The amount of data collected by organizations is growing at an incredible pace, challenging the capacity of database management systems and staff. At the same time, the value extracted from analysis of this Big Data is so large that organizations now consider data management a strategic asset and IT as a revenue generator, not a cost center. As a result, many IT managers are pleading for more resources — especially more budget.
But is it possible to keep up with the deluge of data while also cutting the cost of IT? In many cases, yes it is! Our latest white paper, Chicken Little and Demands for More IT Budget: Is the Sky Really Falling? goes into more depth on this topic, but keep reading to learn about how companies are maximizing budget through the use of Big Data and managed services.
Earlier this year, a global survey of over 2,500 big data professionals at 1,400 different firms found that 97% expected to do “as much or more” with Big Data in the coming three months. That’s nearly unanimous.
There are many ways of exploiting Big Data to drive organizational excellence. Seventy-five percent of those surveyed said their primary use for Big Data is Business Intelligence, or BI, a breed of integrated enterprise intelligence that is driving Artificial Intelligence (AI) and powering the Internet of Things (IoT).
Among the growing uses of Big Data are:
- Inventory Control Systems
- Staff Scheduling and Payroll
- Computerized Process Management
- Fraud Detection
- Financial Management
- Security Tracking
- Financial Compliance
- Retention and Privacy Compliance
- HR and Healthcare Compliance
- Customer Analysis
- Recommendations Engines
It used to be that IT processed transactions. Today, IT generates transactions. The information extracted is used in product creation, design, and improvement. The data analysis is used to identify and nurture sales leads with the goal of maximizing lifetime customer value. The knowledge extracted is used to streamline customer service and generate greater customer ratings.
Spending on Big Data is Not the Solution
With Big Data generating so much value for the money, many IT managers are asking for — and getting — more resources. But is more budget the path to Big Data success?
Data analysis cuts the costs of everything an organization does. Is more payroll the answer to catching up with your data backlog? Or is it a way to lock yourself into an interim technology that may or may not be useful in five years?
Let’s take a look at some of the ways data solutions are getting more affordable:
Cutting the Cost of Database Storage
It’s possible to take advantage of Moore’s Law and cut the cost of your data storage every year through aggressive contract negotiations with your IT storage providers. It’s possible to use hybrid solutions that reduce the cost of on-premises solutions with flexible expansion into the cloud. It’s even possible, though not recommended, to build a collocated cloud solution and never buy hardware again.
Cutting the Cost of Database Management
Beyond the cost of a database storage solution, you can cut the costs of your database management system without cutting staff. Many organizations run their IT departments as if they were digital mailrooms. They have highly-trained, very expensive employees processing tickets and responding to alerts all day. Collaboration with a managed service firm could provide the assessment and enhancement of database operations to eliminate the drudgery and elevate the artistry of using data to drive better decisions.
Cutting the Cost of IT Staffing
Managed services can also make your IT staff’s lives better by getting rid of the drudgery and empowering them to use Big Data to drive growth. As the organization grows, you can use your managed service partner to fill in skills gaps or staff shortages until a need warrants a full-time position.
Is it possible to keep up with the deluge of data without increasing budget? Yes. Download the white paper, Demands for More Budget — Chicken Little, or Is the Sky Really Falling?, for more details. If you can’t wait to see how it ends, contact Datavail for a custom database solution that will save more money than it costs.
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