Data is like digital currency–it is widely available and spread over the virtual network, and it’s valuable enough to get lost or misused. Today, new data analysis developments have thrown a positive impact on current day business results and growth. Analyzing and storing these enormous chunks of data has always been a business challenge, and Cloud analytics might just be the solution to this issue.

So what is Cloud Analytics? According to Looker, Cloud analytics uses remote, public, or private computing resources—known as the Cloud—to analyze data on demand. Cloud analysis redefines business operations by providing a scalable infrastructure with centralized data and cost reduction.

The cloud computing platform offers storage and analysis of exceeded data limits with maximum flexibility and scalability. Data analysis in the Cloud is a new wave of data exploitation to achieve better business intelligence. According to a market research report, the global cloud-based business intelligence software market is anticipated to reach $57,055 million by 2023, increasing by a CAGR of 10.2% from 2017 to 2023.

Data analysis may be fully or partially embedded in the Cloud through public, private, and hybrid clouds. Many companies are moving to cloud analysis as it promises faster and more innovative business solutions. Businesses can use cloud computing in data analysis to stimulate business intelligence by providing real-time customer interaction, optimizing operations, easy availability, and allowing the Internet to create forecasting models.

Talking about convenience, the Cloud can quickly become the next frontier in data analysis with its wide range of capabilities. Affordability and scalability are two of the most important benefits of using cloud computing to streamline business intelligence. The cloud system’s network infrastructure allows access to data from any connected device from any location with a network connection. Hence, analyzing data in the Cloud ensures that you get real-time insight with maximum sharing and tracking capabilities.

While using the Cloud for data analysis, companies don’t have to worry about buying expensive hardware to meet their growing data needs. Cloud has been shown to have a major advantage over local analytics solutions that require upgrading the IT infrastructure if more storage space is needed. The Cloud offers maximum scalability that lets you adjust the storage space according to the size of data at minimum cost.

Companies usually own centralized data, so most systems are linked to access the same data. With the help of Cloud, business statistics from a single source can be collected–unlike local systems–which distribute data across systems such as CMS (Content Management System). This centralized data storage method saves data integration time and improves data availability throughout the company.

Building a workforce with the necessary skills to maintain and manage cloud analysis systems is important before making the shift. This will ensure that upgrades and backups are performed on time without interfering with the process. Once all these concerns have been addressed, the benefits will be enough to impress the business so that cloud analysis becomes the best way to stimulate business intelligence and growth.