Cloud-Based Analytics
Many companies are able to do business with the help of data analytics tools, but unfortunately, these tools and software can be very expensive and can raise the overhang of a start-up. Cloud-based analytics are various services that are hosted by companies for subscription use. This minimizes upfront costs and financial risk for businesses. These services are very important to different companies because the flexibility allows a business to change their goals and procedures in a swift manner, instead of investing large amounts of money into an in-house system only to change course of direction.
Cloud-based analytic software is widely used in analyzing and sorting data. Software such as Tableau can aide in extracting, transforming, and loading data. We have used R Studio to analyze data in class, but software such as this is also available on the cloud if a company were to opt for a lower cost option. Cloud-based R Studio can aide in analyzing trends in data, such as viewing statistical data to categorize the success of certain company products. These programs can help with creating Decision Trees, analyze data Clusters, and Association Mining.
Tableau is currently used for many different industry sectors, such as financial, healthcare, and government. Centers for Medicare and Medicaid Services have used Tableau to see which hospital in Florida is the most expensive to visit. They determined this by gathering the different medical procedures conducted and reading which hospitals averaged higher and lower costs. Information such as this helps both providers and recipients of Medicare and Medicaid.
Work Cited
“10 Cloud Analytics & BI Platforms For Business – InformationWeek.” InformationWeek. Web. 21 Apr. 2016.
“Compare Costs of Medical Procedures by Hospital.” Tableau Software. Web. 21 Apr. 2016.
“IBM Financials Squeezed but Cloud, Mobile, Security and Analytics Show Growth.” ComputerWeekly. Web. 21 Apr. 2016.