As per Precedence Research, the analytics on the cloud market is growing at a healthy CAGR of 18.24%. The market stood at $26.43 billion in 2022 and is expected to surpass the $100 billion mark by 2029.
Amid the digital transformation frenzy, analytics on the cloud emerges as a pivotal determinant. Cloud platforms can well and truly unlock the potential of enterprise analytics endeavors. However, enterprises need to consider the bottlenecks that might surface as they establish a winning analytics framework on the cloud.
In 2018, Gartner outlined that 87% of companies have low BI (business intelligence) and analytics maturity, needing more data guidance and support. A Forrester report recently revealed that companies now use at least two BI platforms.
So, there’s certainly progress in businesses inclining towards reaping benefits from their analytics endeavors. But there’s still a long way to go. Cloud can prove integral in this journey, as it can help companies with more options and agility. With the right cloud strategy, it is possible to expand the current data storage and management without incurring costly hardware investments. It also permits fast access to information on demand.
Surely, cloud-based data warehouses can store vast amounts of data from various sources, but it can be challenging to integrate this data into a single, unified view. This can lead to problems with data quality, consistency, and timeliness.
Organizations need to have a clear data strategy to overcome these challenges. This strategy should define the data that needs to be collected, the sources from which it will be collected, and how it will be integrated and stored. Organizations should also use data governance and quality control measures to ensure the accuracy and consistency of their data.
Governance and Compliance
When that’s the case, state regulations like GDPR, HIPAA, etc., can put a lot of pressure on these organizations to safeguard data, and rightly so. So, even in the cloud, organizations should follow data governance and privacy standards to avoid legal consequences and lessen the threat surface for cybercriminals to leverage.
Skills and Competencies
Analytics on a traditional and rigid on-prem infrastructure is very different from what it’s like in the cloud, meaning that enterprises will need to cultivate new employee skills and competencies. From learning about new technologies and platforms like Snowflake to devising ways to make data usable and understandable for everyone, there’s a lot that companies need to get right when it comes to cloud-based analytics. They also need to evolve their practices to accommodate continuous cloud technology evolution.
Making the Right Choices
To achieve successful cloud-based analytics, businesses need to make the right choices in four key areas:
Cloud Platform Selection
The cloud platform is the foundation of your analytics on cloud solutions. It provides the infrastructure, services, and tools you need to collect, store, and analyze your data. There are different cloud platforms in the market, each with strengths and weaknesses. You need to choose a platform that meets your specific needs and budget.
Infrastructure And Application Design
The infrastructure and application design of your cloud-based analytics solution will significantly impact its performance, scalability, and cost-effectiveness. It would help if you designed your solution in an efficient and scalable way to adapt to the changing business needs.
Data Storage and Processing
How you store and process your data will significantly impact the performance and scalability of your analytics on cloud solutions. Given the rapid evolution of cloud technology, you need to constantly re-evaluate your data storage and processing options and ensure that your company can handle the ever-changing demands of customer acquisition and retention.
The pay-as-you-go model can quickly run up a big cost for your company, especially if you start with a high-level service. To avoid unnecessary expenses, you must stay on top of your costs and ensure that your company is getting the most out of its budget. Every function running on the cloud needs to be carefully evaluated to determine its viability and the associated expense.
How Can Ellicium Power Analytics on the Cloud?
In an era where harnessing data-driven insights is pivotal, Ellicium stands at the forefront of facilitating successful analytics on the cloud. By offering an array of services, from data governance to cloud advisory and security, we empower organizations to tap into the transformative potential of the cloud, achieve operational excellence, and unlock data-driven insights for sustainable growth.
More profoundly, we help enterprises navigate the intricacies of cloud-powered analytics by:
Meticulously assessing their existing infrastructure and applications.
Gauging the readiness of migrating analytics to the cloud.
Identifying the most suitable cloud platform, services, and migration approach.
Ensuring a tailored transition that aligns with an organization’s unique needs
Designing the cloud infrastructure and application architecture.
Ellicium’s prowess extends to creating holistic cloud governance and security frameworks. By formulating a strategic roadmap, we devise a clear direction for enterprises, ensuring their cloud initiatives align with tangible business value. Furthermore, we promote shared knowledge and understanding of data assets, safeguarding ethical use while nurturing an environment conducive to innovation.
Contact us today to learn more about how we can help you drive analytics on the cloud.