The time when gut instincts were used to drive business decisions is now an old wives tale. To remain competitive in this digital age, most organizations must know that, today, data analytics is the crux of business decisions. As technology continues to underline every aspect of businesses, the data is being leveraged more than ever to bring agility by simulating and exploring different scenarios based on their success potentials.
IT infrastructure continues to become complex and enterprises are looking for scalable data management solutions to stay afloat. Ultimately, cloud computing-based data management is now the key for several organizations worldwide. Many of them are extensively adopting cloud services for their scalability, flexibility, data availability, and cost savings.
Why So Much Fuss Over Data Analytics?
The remarkable growth of data is undisputed, with new tools constantly being developed for turning swathes of crude data into insights. With the advent and proliferation of connected devices and the internet of things (IoT), volumes of data are being generated. Successful global businesses realize the power of exploiting the network of available data in making smarter, informed decisions. This further helps them to refine their offerings and enhance customer experience and satisfaction.
Machine learning, another key trend in the technology landscape, has rapidly risen to the tip of the data analytics spear. When this is combined with the surging investments in huge computing clusters, usually accessed as cloud services and supported by steady advances in computational power, the stage is set for creative and strategic upheaval in data analytics.
Data-Driven Insights are Powering Intelligent Enterprise Operations
Organizations that focus on maximizing the value of their data, while treating it as an asset distinguished based on its quality, lineage and completeness, can be called “data-driven enterprises.” These organizations utilize data as the base for business agility, innovation, and critical decision-making by using analytics and artificial intelligence to enhance effectiveness, drive new revenue sources and reduce risks. A data-driven enterprise is characterized by continuous learning, prediction, optimization, and insights-driven culture. Such enterprises embed predictive analytics and data analytics at the core of their operations.
To overcome limitations associated with the data transformation cycle, such as reduced sales, delayed reportings, and poor business performance, organizations are transitioning from legacy data sourcing & integration systems to more modernized, scalable, flexible, and future-ready data architectures on the cloud. Benefits that await data-driven enterprises are significant. These enterprises are outperforming their competitors based on customer acquisitions, customer base retention, and gaining above-average profitability.
‘Data on the Cloud’ is the Hallmark of Winning Business Decisions
Data-driven companies tend to embrace cloud computing from the start. However, most organizations start their data journey on-premises, then gradually move transactional data to a cloud platform for specific requirements. This approach has served most of the business needs until recently, as the limitations of on-premises become more and more visible with growing digitalization.
If planned and orchestrated correctly, moving enterprise data to cloud platforms brings several benefits. Businesses can get the much-needed enterprise flexibility, scalability, and incisive, data-driven insights to make smarter decisions and realize faster outcomes. Organizations that leverage the power of data analytics, deep data science, and machine learning, to identify monetizable data assets, will remain ahead of the curve in the foreseeable future.