Rather than treating business intelligence (BI) and data analytics as add-ons to overall company strategy, enterprises are increasingly realizing the value of intertwining this tech with overall growth and progress. That is, successful BI and analytics becomes linked with overall company performance and expansion goals — helping stakeholders meet key objectives and make data-supported decisions about scaling up along the way.
Cloud BI is particularly useful in helping fuel strategy and growth decisions — as compared to on-premises technology powered by stationary hardware — because it facilitates flexible, scalable data analysis in line with what growing organizations need to provide continued data access across its ecosystem even during periods of rapid change.
Here’s more on what growing a business with cloud BI entails.
How Cloud BI Infrastructure Can Support Business Growth
First, let’s examine how cloud BI can work hand-in-hand with the logistics of growth, like an ever-increasing workforce and shifting of existing job roles.
One of the biggest advantages of cloud BI is its scalable nature. This means companies can deploy one solution that will work for both their current size and their workforce after projected growth. Cloud BI can also quickly scale up in the event there’s a spike in users — without requiring major investments into hardware and per-user licensing fees.
Put simply, scalable cloud BI can adjust to the ebb and flow of the user base, supporting both linear growth and back-and-forth changes over time.
Increased accessibility for all
Growth typically means expanding the workforce, which means more users across departments will inevitably need easy BI and analytics access if they’re to make informed decisions. Cloud BI supports self-service accessibility for all, allowing users to access tools from on the premises or remotely. This is a particularly important aspect as more people work from home or travel for work some or all of the time; these employees still need quick access to company data regardless of location.
Streamlined IT job roles
Cloud-based BI frees up IT experts from some of the more time-consuming and repetitive tasks associated with the maintenance of on-premises analytics, from maintenance to troubleshooting and third-party report creation. This allows IT to focus on tasks more aligned with company expansion rather than requiring them to act as the gatekeepers and manual custodians of data as on-premises solutions often require.
How Cloud BI Can Drive Growth-Minded Business Outcomes
So far, we’ve discussed how cloud-based BI and analytics supports company growth from an infrastructural standpoint. Now let’s examine some of the business outcomes that growing companies can reap from cloud BI technology.
Helps businesses weather uncertainty
Look no further than the global pandemic of 2020 for an example of how uncertainty can quickly affect every sector of the economy — affecting whether and how companies are able to expand.
Cloud BI can help decision-makers understand sudden changes in performance as well as project potential future impacts based on data, then act rapidly with this information in hand. After all, the capability of weathering uncertainty is a key part of creating sustainable growth.
Uncovering hidden insights
Cloud-based BI and analytics can help companies unearth insights that were previously buried within data, putting them to good use rather than letting them go to waste. For instance, artificial intelligence algorithms can mine data for trends and relationships. The ability for employees to keep asking questions and drilling down into data insights also often allows them to “find pockets of growth” that currently were going overlooked.
Growing your business goes hand in hand with cloud BI because of its scalable, accessible and flexible nature, resulting in better IT workflows, the ability for companies to weather storms of uncertainty and the ability to extract insights capable of aiding growth.