Advanced visualizations and data insights provide faster and better decision-making and drive Innovation forward and this is achieved using ERP cloud analytics. In order to gain the needed insights and to come to effective and right decision-making it has become very important to evaluate the huge amount of data. Gaining the right insights at the right time provides a very competitive advantage.
Big data and cloud computing is necessary for better analytics and acts as a perfect partner for modern business, which helps in understanding everything needed to make the business run and derive quick statistics, run simulations, generate interactive results to make better decisions.
Here are the different aspects to look for when considering Cloud Analytics for ERP
What is ERP Cloud Analytics?
ERP Cloud Analytics is an analytical model with takes data analytics and is provided as software-as-a-service or real-time data view-as-a-service. These cloud ERP analytical models connect to your database and uploads the data to help you draw statistical conclusions and Components of Cloud Analytics.
These ERP cloud systems provide on-demand business intelligence dashboards through an online service, is accessible across multiple platforms for collaboration, import data, and provide analytical reports. It’s a subscription based or pay per use type of service.
Types of Cloud Analytics
Public cloud is an analytics-as-a-service component, which serves for multiple customers. The application and the analytics engine will be the same and act as common components but the data and storage needs vary individually and are never shared and are individually tailored to each organization’s needs.
Private clouds differ from public cloud in only one aspect; designed keeping in mind the data privacy and provide more customized and accessible through current organization’s APIs and merely serve as extensions and seamlessly connect to organizations IT infrastructure.
Benefits of ERP Cloud Analytics
- Simply put, they provide faster decision-making.
- Future decision-making based on KPI measure, Interactive reporting and for running simulations.
- Improved planning and forecasting.
- Can combine and connect to multiple data warehouses and act as one fast data-as-a-service on the cloud allowing analytics for with multiple relational datasets.
- Data governance and easy access across multiple platforms provided to all the needed parties.
- Single source of truth and provides collaborated view and shared analytics in real time.
- Cloud Analytics provides plug and plays and reduces data costs in the end since there is no need to house large data centers and organizations can choose public, private or hybrid options.
- It is easier to scale based on the needs of the organizations.
Challenges of Cloud Analytics
- Performances and data security issues will always keep lingering since sometimes organizations end up at the mercy of vendors and might not have complete control over the potential downtimes.
- Challenges with keeping the employees trained with the latest offerings of the industry and hiring industry experts can be quite challenging.
- Scaling analytics on the cloud will bring additional costs long term.
- Security, compliance and data migration are tedious aspects in itself.
- Lack of customization.
You need the data for the businesses to move quickly so that a supply chain team can addresses what is holding their purchase and sales, a finance team may want to see the change trends in where the finances are distribution and draw what-if decisions to make sure that the right projects are funded appropriately for future growth.
The overall goal of business analytics is to evaluate possible strategies, evaluate business conditions, and measure a certain KPI to see certain roadblocks and drive the business forward.