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SaaS BI - Software as a service model in Business Intelligence

SaaS has taken off in a big way in the past few years. And BI has not been lagging behind. For leading vendors like BOBJ (an SAP company) or Cognos (an IBM company), it’s going to be close to 2 years now since they started their SaaS BI. What exactly are the advantages of SaaS over the traditional approach? Benefits are aplenty, from zero costs of purchasing hardware, hiring of key IT personnel like system administrators and DBAs, to minimal implementation and maintenance costs.