Drive Business Growth With A Hybrid Analytics Strategy
Combining the most valuable aspects of on-premises and cloud solutions can be extremely beneficial: utilizing a hybrid strategy for your analytics/BI solution has been shown to improve performance and increase revenue. In a recent survey by Forrester Consulting commissioned by SAP, 92% of companies with well-established analytics/BI practices have seen revenue growth of 15% or greater over the last three years. But in order to see those performance and revenue gains, you need to make sure you’re implementing it correctly. Read on to learn what you can do with a hybrid strategy, why it’s important, and how to build up a hybrid strategy effectively.
What can you do with a hybrid approach?
You can take advantage of a hybrid strategy by appropriately leveraging your on-premises offerings and knowing when to extend or expand to the cloud. The great thing is that a successful hybrid strategy can be enacted in many forms, and it’s important to keep in mind that one size does not fit all. Some companies are using a mix of on-premises and cloud deployments by department, while others are using cloud BI as a direct replacement for on-premises deployments. Further, some companies are even using a cloud BI platform that accesses a mix of on-premises and cloud data sources via the same semantic layer.
But the list doesn’t end there. Look at your current on-premises investments and ask yourself: When can we extend or expand to the cloud to reap these benefits? True success comes from analyzing your company’s unique state and offerings and knowing where to branch out.
Why do you need a hybrid strategy?
Some 82% of survey respondents agree that a hybrid approach is a crucial next step in the evolution of their strategy, and nearly two-thirds of companies report they anticipate their future analytics/BI solution will include a mix of on-premises and cloud resources. The benefits extend far beyond the financials.
A hybrid strategy that successfully takes advantage of the best of what both an on-premises and cloud solution have to offer can deliver significant performance gains as well. You’ll see better business agility due to the self-service analytics/BI capabilities and the cloud’s flexibility. You’ll see optimized business performance thanks to rising user adoption of these tools. You’ll get more value from your on-premises data and investments by leveraging them with the cloud’s capabilities. And finally, more departments throughout your firm will be able to access analytical tools and reports, decreasing the ever-common silo effect.
How can you implement hybrid successfully?
The survey also found that 88% of respondents reported that they regard hybrid analytics/BI platforms as important to their company, and 60% are already using a hybrid strategy for their analytics and data. We know that the market sees value in hybrid solutions and that the need is real. To achieve success and build an effective hybrid analytics strategy, follow the footsteps of hybrid trailblazers by:
- Increasing investment in analytics/BI technology and resources
- Pursuing greater use of the cloud for data storage
- Adopting more powerful analytics/BI tools
- Implementing tighter security controls on data usage
One thing is certain: hybrid is the future, and those who aren’t currently utilizing a hybrid strategy may soon be feeling the weight of lost revenue. Armed with the right information, this can be a seamless transition.
For more information on how a hybrid strategy can help your firm, download this SAP-commissioned thought-leadership study from Forrester Consulting: “Improving Business Performance By Closing BI Maturity Gaps With Hybrid Cloud Deployments.”