Definition - What does Analytics Platform mean?
An analytics platform is a unified and proper solution designed to address the demands of users, especially large data-driven companies, on the inadequacy of relational database management systems (RDBMS) in providing contextual analyzed data out of all the stored information. It joins different tools for creating analytics systems together with an engine to execute, a DBMS to store and manage the data, data mining processes, and techniques and mechanisms for obtaining and preparing data that is not stored. This solution can be conveyed as a software-only application or as a cloud-based software as a service (SaaS) provided to organizations in need of contextual information that all their data points to, in other words, analytical information based on current data records.
Techopedia explains Analytics Platform
The analytics database (ADBMS), the DBMS component of the analytics platform, is designed especially for business administration and analytics applications, usually those concerned with a data warehouse or data mart. This system is read-only, and it stores historical business data, such as sales performance or inventory levels. It features scalability, performance, cost effectiveness and ease of operation advantages over the conventional RDBMS. Users will be able to view different analyzed information like total sales in a given period and be able to compare that to any other desired period, as well as get visual cues like graphs to allow executives to easily view trends and react accordingly to market shift.
Analytics platforms make use of container constructs in memory to secure and synchronize many processes that run in parallel with even more processors. Aside from that, these platforms use inexpensive hardware that are already available. This is because it is a software solution that can be deployed to any organization as a paid service.
As the amount of data, analytic complexity and number of end users increases, analytics platforms offer a variety of options that can help reduce costs and further help in achieving a proper informed decision.