Digital Transformation

BI Trends for 2021 – 9 of 9

The Future is Still in the Cloud – Number 9 Trend of 2021

As we are in the last quarter of 2021 and and move into 2022, companies will need to fully leverage cloud computing to efficiently aggregate data.

According to Gartner, by 2022, public cloud services will be essential for 90% of data and analytics innovation. While many applications have embraced the cloud, the current digital transformation has escalated the need for more organizations to move more of their information and systems to the cloud. Gartner estimates:

“By 2024, more than 45% of IT spending on system infrastructure, infrastructure software, application software and business process outsourcing will shift from traditional solutions to cloud.”

Gartner cites three major categories of technology trends in 2021; two of them are people centricity and location independence..

In a nutshell, people will need greater access to digitalized processes to do their jobs in the future. While the physical
location of people, supplies and systems once mattered, technology now must accommodate “anywhere operations.”

As we move into 2022 and beyond, companies will need to leverage cloud computing to efficiently aggregate data from
systems and silos from a remote workforce and decentralized operations, while also giving users access to a single source of truth for reporting and decision-making.

At MCLOUD3, we can work with your company to help you understand your data and increase sales using Phocas Software. To learn more about MCLOUD3 and Phocas Software us at info@mcloud3.com or visit our website by clicking here.

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BI Trends for 2021 – 8 of 9

E-Commerce Continues to be Remarkable – Number 8 Trend of 2021

When we thought e-commerce was getting big, along came a global event that drove more people to shop online.

The pandemic has had a major impact on the growth in e-commerce while also forcing traditional retail into an even deeper dive.

According to eMarketer, US e-commerce sales exceeded $794 billion in 2020, a 32.4% increase and significantly higher than the 18% predicted earlier in the year. Of course, always take into consideration of how Cyber Monday has become the one of the largest on-line purchasing days each year.

Most experts agree that the pandemic will have some lasting impacts on how people shop.

First, the fall of brick-and-mortar retail as consumers now have fewer places to physically shop in-person. Many stores that closed early during COVID has not reopen. Second, consumers are definitely comfortable shopping online.

Whereas consumers once wanted to kick the tires, try things on or pick their produce, they are now more likely to take a virtual tour, return things if they don’t fit and let trained shoppers pick out the right fruits and veggies. And now consumers will purchase a car, without a test drive first.

For retailers, data analytics will play a critical role in optimizing operations; managing inventory; monitoring trends, seasonal demands and customer buying habits; and managing labor and other expenses.

At MCLOUD3, we can work with retailers to understand their data and increase sales using Phocas Software. To learn more about MCLOUD3 and Phocas Software us at info@mcloud3.com or visit our website by clicking here.

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BI Trends for 2021 – 7 of 9

Lucky 7!! The next up for our trends, is Lucky Number 7!! BI & AI.

Blending business intelligence with artificial intelligence: BI and AI combined will give users even more power to use data to make better decisions

Business intelligence is a proven technology that provides organizations with the information they need to track performance across their sales, purchasing, logistics, marketing and other areas of operations. They can see trends, identify opportunities and address challenges before they become major business hurdles. The process does require human insight and interaction with the data; however, to identify changes, which makes artificial intelligence (AI) and AI techniques such as machine learning (ML) and natural language processing (NLP) critical to keeping up with the pace of business and competition. AI and these techniques make business intelligence even more streamlined.

According to Gartner, “by the end of 2024, 75% of enterprises will shift from piloting to operationalizing AI, driving a 5x increase in streaming data and analytics infrastructures.”

AI scales up the capability of traditional BI solutions by doing much of the “heavy lifting involved in preparing data to be analyzed, such as parsing and scrubbing.”

Raw data is returned ready for business analysis while users of all skill level, particularly those with no data analytics experience, can quickly find answers to questions.

AI can automatically review new data and identify important differences that can initiate actions. For example, when a customer stops buying a product that they frequently purchased in the past, AI can trigger a call to a customer. AI can also identify interesting differences in similar customers, such as what does one customer purchase that another one does not. AI can quickly identify similar customers while also the differences between the customers’ purchasing habits.

This year, there will be a greater convergence of BI and AI, providing users with even more power to manipulate and work with data to make better decisions.

To learn more about MCLOUD3 and Phocas Software us at info@mcloud3.com or visit our website by clicking here.

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BI Trends for 2021 – 6 of 9

Our next trend for 2021 reviews the need for Digital Transformation and how why you should include this in your strategy for the company.

A study by Twilio found that among 2,500 global enterprises, 97% of decision-makers believed the pandemic sped up their company’s digital transformation.

While many businesses have decided to ride out the pandemic by cutting costs and reducing overhead, others are looking to strengthen their operations, so they are better prepared for the new normal.

Pre-COVID, technology was already making major changes to a variety of industries, disrupting production, challenging boundaries and labor, and redefining how we work. Once the pandemic hit, the slow and steady pace of the technology rollout was replaced with speed and vigor.

The pandemic amplified the trends, putting in motion digital strategies that replace face-to-face and in-person meetings and engagement with online collaboration and work-from-home initiatives.

Data analytics will play a critical role within companies that want to successfully navigate this new normal and execute a sustainable digital transformation. Data is the common thread that connects the entire operation, and for companies to compete effectively and profitably in the post-COVID world, data analytics must be fully embedded in the culture and operations of the business. Companies that want to remain viable must give their leaders and teams access to accurate and timely data so they can respond quickly to the ever-changing landscape.

In 2021, companies with digital transformation plans in action will vastly outpace those without.

To learn more about MCLOUD3 and Phocas Software us at info@mcloud3.com or visit our website by clicking here.

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