Industry News Details

How can companies manage their data in an effective way? Posted on : Jul 11 - 2018

In today's digital age, managing your organisation's data has never been more important.

What are the problems organisations are facing today when dealing with data?

“Data is the new currency in today’s digital economy, but data economics are broken. Data volumes continue to double each year, while the number of data workers triples, yet IT budgets remain flat—making it impossible to keep pace with growing business demands for data processing and analytics. In parallel, it’s becoming increasingly common for disparate business units to use their own tools to collect and integrate data, leading to more information silos, or ‘shadow IT’, which ultimately prevents companies from reaching their data-driven potential.

“The amount of data that companies are generating today has no precedent. Companies can derive substantial benefits from big data analysis. On the whole, big data brings many benefits, but it does come with challenges. In many cases, there is a divide between business requirements and IT departments with both teams using different tools and processes and a lack of collaboration between the people preparing, processing and analysing the data, and the people providing the necessary software platforms to do so. This leads to companies spending too long to put data to work for the business as processes are not clear.”

How can businesses improve their access to insights?

“In order to get actionable insights, businesses need to ensure they are keeping up and replacing old, obsolete data with up-to-date, accurate data as fast as possible. With data informing every aspect of business functions – from marketing through to strategy – ensuring data is of a high enough quality for analysis is paramount. Building a platform that’s adaptable to change from the beginning is fundamental to this. Too often organisations focus on the database selection, cloud vendor, Hadoop vendor, whereas these all have the potential to lock the data into a new silo. CIO should spend much more time consider the data infrastructure. Invest in cloud and build a live dashboard of the ROI of your data. This should include a daily cost of the data ingestion, the processing and then who’s using it accessing. Data is a business, not an IT cost centre.

“Cloud-based, big data streaming technologies play a key role in helping companies use the cloud to scale data-driven decision making, while ensuring their most valuable asset—data—is governed, trusted, managed and accessible to a variety of employees. View More