What is Cloud-Based Business Intelligence?

Business intelligence (BI) is becoming a more popularly-utilized business tool in companies of all sizes. While the strategy of collecting and analyzing data to predict outcomes and make business decisions was traditionally reserved for larger corporations, even smaller businesses now are seeing the benefits of prioritizing a BI-forward strategy.

Traditional business intelligence methods were built using query-based executive information software, reporting tools, or hard-copy briefing books. They were also typically reserved for corporations or other higher-complexity, higher-revenue companies. However, as smaller companies have recognized the importance of using data to inform business decisions, cloud-based business intelligence options have opened opportunities to offer technology to a wider range of companies.

What is Cloud-Based Business Intelligence?

Cloud-based business intelligence is a category of online software that integrates with your business systems and technology to produce real-time data and reports. Rather than requiring physical hardware installs, cloud-based business intelligence software is based on the cloud.

Instead of being hosted on an internal hard drive or server, cloud-based business intelligence software is hosted on one or multiple external servers that distribute the software to the business via an internet connection. This means it can provide up-to-the-minute information on any approved device with an internet connection.

What are the Benefits of Cloud-Based Business Intelligence?

Because cloud-based business intelligence software is based online, it has a number of benefits compared to traditional business intelligence software, including:

1 – Simpler Integration

One of the first benefits businesses will experience with cloud-based business intelligence versus traditional business intelligence is that it’s easy to set up and integrate with your existing systems.

Integration is the term for connecting systems so they can transfer data unilaterally or bilaterally. For business intelligence technology to be most effective, it must be able to integrate with your full suite of business tools and systems. From these systems, the business intelligence software will pull and combine real-time data into reports and projections.

In cloud-based business intelligence software, integration is particularly simple, especially with other cloud-based systems such as QuickBooks, Salesforce, Hubspot, Basecamp, and more. This saves significant setup time while ensuring you can receive real-time, detailed, full-data reports at any time.

2. Improved Scalability

Another reason business owners choose cloud-based business intelligence is because of its scalability. Not only does a more scalable solution mean smaller businesses can access this tool when they may not have been able to afford a traditional option, but it also means that fast-growing businesses will not quickly outgrow the solution.

This type of software also often has more features and options that can be added as a business grows—without requiring additional hardware. In short, it can scale in size or complexity to grow with a business.

3. Better Elasticity

Another benefit of cloud-based business intelligence is elasticity. Cloud-based business intelligence means you’re not relying on your in-house servers and processors to manage and present data. Instead, the systems run on external servers with much more vast resources. They have the ability to provision or de-provision resources automatically to manage workload and can handle an exceptionally large amount of data, making cloud-based business intelligence a great fit for companies who are experiencing growth in size or complexity.

4. Real-Time Reporting

The crux of business intelligence is that it depends on accurate, real-time data for reliable, actionable information. Where traditional business intelligence often required queries to populate reports or manually pulling data from multiple sources to combine in a separate environment (at which point the data may become quickly outdated), cloud-based BI populates these reports automatically and in real-time. This gives businesses more accurate business intelligence for more informed and strategic decisions.

How to Get Started

Taking on the task of implementing a cloud-based business intelligence system can feel daunting. However, by going through an expert outsourced IT service, you have a partner with vast industry knowledge who will take the time to learn about your company and help pick the best cloud-based BI system for you. They will also help set up and integrate the program with your existing systems, train your users, and support and troubleshoot if you run into challenges.

Speak with an IT expert today to learn more about how Network Coverage can help.

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What is Cybersecurity Compliance?

For many financial, healthcare, or government contractors, cybersecurity compliance is complicated and daunting. In addition to federal regulations, companies processing personal information such as credit card numbers, social security numbers, names, driver’s license numbers, and more also have important practices they must follow to protect this information.

The rules, standards, and regulations can not only be difficult to understand, but they also change frequently making it difficult to stay compliant in the most recent do’s and don’ts of cybersecurity.

Some companies default (consciously or unconsciously) to a “we’ll fix it if it becomes an issue” philosophy. However, especially in industries with strict regulations, not only can a formal audit result in more expensive solutions and fallout than having the right protocols in the first place, but a cyberattack could be crippling and destructive to the company.

How to Know if Your Cybersecurity is Compliant

One of the best starting points for knowing whether your cybersecurity measures are compliant is by starting with an internal cybersecurity audit. This means comparing your current cybersecurity standards to the regulations your company is held under or the best practices.

1. Review Your Cybersecurity Plans

First, review all of your documented cybersecurity plans. Compare these to the standards set by any regulatory or best practices authorities in your industry. Are your documents up-to-date, complete, and aligned with the most recent standards?

Because of the swiftly changing cybersecurity environment, if you haven’t reviewed your cybersecurity plans recently, they’re most likely out-of-date. Take this opportunity to update the documents to fit the most current compliance regulations. Make sure the plan has clear guidelines, is relevant to your current systems, and that all the roles and responsibilities are clearly defined.

If you don’t currently have formal cybersecurity plans, it’s time to create them. This can be done by your in-house IT team if they have the time and bandwidth to complete the task or can be completed by an outsourced IT expert.

2. Assess Your Risks

What has changed in your technology systems since you last looked at your cybersecurity plans? If you have added new software, third-party data storage, new hardware or servers, or have new employees or roles within the team, they should be taken into consideration when reviewing your cybersecurity compliance plan. If you’re not sure how to account for these changes in your cybersecurity plans, ask an outsourced IT advisor.

3. Audit the Actionability of the Plan

Having documents for security is only the first step of having compliant cybersecurity. Cybersecurity actions should also be in-place and up-to-date. This means ensuring any protective actions such as firewalls, anti-virus software, intrusion detection, and prevention systems are up-to-date and functioning.

It also means making sure employees are trained and up-to-date on the latest rules and standards for security in your company, including regularly updating passwords, equipment management outside the office, data sharing, email scam awareness, and more.

In addition, you should ensure any emergency actions are clear, tested, and actionable. If there is a cyber emergency, how are you notified and what happens next? Do people within your company know who to contact in case of a breach? Do they know where to find additional information about your security measures? Do you know how the security actions would take place and how long they would take to resolve the situation?

4. Hire an IT Consultant

Cybersecurity compliance can be complicated and time-consuming. Hiring an IT consultant can be a great option for companies who can’t sacrifice the time of their current IT team to undergo an internal cybersecurity compliance audit.

It is also the best way to get an in-depth, unbiased review of the current security environment. In some cases, internal IT employees may intentionally or unintentionally skew cybersecurity audit results or the state of the cybersecurity landscape of the company to preserve their jobs or to avoid “looking bad” to the company.

Outsourced IT consultants can provide unbiased information about the current cybersecurity systems and compliance and will work diplomatically with the IT team to ensure proper procedures and actions are in place. In addition, an external IT company can also offer regular cybersecurity services to ensure your security systems and compliance stay up-to-date so you don’t have to worry about them.

Would you like to learn more about Network Coverage’s cybersecurity & compliance services? Click the button to learn more or schedule a free consultation today.