Cloud-based Business Analytics: It’s The Future
Sometimes when your monthly reports come in, you’re left confused; why are your profits low if your sales were high? Why are you losing money on inventory if you never spent much, to begin with?
Such questions are natural because numbers can get tricky for us to handle – and that’s why we rely on cloud-based business analytics to do the heavy-lifting for us.
With cloud-based business analytics, the software does all the statistical operations it wants to give actionable results. These include insight into spending, investment, sales, etc. And while these applications seem pretty basic, the fact doesn’t change: cloud-based business analytics is the future:
Immense Computing Power
On-site solutions have a limited level of productivity due to fixed processing and memory resources. But on the cloud, there are virtual servers that have a lot more computing power, which can calculate and compile analytics for different aspects of the business at a much faster rate. Therefore, cloud-based business analytics adds yet another level of efficiency to your entire business.
Larger Data Storage
If you have exponential business growth in your mind, then you need to plan for enough data storage. While on-site servers appear to have the right solution for you, most of the time they need you to spend some extra cash on hardware equipment – and in the long-run, this can get troublesome. You need data storage that can scale with you.
For that, cloud-based business analytics work the best, because they don’t need any extra hardware. Such systems can easily record old analytics while working on concurrent ones. Hence, your business won’t ever face the problem of lack of storage.
Find Hidden Patterns Quickly
While you’re managing your business, you get data from multiple sources, whether it’s from your warehouse or your store. With so much data coming in all at once, you and your team are bound to feel overwhelmed and confused.
That is where cloud-based solutions come in handy; such systems conduct statistical and operational analyses for you – all you have to do is feed it appropriate data. What you get in return are hidden patterns in large datasets, which help you connect the dots clearly; you’re able to understand your performance in the past, while simultaneously make smarter decisions in the future.
Be Better At Predicting
Since cloud-based business analytics can collect and work on a lot of data at once, businesses can easily analyze their past performance – but that’s not where the benefits end.
With the right kind of system, you can take old data to generate predictions for the future; thanks to predictive modeling, this is now very easy to do. This way, you can forecast future results, so that you can better plan for multiple aspects of your business like inventory management, sales, purchasing and more. Hence, you’ll never have to step into the future blindfolded.
Now we know that cloud-based analytics is the future – so how can you start?
Well, the best way to start is by investing in a smart cloud-based system – one like Oscar POS. This point of sale software has its own Analytics System that allows you to collect valuable information in real-time to avoid delay, and use POS analytics to generate smart insights. That, coupled with its easy-to-use UI, makes decision-making that much easier.
So now the facts are pretty obvious: business analytics is important if you want to remain competitive and achieve success.