Data Analytics and the Cloud

What are data analytics and how do they relate to the cloud? Can data analytics help speed up monetization of the cloud, and if so, how? How important are they to cloud based businesses? How can a company’s data become financially beneficial to them?
Data analytics help to add value to business decision making by transforming raw data into data constructs. This aids in the process of data monetization — i.e. — allowing the company to benefit financially from the data that it possesses. It puts a money value on its data; and of course all companies would like to make a profit and benefit from the data that they posses. This is particularly relevant to financial services or companies that conduct market research or market trend analysis. These companies can help predict customers product preferences. The cloud makes the storing and access to their data much easier. Instead of having to access paper or computer files, they can access the data they need in the cloud. It makes the data they need accessible for all of those in their company who may need it. All they need is access to the Internet via a handheld device like a smartphone, tablet or netbook.
In fact, because of the nature of their business, cloud based services are in a unique position to help utilize Analytics as a Service which will benefit companies that rely on data analysis as an essential part of their business. In the industry, this is known as Analytics as a Service (Aaas) and cloud based services are poised to benefit from this because cloud based data analytics can streamline access to data in the cloud and provide an inexpensive and flexible service. This service can be highly targeted and available whenever it is needed.
In fact, this has the potential to not only allow companies that access cloud based services to monetize their data, but it is also revolutionizing the industry. The reason for this is that companies that conduct market research and market trend analysis can access invaluable information in the cloud. This information can be converted into dollars. Of course, cloud based data analytics’ benefit will not be limited to only companies that conduct market research and research trend analysis. This is relevant to any company that wants to store and analyze key data in the cloud, like customer profiling and segmentation, customer retention, and more. Such key data can be stored and accessed in the cloud, and this information can eventually help a company benefit monetarily.
Therefore, cloud based analysis can be a boon for companies. It is another way that the cloud based technological revolution is benefiting the business world.