What is Cloud Business Intelligence (Cloud BI)?

As businesses continue to rely on analytics tools, such as business intelligence solutions, to improve decision-making and manage performance, the value of cloud-based business intelligence has become essential. Cloud BI combines powerful data integration and business analytics with the accessibility and flexibility of cloud technology, enabling companies to gain insights from anywhere.

The growing importance of Cloud BI

Cloud BI has revolutionized how companies interact with data, allowing them to be more agile in responding to market changes and to scale more easily. While cloud computing was once primarily viewed as a cost-cutting measure, it now supports digital business models, remote workforces, and real-time customer connections.

In the 2024 Chartered Accountants Tech Survey, 69% of respondents reported implementing cloud infrastructure, with higher satisfaction levels in technology solutions overall. Similarly, a DELL report found that companies investing in big data, cloud, mobility, and data security experienced over 53% faster revenue growth than their competitors. The message is clear: Cloud BI is key for businesses to stay competitive in a fast-paced, data-driven world.

What is Cloud BI?

Cloud Business Intelligence (Cloud BI) integrates business data from multiple sources, organizes it into a structured data warehouse, and provides tools for data analytics and data visualization. Common data sources include ERP, CRM, and inventory systems, and Cloud BI consolidates all that data into a single cloud based ecosystem. This setup helps users identify trends, optimize stock levels, and discover new growth opportunities.

Traditional vs. Cloud BI solutions

Traditional BI solutions were typically hosted on-premise, a requirement to be able to sync with business data held in legacy ERP systems which ran on local servers and networks – a setup that Phocas used to encounter frequently. As ERPs have moved onto cloud services, on-premise BI has migrated to the cloud too, providing on-demand, secure, and scalable insights. These Software-as-a-Service (SaaS) solutions empower users to make decisions anytime, anywhere, at a lower administrative cost.

Use cases of cloud business intelligence

Cloud-based BI allow many more users in a company to tap into data insights and this information can be obtained with these common uses cases:

Self-service reporting - business users across the organization can independently access and analyze large volumes of data without relying on IT. It empowers people to explore data on demand, improving business performance with data-driven decision-making.

Advanced analytics - BI software that uses machine learning, predictive modeling, and statistical analysis to uncover deeper insights. This approach enables business people to better understand complex data sets.

Report automation - streamlines recurring reports or dashboards by reducing the manual effort of data handling in spreadsheets. Data automation ensures business people receive timely, consistent insights, which improves workflow and supports faster decision-making.

Data visualization - Cloud BI transforms complex data sets into charts, graphs, and dashboards, making it easier to see data insights at a glance. KPIs are presented as gauges and simple charts helping business users quickly understand information and communicate findings.

The benefits of cloud BI

Cloud BI offers several advantages, including the following:

Ease of deployment – as an internet-based software, the SaaS provider can quickly setup ETL connections to a new cloud BI solution via api connectors. Business users can log-in to the BI platform and have all cloud data readily available.

Simplicity – quality cloud BI tools are designed with easy-to-use dashboards, templates and ai-powered technology so users can get up and running quickly and access predictive data insights in real-time.

Data-driven decisions - business intelligence tools provide access to real-time data and metrics so everyone in an organization from the CEO to intern can benefit from the ability to have the information they need at their fingertips.

Security - the cloud providers will have built-in data management, data security and compliance so by investing in this BI software often your datasets are more secure and cost-effective.

Mobile-friendly – employees are no longer tied to their desktops in order to access information. Cloud BI solutions are accessible from mobile phones, tablets and laptops.

Scalability – as companies increase headcount or expand geographically, adding new users to an existing cloud BI solution is simple and quick.

Reduced overheads – cloud solutions minimize the number of on-site servers and staff needed to manage day-to-day operations. Expenses that once fell to IT can be reapplied to other functions within the company.

Competitiveness – in the past, only large organizations could afford to implement software that provided business intelligence insights. With cloud expansion and its economic benefits, small and medium-sized businesses can also gain access to valuable data insights. Companies of all sizes within an industry vertical can leverage cloud BI tools, which creates a more level playing field.

Why Phocas Cloud BI?

Phocas business intelligence cloud platform differentiates itself in a large, generic BI market by offering a specialized solution for all business users.

Manufacturers, wholesalers and retailers choose Phocas Software because of it’s easy setup and user friendliness, giving them access and insights to adapt to market changes quickly. Phocas integrates seamlessly with multiple ERP systems, which saves on implementation time and set-up costs.

Phocas delivers a simple yet powerful financial planning & analysis capability that will grow with your business needs.