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The landscape of business is evolving at an unprecedented pace, thanks in no small part to the accelerating development of technology. One of the most impactful shifts in recent years is the migration from on-premises data solutions to cloud-based data platforms. What was once a buzzword and a future prospect has now become an integral part of modern business strategies. So, what makes cloud-based data platforms so beneficial for today's enterprises and what role does third-party data play?
First, a quick explanation of cloud-based data platforms. These platforms serve as centralized, virtual repositories for storing, organizing, and manipulating your data. Unlike on-premises solutions, this platform resides on the internet, enabling global accessibility. Think of it as leasing storage capacity and computational resources, akin to renting a physical storage unit for tangible assets.
In this article, we’ll explore the top five benefits of switching to a cloud-based data platform and how that helps you meet your research needs.
One of the most obvious advantages of cloud-based data platforms lies in their scalability. Unlike traditional on-premises solutions, which often require hefty upfront costs for hardware and software, cloud platforms allow you to start small and scale as your needs evolve. This flexibility not only makes it cost-effective but also minimizes the risk of over-provisioning or under-provisioning resources. Whether you're a growing start-up or an established enterprise, the cloud scales to suit your needs.
Another major advantage of cloud-based data platforms comes from seamless integration with third-party data sources. In a traditional on-premises setup, incorporating external data often involves cumbersome processes and potential compatibility issues. However, cloud platforms make it easier to plug into various data streams and scale those connections in line with your needs.
This ability to easily integrate and scale external data sources adds another layer of agility and cost-effectiveness. This allows you to complement internal data with relevant news data, for example, to provide additional context around impactful trends, supply chain risk, and more. The cloud's capacity for scalable data integration significantly broadens your capabilities.
MORE: How to use big data analytics in finance
Business speed has reached unprecedented levels, making the old practice of waiting for quarterly reports obsolete. Cloud-based data platforms offer real-time analytics capabilities, meaning you can track metrics, KPIs, and other essential data in real-time. This always-on, always-available feature equips businesses with the tools they need to make agile decisions, shift strategies, and outpace competitors. Advanced analytics further elevate your capabilities, opening doors to innovative ways to analyze data and gain insights.
Alternative data, such as historical and current news data, augments the value of your analytics efforts. By integrating this diverse range of information into your cloud-based analytics platform, you gain a more comprehensive view of your market, industry trends, and consumer behavior. The inclusion of alternative data can refine forecasting models, enrich customer segmentation, and offer a more nuanced understanding of your competitive landscape. This multi-dimensional approach to analytics can be a game-changer, enabling businesses to make more informed and timely decisions.
As remote work becomes the new standard for many businesses, cloud-based data platforms revolutionize collaboration. Teams, even when scattered across continents, can access, edit, and share documents and data in real-time through the cloud. This immediate access dismantles the operational silos that frequently hold back productivity and innovation.
What’s more, making third-party data available in a cloud-based data platform offers an invaluable asset for your data professionals and decision-makers who are constantly on the move or working from different locations. The cloud ensures that crucial external data remains accessible, giving team members the flexibility to integrate this data into their analytics or decision-making processes at any time. This constant access to information lets professionals make quicker, more flexible business decisions, no matter where or when they are working.
MORE: Decision Intelligence: What is it and why alternative data makes a difference
Top-tier cloud-based data platform providers invest heavily in maintenance and innovation, so you benefit from automated updates that ensure you're always operating within a platform that is up-to-date and secure. This eliminates the need for manual updates and keeps your system protected against emerging threats. Essentially, the platform provider shoulders much of the maintenance and security burden, allowing you to focus more on core business tasks.
Integrating third-party data into your cloud-based data platform offers additional support, in terms of delivering strategically enriched data that makes it more easy to find and use. Plus, since this data is already hosted in the cloud, you bypass the typical maintenance challenges associated with integrating external data sources. It's as if you're extending your own secure, well-maintained data environment to include valuable external insights. By doing so, you're not only diversifying your data pool but also streamlining your maintenance and security workflows.
Organizations no longer need to sink significant capital into hardware, servers, and data centers to maintain their operations. Cloud-based platforms operate on an on-demand pricing model, letting you pay only for the resources you actually use. This approach makes cloud services financially accessible while also freeing them from the burdens of ongoing maintenance and upgrades. Many providers even tailor subscription models to meet your unique requirements.
Data as a Service (DaaS) enhances this cost flexibility even further. The scalability advantage we discussed earlier extends to external datasets as well. You can adjust the size and scope of these datasets to align with both your operational needs and your budget. This ability to right-size your data requirements offers an economical approach to obtaining the insights you need, without compromising your financial objectives.
The benefits of cloud-based data platforms and third-party data extend beyond mere convenience; they're transformative. In fact, 79% of organizations with high cloud maturity view technology as a competitive differentiator.
Working in the cloud provides a compelling array of advantages that are hard to ignore. And expanding the data you use to inform decision-makers across the enterprise only adds to the advantages you gain.
Embark on your data-driven transformation today. Reach out to a LexisNexis data specialist to discover how you can tap into LexisNexis Premium News Data through our API or via the Snowflake Data Marketplace and uncover the potential that awaits your business.