Cloud-based business intelligence systems are now so important that they are often essential for companies to remain competitive. 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, or 78%, plan to increase their use of cloud computing for BI data storage.
With numbers like these, it’s become clear that cloud computing, including cloud BI systems, is here to stay. It’s no longer a question of if you’ll move your business software to the cloud but when.
What Drives This Trend?
Over a century ago, hot and cold running water inside one’s home was considered a luxury – something only the very wealthy could afford. It cost a great deal of money to install pipes throughout the house as well as to install and run a boiler system to produce hot water. Today, we take it for granted that any house, no matter how humble, comes with hot and cold running water. We wouldn’t even think of living in a house that had a well and needed water heated on the stove!
The situation with cloud computing is similar to the advancement of indoor plumbing 100 years ago. Small companies once struggled to afford the necessary software to run their businesses. A significant investment into building business intelligence software, data centers, and programs was required to run a BI system. Add that to the cost of hiring IT staff and purchasing costly hardware and you can see how it might have been impractical for small business owners to embrace BI until today.
Newer cloud-based solutions offer powerful business intelligence solutions at a fraction of the cost they once were. Greater computing power, easier access, mobile access, and dedicated support provides all that a small to mid-sized business needs when it comes to adopting a BI solution that works for them.
Major Trends Driving Cloud Adoption
There are several major trends driving today’s increased cloud adoption. These include:
- Easier access for small businesses: The internet makes it much easier for small businesses to install cloud systems. Every office is equipped with internet service; most have high-speed internet with unlimited bandwidth, making it possible to run software with real-time data synchronization. This explains the previously cited Forbes report claims that cloud adoption increased from 29% to 43% from 2013 to 2016. It’s simply easier for small businesses to access cloud software today.
- Better data management: Newer cloud-based systems can handle great volumes of business intelligence data with ease. Better data management means you get more from your BI data than ever before.
- Outsourcing trends: It’s all about outsourcing these days. To keep costs down, companies are constantly seeking ways to hire contractors and freelancers. Cloud computing just takes the outsourcing mindset a little further.
- Faster time to use: Many cloud-based BI solutions are easy for staff to understand and use. The onboarding time is faster. Many companies create intuitive dashboards that make it much easier and faster for people to start using the software.
- Improved security: Some small business owners may have objected in the past to using a shared platform such as cloud-based resources. The fear lurking in the back of many business people’s minds is the threat of hacking or data loss. Newer security measures on cloud systems provide them with even tighter and stronger defenses that typical office networks. Security on cloud-based systems may be much higher than what an individual company could build and maintain.
The right business intelligence systems can help you build a profitable, efficient business. Cloud-based BI software provides the right environment from which to grow. With so many trends converging to make it both affordable and practical, now is the time to implement a new BI system.
Accounting Systems Incorporated (ASI)
Accounting Systems Incorporated (ASI) provides ERP, accounting, and other software and systems to help your company grow. We focus on helping small to mid-sized companies improve operational efficiencies through the power of software and technology such as Acumatica ERP. For more information, visit our website, or call us at 803-252-6154.