Data has been an integral part of every business since the advent of modern times. However, the importance of data has come to limelight over the last decade or so. Why so?
1. Reduced customer buying power is forcing players belonging to the same industry to fiercely compete for each customer
2. Overall economic pressures mean that businesses need to significantly reduce their overall customer acquisition and servicing costs
3. Digital technologies are allowing buyers to decide what they want to buy before visiting a store or meeting with a sales rep
4. Innovative start-ups with creative business models are disrupting establishing players
How do you deal with this complex situation? The answer lies in data. Businesses need to take informed decisions based on data available to them. Easier said than done, right? The explosion of data is not only fueled by organizational systems and the Internet. Other sourcing such as audio, video, geospatial, and sensors are also important contributing factors. Analysts believe that 90% of all data that exists in the world today was generated only over the past 2 years. A clear majority of businesses is lost as to where to even start.
What does it take?
To enable their business teams to take full advantage of data in decision making, IT teams need to provide a robust, secure and scalable Data Management Platform.
What is a Data Platform?
A Data Management Platform or simply, a Data Platform is a combination of technologies and skills to collect, process, store, secure, analyze, and present raw, unstructured business data as meaningful information which helps smart business decision-making.
What does it take to setup a Data Platform?
Investments are required in 4 major categories:
1. Infrastructure: Data center, servers, storage, network, security, software
2. Resources: Hiring, retention, architecture & design, monitoring & management, optimization
3. Data Management: Backup, security, access management, migration
4. Technology: Continuous training, upgrade & version control, patch management, database software licenses, backup & restore
Few successful companies are using data analysis as a powerful way to create competitive advantage. However, majority of businesses are unable to reap the benefits of analytics due to the size of IT investments required and the depth of technology skills required to