Developing innovative use cases for big data technology will be the key to success forRead More
Many firms ‘drowning’ in big data
A large number of firms are said to be struggling to take control of their information as the solutions they have in place for managing data are not up to scratch.
It was noted by Michael Shing, big data specialist for Australia and New Zealand at Quantum, that organizations are capturing more content than ever before and converting it into digital data. He stated in an article for Business Spectator that data types such as video, for example, which used to be 'nice to have', are now seen as essential marketing, training and communication tools.
But the challenge many companies have when they come to analyze this is they do not have the resources or skills to perform these tasks effectively due to the way they store their information.
"As businesses, non-profits and governments realize the importance of data – not only for day-to-day functions, but also to their strategies and success going forward – IT departments face rising challenges in developing strategies to support the organizational dependence on data," Mr Shing said.
He noted there are four main barriers that prevent companies from making the most of their data. These are budget constraints, sprawling complexity, difficulties with accessing data easily and concerns over the integrity of the information being used.
One of the best ways in which these issues can be tackled is by taking a new approach to archiving and data warehousing. The key here is not to simply back up all older data by moving it to cheaper storage solutions, but to ensure that any information that is archived is still able to be accessed quickly when needed.
"As companies collect more data they can prioritize it based on how old it is and how often it is accessed, Mr Shing stated. "When done properly, archived data is inexpensively but reliably stored and easily accessed."
Implementing the right solutions when it comes to organizing, managing and analyzing data can have many tangible business benefits. These include reduced costs and simpler management processes, while ensuring that data is kept available for when it is required.