The explosion of data in recent years has presented both opportunities and challenges for businesses. While there is no doubt that having access to vast amounts of data can provide valuable insights and inform decision-making, it also comes with significant costs and challenges.
Many companies are struggling to manage and make sense of the sheer volume of data they are collecting. As this Wall Street Journal article rightly points out, IT departments are racing to make this data usable for AI, but in the majority of cases, the amount of data can be overwhelming.
One of the biggest challenges companies face when it comes to data is the cost associated with storing and processing it. The more data a company collects, the more it will have to spend on storage and analysis tools. This can quickly become a significant financial burden for businesses, especially smaller ones with limited budgets.
Here are some of the quotes from that article:
“We basically stopped bringing in some data that was completely cold. When we realize nobody’s using it, I shut off those pipes,” adding, “we will pick it up when we need to.”
"We claim compliance but we are not ”
“CIOs are typically pulled in so many different directions, I don’t think that they can have the foresight to do things perfectly,” adding, “I don’t think CIOs are to blame in any shape or form. They’re just struggling.”
However, there are cost-effective ways to handle all of these challenges. One important strategy is to focus on the first mile of data collection. This refers to the initial stage of collecting, ingesting and processing data, where companies can capture the most important information and weed out any unnecessary data.
By focusing on the first mile of data collection, companies can save up to 95% on the initial cost of data storage and analysis. This can give them more flexibility and control over where to forward the most meaningful data, allowing them to make more informed decisions and better manage their data resources.
While the cloud has undoubtedly played a significant role in the data explosion we're seeing today, it's important to note that other factors such as digital transformation and the shift to online, as well as the growth of IoT, have also contributed significantly to this trend.
In summary, while the ever-increasing amount of data presents numerous challenges for businesses, there are cost-effective ways to manage and derive value from this data without compromising on compliance. By adopting appropriate data management strategies and tools, businesses can effectively navigate the data deluge while maintaining their compliance posture and keeping costs in check.
Getting this right, turns "We claim compliance but we are not" into "We are compliant and we know it".
If you would like to know more about we can help your organisation take control of your first mile of data, please email email@example.com and we'd be more than happy to help.