New Generation of Data and Analytics in Cloud

Grazed from InsuranceNetworking. Author: Tony Cosentino.

It’s widely agreed that cloud computing is a major technology innovation. Many companies use cloud-based systems for specific business functions such as customer service, sales, marketing, finance and human resources. More generally, however, analytics and business intelligence (BI) have not migrated to the cloud as quickly. But now cloud-based data and analytics products are becoming more common. This trend is most popular among technology companies, small and midsize businesses, and departments in larger ones, but there are examples of large companies moving their entire BI environments to the cloud. Our research into big data analytics shows that more than one-fourth of analytics initiatives for companies of all sizes are cloud-based.

Like other cloud-based applications, cloud analytics offers enhanced scalability and flexibility, affordability and IT staff optimization. Our research shows that in general the top benefits are lowered costs (for 40 percent), improved efficiency (39 percent) and better communication and knowledge sharing (34 percent). Using the cloud, organizations can use a sophisticated IT infrastructure without having to dedicate staff to install and support it. There is no need for comprehensive development and testing because the provider is responsible for maintaining and upgrading the application and the infrastructure...

The cloud can also provide flexible infrastructure resources to support “sandbox” testing environments for advanced analytics deployments. Multitenant cloud deployments are more affordable because costs are shared across many companies. When used departmentally, application costs need not be capitalized but instead can be made operational expenditures. Capabilities can be put to use quickly, as vendors develop them, and updates need not disrupt use. Finally, some cloud-based interfaces are more intuitive for end users since they have been designed with the user experience in mind. Regarding cloud technology, ourbusiness technology innovation research finds that usability is the most important technology evaluation criterion (for 64 percent of participants), followed by reliability (54 percent) and capability...

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