Changing Attitudes Towards Business Intelligence in the Cloud
Business Intelligence is a relatively simple concept to grasp. It involves collecting data on how or what your business does. Chances are, you’ve been collecting data for years. Maybe you’ve already used this data to analyze your business and customers, or maybe you’re just storing it for future reference.
At some point, you’re going to need to expand the room you have to store and reference all that data. That’s where cloud computing and cloud storage systems come into play. If you haven’t already, you’ll likely need to migrate the data you have stored to the cloud.
The potential issue with this, however, is the security of your data. Though security and encryption have come a long way in recent years, data in the cloud can be vulnerable. And the more sensitive the data involved, the more dangerous it is to store it in cyberspace.
Thanks to high-profile cyberattacks and an emphasis on online or digital content, it seems like there’s a lot more happening in the market. In 2016 alone, there were 454 recorded data breaches with nearly 12.7 million total records exposed.
Estimates point to an average cost of $52,000 to $87,000 per 1,000 record breaches. This means that companies are hemorrhaging money every time they experience a cyberattack or data breach. That doesn’t even account for damage to customer perception and reaction, either. Customers will understandably lose trust in a company that cannot secure its data and information.
Given this risk, you might think that businesses would be flocking in the opposite direction, and that there would be a higher demand for taking and securing data offline and keeping it away from the digital and cyber space.
But that’s not the case. Despite the risks, and despite the rising damage and costs of cyberattacks, more and more companies are turning to the cloud, even for highly-sensitive data.
So why is this? Why would companies take the risk, and why would the cloud computing market continue to grow despite some serious and alarming security problems?
That’s exactly what we’re going to discuss.
Why Companies Are Moving to the Cloud Despite the Risks
Moving to the cloud is no minor decision, nor is it a small feat — especially for larger companies with influence on thousands (maybe even millions) of customers. Moving data to the cloud doesn’t just put you and your business at risk. If there’s a breach, it could negatively affect your employees and your customers, too.
According to the 2017 State of the Cloud Survey, 95% of the respondents – out of 1,000 total polled – are now using the cloud. Adoption rates are growing, and continue to do so every day.
The Cloud Has Matured
A majority of brands and companies will not adopt a new technology until it is proven to be effective and safe. This is an understandable approach, because no business wants to be the first to risk their brand’s reputation for something they’re not sure will work.
But we’re well past that point. Cloud computing and cloud adoption has matured significantly in recent years and continues to do so. More and more cloud providers are entering the market, and more innovative and secure technologies are coming onto the playing field.
Today, shifting to the cloud involves deciding who you’re going to use for a provider, what service you’re going to adopt, and how it’s going to be deployed. In other words, you have lots of options, and many of them are reliable, trustworthy providers that have a history in the space.
The Players Are Bigger Than Ever
A mature market also means healthy competition, and today, it involves some pretty big players. Companies like Amazon, Google, HP, IBM, Microsoft, Rackspace, VMware and many others have been participating for some time now.
Each of their systems have been through the growing pains and had considerable updates. They now all have proven track records regarding operation and security. In the rare cases where or a breach or attack happened, problems were remedied fast, and related data was ultimately protected.
The Solutions Are Affordable and Viable
Because of the healthy competition, prices have become increasingly reasonable.
Of course, private cloud systems are always going to be more expensive than public cloud space. They require proprietary hardware and software systems, as well as operation, maintenance and regular updates.
2017 State of the Cloud Survey respondents revealed that 41 percent of workloads are in the public cloud while 38 percent are in the private cloud. For enterprises, 32 percent of workloads are in the public cloud, while 43 percent are in the private cloud.
A lot of that has to do with cost, as enterprise-sized companies can typically afford the extra price of private space.
Security Continues to Improve
Digital content is may be perceived as less secure in the cloud than it would be on a local storage unit. The solution is not doing away with risk completely, though there will always be risk with securing data. Instead, it’s showing that safety breaches can be remedied fast and dealt with smoothly.
One of the best ways to ensure that happens is to constantly monitor your cloud platform, update it regularly with new security measures and patches, and continue to patch up holes or vulnerabilities. For a business or enterprise that isn’t solely focused on cloud computing or related technologies, that requires additional investments of both time and money.
The beauty of the public cloud, however, is that you can put your trust in a company that specializes in the technology. Their core focus is maintaining, updating, monitoring and protecting the cloud environment. This allows your business to focus on more important matters.
With security in the hands of the more experienced, it makes sense that more faith is being put in cloud computing systems.
The Benefits Are Vast and Unprecedented
One of the most critical elements of cloud computing is customer and user personalization derived from the analysis of the data that has been stored virtually. Collected data can be used to deliver related content, provide a more robust and useful mobile experience, or even to have a conversation with customers via social media.
But to create these personalized strategies and make effective business decisions, you first need proven data. Before deciding or putting a plan into action, you need to be sure that it’s going to work and get you closer to reaching your business goals. Cloud computing, cloud data and big data systems can provide the peace of mind for most businesses when it comes to this.
Delivering personalized user experiences, recommendations, interactions and more are all possible thanks to cloud computing technologies.
It’s Bigger Than the Business World
We briefly discussed major players in the cloud computing space, but we only explored it from the provider side of things. It’s also important to consider the brands, organizations, and enterprises currently using cloud computing technologies.
One thing that has volleyed the cloud computing space to new heights is a more widespread adoption, both in the business world and in the government and national adoption of cloud computing. Without looking at direct agencies and systems involved, it helps to know that such a huge, influential player is in the market.
Companies like DataSync Technologies, an Amazon business partner provide business intelligence and software development services in the cloud in support of government agencies in the Washington, DC Metro area.
There’s recently been an increased demand for government-specific technologies and standards, and many major players have full confidence in the platforms and systems being used. This says a lot about the security, associated risks, and even the data that’s being facilitated and stored by these parties.
The Race To Keep Up
The widespread adoption of cloud technology creates several complicated scenarios for everyone. First, it leaves those hesitant about the risks in the dust as significant advances are made. Second, it raises customer and platform demands and creates a growing need to keep up with the pace of the market.
In the ‘Era I Enterprise: Ready for Anything’ report, 300 North American C-level executives claimed their companies are struggling to keep up with and meet customer expectations, as well as the technology demands of their employees. Those same respondents — a whopping 81% — believe that cloud technologies will offer the benefits they need to meet demands and keep up.
The technology opens up new possibilities, strategies and even toolsets that can be used to improve a wide range of enterprise and business operations, not just on a customer level.
It’s Now or Never
As you can see, we’re quickly approaching the point where each organization needs to make a decision. Not just regarding adoption, although that’s certainly important, but also in how to meet customer and employee expectations.
For many, cloud solutions are the only option for advancement when it comes to handling and protecting sensitive data. The transfer, storage and handling of said data is extremely important in today’s world. The responsibility of providing reliable security in the growing face of cyberattacks is a serious one, which is why many organizations are choosing to outsource the work to trustworthy cloud providers.
These companies specialize in the market, and they know what they’re doing. They know how to protect data, and they know how to keep the systems maintained and operational.
If you haven’t already, it’s time to consider what’s best for your company, and how to implement cloud technologies in your own strategies. You may still feel uneasy, even after a wall of statistics and proof that cloud computing is secure, trustworthy and reliable. But if you’re interested in finding a solution that keeps your data safe, contact us to learn more about how we can help.
We’d be more than happy to discuss your options, and find a solution that’s right for your needs.