Business leaders increasingly turn to Business Intelligence (BI) as a crucial component of their decision-making processes. As a result, BI markets are expected to grow by 7.6% from 2020 to 2025. And with the recent market disruption by internet-trained A.I. chatbot implementations, it is bound to become a hotter topic for captains of industry and thought leaders.
Unfortunately, traditional BI implementations have become outdated, if not completely obsolete. These days, BI vendors that use SaaS platforms have become the clear preference for businesses looking to make smarter, faster decisions.
So, what are the benefits of a SaaS-based Business Intelligence solution?
Pros of SaaS Business Intelligence Solutions
There are plenty of benefits to SaaS business intelligence solutions, and these are just a few:
Cost Effective
SaaS business intelligence solutions are often more cost-effective than on-premise or hosted options. They use cloud computing technology to host their software, meaning businesses do not need to purchase expensive hardware or software licenses. In addition, the subscription model allows you to pay a low monthly or annual fee for using the software instead of a large upfront cost.
Scalable
Because SaaS structures are not too demanding on IT resources, they can be scaled up or down as needed. This means that if you need to add on more users or expand your business intelligence needs, you do not have to worry about purchasing new hardware or software licenses.
Accessible
In today’s unpredictable and fast-moving business environment, having access to your BI tools when you need them is essential. Cloud-based SaaS Business Intelligence solutions are designed specifically with this in mind. With SaaS solutions, you can access your data and reports from anywhere with an internet connection—this means that no matter where in the world you are or what time of day it is, you will always have access to your BI tools.
Fast deployment
Deploying new systems on an organization’s day-to-day operations typically takes a considerable amount of time. This is especially true when it comes to BI solutions, which are often complex and require extensive planning and staff training before they can be implemented. SaaS Business Intelligence solutions, on the other hand, do not need to be installed on your organization’s hardware; instead, they are hosted in the cloud and, therefore, can be deployed within a matter of hours—not days or weeks. Furthermore, vendors often offer trial versions so you can let your employees get a feel for the software before you make a decision. This makes it much easier to determine whether or not your company is ready for the SaaS BI solution.
Automatic updates
With the level of sophistication rising for hackers and ill-intentioned users, it is important to make sure that your software stays up-to-date not just with the latest features but with the latest security updates as well. With SaaS BI solutions, you do not have to worry about updating your system because they are done automatically.
Cons of SaaS Business Intelligence Solutions
Of course, SaaS BI also has its share of drawbacks that can affect your decision on whether to subscribe to one or not.
Data Security
SaaS BI solutions store your company’s data on your BI vendor’s servers. Not all organizations are more comfortable with this level of exposure than when you have the data in-house. If their servers are hacked, all your confidential information will also be compromised.
Downtimes
In connection with having your data on off-site premises, there are also times when the SaaS BI solutions could go offline. This can be due to server issues or even maintenance work. For companies that rely heavily on their BI solutions, this can be a major problem. Performance Issues – Another drawback of using SaaS BI solutions is that they may not perform as well as an in-house solution would. If you have a large amount of data to analyze, then it might take longer for the system to process it than if you had the data stored locally.
Hidden costs
While SaaS BI solutions may be cheaper than buying and maintaining your own BI software, they may potentially come with hidden costs such as additional fees for each user, training fees, and customer support subscription payments. Some BI vendors do not disclose all fees and charges until after they have you as a customer. This can lead to unexpected expenses that may make the solution more expensive than initially anticipated.
Lack of customization
SaaS BI solutions offer preconfigured templates, dashboards, and reports that are designed to meet the needs of most business users. If you need a specific report or dashboard that is not available within the software’s out-of-the-box capabilities, then you may have to pay extra for it or hire someone to customize it for you.
Lack of integration
Unfortunately, SaaS providers might not be able to integrate their BI solution with your existing systems. For example, if you have an expensive database that stores all of your customer data and analytics, then you might not be able to connect this solution with the SaaS provider’s offering. This could mean that you need to find a workaround to make data transfers more seamless.
Parting Thoughts
There are definitely some compelling benefits to implementing a SaaS Business Intelligence solution to your operations. However, it is not a panacea to your business troubles.
Like with any business decision, it is still important to consider the potential drawbacks and choose a solution that aligns with your business needs and goals. For instance, if you work with critical Personally Identifiable Information, it is important to ensure that the solution you choose complies with all relevant privacy laws and regulations.
But overall, if you can find a vendor that provides secure options for end-user access, the benefits of implementing a SaaS Business Intelligence solution far outweigh the drawbacks.
So, ready to steer your business into a more data-centric future? Check out Cherry BI and Cherry EXON. We’d be glad to help you get started on ensuring that your organization is ready to take advantage of the many benefits of Business Intelligence.
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