Today, global commerce is without boundaries and geography agnostic. Time zones are no longer a barrier and language a universal one of technology, innovation and progress. Today, organisations are handling data the size of which the world has never seen before, with hundreds of terabytes and thousands of users running millions of queries per day.
How this information is stored and used has become a major focus. That’s according to a Teradata report from Vanson Bourne, who surveyed 700 global organisations with an average revenue of nearly $10 billion about their ambitions, fears and investments in cloud analytics. It found that more than ever before, cloud analytics is playing a major role in boardrooms the world over. But the approach with regards how it should be used, is far from unanimous.
Cloud analytics, where data analysis is performed on a public or private cloud, is not new. In fact, 83% of businesses in the study agree that public cloud is the best place to run analytics. But, according to the report, there is a disparity between where global companies are with running analytics in the cloud, and where they want to be. Leaders are at a crossroads: they believe the cloud is the best place to run enterprise-scale analytics, but almost all agree, that the march toward cloud, is moving slower than it should.
Barriers of Cloud Uptake
By 2023, most organisations cited they want to run all their analytics in the cloud and an overwhelming 91% saying that the move to public cloud should be faster, but what’s stopping it from happening faster? It’s a combination of factors, in an age when data is so valuable, security is the number one concern, followed by the perception of immature and low-performing available technology. As we step into GDPR, regulatory compliance, along with a lack of trust to technology integration, a lack of in-house skills, legacy system integration concerns and greater prioritisation of other applications are important barriers reported.
So, why are companies so concerned with reaching a point of public cloud analytics so quickly? Much like the barriers, there is more than one answer. The top perceived benefits being faster deployment, the need to deliver more quickly and security. Across the board, businesses expect the move to cloud analytics to deliver improvements in, performance, insights into data, access by users, and cheaper maintenance.
Detail Is in the Data
Given the boom in business intelligence in recent years, it’s not hard to see why companies see their future of analytics in the cloud. The report found businesses using BI, data discovery and data mining are moving quickly into advanced analytics. What is apparent is that cloud analytics is where business are moving, and developments in the coming months and years will quickly inform if an organisation will be able to run all their analytics from the cloud by 2023.
Yet, technology has a track record of shattering barriers and recalibrating expectations while there are innovative, bold companies consistently challenging the status quo. Given the desire to embrace cloud analytics, we might all get there sooner than we think.
Teradata provides the fastest path to secure, scalable analytics in the cloud, and are ready to help customers move on their own timeline. To find out more, read the full report “The State of Analytics in the Cloud” and visit: teradata.com.
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