance guarantee.
- On-demand Scalability
This complements the performance guarantee benefit we mentioned above. Be it resources like processors, computing devices, storage, or any other hardware or software, cloud-based data platforms offer unlimited scale. The dynamics of expanding the analytics ecosystem will be managed by the vendor and businesses only have to focus on their workloads.
SLAs signed with the vendor will guarantee the dynamic addition of resources to the data platform to ensure that irrespective of workload growth, the analytical capabilities of your business will always be top-notch and reliable. This will be highly beneficial for improving competence in highly competitive markets. A faster scale will ensure quicker decision-making with better intelligence.
- Cost-effectiveness
With a cloud-based data analytics platform, enterprises only need to pay for the analytical resources they consume on demand. There will not be any capital expenditure involved in setting up the data infrastructure or onboarding tools and other tech needed to execute analytic workloads. The vendor will ensure that you have access to all capabilities based on the subscription plan that was entered as an agreement.
Eventually when the business scales, there will be options to scale up the analytical infrastructure in tandem with the business growth on a very flexible costing scheme. This will help businesses dedicate more budgets for their core focus areas rather than on upfront IT spending.
Cloud Data Analytics is Here to Stay
Irrespective of the business domain, cloud-based data platforms offer enterprises a wide range of benefits in enhancing their analytical capabilities and aiding informed decision-making. Leaders need to build the right data ecosystem with the most tailored processes and tools required to drive ROI from their respective data landscape. This is where an experienced technology partner like Wissen can help with strategic guidance and implementation support for cloud data analytics. Get in touch with us to know more.
