The Rise of Cloud Analytics in Finance (And Why You Should Jump In)
- Published: Wednesday, 30 March 2016 16:45
In 2016, technology experts predict that adoption of cloud-based analytics will soar. Forbes' Louis Columbus recently wrote that organizational demand for cloud analytics is "exceptionally strong" and "shows signs of accelerating" in the years to come.
As financial institutions shift towards business intelligence-driven decision-making and risk mitigation, cloud analytics can offer key benefits to adoption. Understanding the rise of cloud-based business intelligence solutions can reveal incentives for migrating your financial institution in 2016.
While complex analysis is nothing new in the finance realm, "unprecedented changes" in the industry have necessitated new technologies to support changing regulations and bigger data. Leading financial institutions have discovered that looking beyond process automation to analytical business models can yield key advantages. Migrating your business intelligence solutions to cloud-based options can offer specific advantages over on-premise or enterprise applications, which include:
- Mobility: In today's increasingly mobile workforce, cloud-based applications can provide convenient, real-time access to analysts and stakeholders worldwide.
- Speed: Big data sets can put an enormous demand on processing power. By shifting to the cloud, organizations can achieve greater speed in retrieving, processing and summarizing data assets.
- Security: Selecting a business intelligence vendor with an appropriate focus on security can ensure that sensitive assets are protected from cyber crime attacks, as well as adherence to regulatory requirements for data protection and compliance.
In addition to these benefits, many finance-based organizations can anticipate significant gains in data quality and transparency among analysts and leadership.
Financial Leaders are Migrating to the Cloud
Information Management reveals that worldwide, finance industry spending on "mobility, cloud and big data and analytics" technologies has topped $114 billion. A top priority for implementing cloud-based analytics can include sufficient customer oversight to increase sales. However, additional common benefits of implementation can include increased productivity and better stakeholder satisfaction.
WJ Bradley, a privately-held mortgage firm, is using Jaspersoft cloud analytics for operational business intelligence. With real-time reporting, the firm was able to achieve real-time oversight into organizational performance for informed decision making on a day to day basis.
NewTech Group, a Russian drilling organization, is another company that has achieved financial transformation through cloud analytics. The result was data analysis that stakeholders could understand, a drastic reduction in reporting time, and the ability to achieve better internal collaboration on big data projects.
In today's finance climate, business process optimization and transformation are a necessity. Big data assets hold the potential to dramatically change the way organizations approach customer service, new product development and other aspects of decision-making. By migrating analytics to the cloud, organizations can achieve new found mobility, real-time reporting, decreased risk and significant other benefits.
Contact DIO-soft today to learn how to create a world-class cloud analytics platform for your business.