Tech

Data is growing at breakneck speed, but are you optimizing its value?

Data is at the heart of digital transformation as every digital touchpoint is transformed into a data point. In this digital-first world, data is being created everywhere today at breakneck speed. It is estimated that by 2025, the world will create 463 exabytes of data every day. One billion bytes is the number 1 followed by 18 zeros to measure the size of an exabyte.

This massive data generation has a compounding effect on businesses called the data gravity effect. Data Gravity – Big Data’s tendency to exert its own gravitational pull on both the resources it requires (storage, people, and other data) and the resources it can provide (applications, services, and business logic) create unwanted complexity. may produce. This poses a major challenge for businesses that increasingly rely on insights from data to serve their clients.

Data has become the answer to solving business challenges. Business leaders are seeking insights from their data to attract and retain customers, drive business growth, and develop new digital products. From customer experience to climate change, a data-driven approach to decision-making is essential. This is reflected in Digital Realty’s Global Data Insights Survey, which shows that IT leaders focus on improving customer experience (50%), identifying data infrastructure (37%), developing new digital products (35%), and improving business (28%).

Data gravity is better than we think

The data gravity megatrend is one of the biggest challenges for organizations today. As data grows and processing complexity increases, it poses significant challenges to today’s IT infrastructure.

The compounding effect of data gravity makes data difficult to manage. This can hinder enterprise workflow performance, raise security concerns, and increase costs. It also complicates business processes and prevents companies from gaining the flexibility and agility they need for digital transformation.

As businesses look to accelerate global growth, solving these data gravity barriers is critical. This is particularly relevant in the Asia-Pacific region, which is expected to experience the fastest increase in data gravity intensity across all regions by 2024. Notably, Jakarta, Singapore, Hong Kong, and Melbourne experienced the fastest increase in data gravity intensity among all regions. Metro around the world.

Protecting your data is even more important today

Data gravity is not only challenging companies to leverage the data at their fingertips, it is also raising expectations for data management.

All over the world, regulatory expectations are increasing on how businesses manage, process and store their customers’ personal information. Managing this data in accordance with various laws and regulations is the next biggest challenge for businesses.

According to the United Nations Conference on Trade and Development (UNCTAD), over 70% of countries have enacted laws to protect data and privacy. We are familiar with the various laws governing data privacy known by acronyms such as Singapore’s PDPA, European Union’s GDPR, and Japan’s APPI.

On top of that, data sovereignty and data residency requirements, as well as new cybersecurity laws, are increasing the complexity of companies when it comes to data. Businesses must ensure that they are able to meet a variety of stringent governance obligations when storing, transferring and protecting their data. Otherwise, you risk facing legal sanctions and huge fines.

road ahead

As the volume of users and data grows exponentially, it is of paramount importance that a secure ecosystem of providers and business partners support the integration of data and gain insight in a compliant, time-efficient manner. will be

More than ever, businesses must rethink their data strategies and invest more in the people, tools, and infrastructure needed to handle ever-growing amounts of data.

First, data systems, infrastructure, and analytical tools are key areas that require investment. Now, more than half (57%) of his IT leaders in APAC say underfunding of data systems and infrastructure is a major obstacle to extracting insights from data.

Additionally, IT teams must have the skill sets to extract value from data and prioritize data-driven strategies to stay competitive in a data-centric world. This is up to business leaders and IT leaders to upskill their teams accordingly. Thankfully, his 48% of IT leaders in APAC businesses have already recognized the need to increase their employees’ data competencies and are taking action.

At the same time, data exchange should be optimized to control the data center to counteract the effects of data gravity. Having a network footprint that aggregates and localizes traffic to and from the public Internet and private enterprises helps optimize network performance and costs. More importantly, enterprises must be able to place security infrastructure in secure facilities adjacent to network traffic to improve their security posture and protect mission-critical data.

The ultimate goal is to operate ubiquitously and on-demand, powered by real-time intelligence, to optimally serve customers, partners, and employees across all channels, business functions, and multiple business presences. is.

Unlocking the value of trapped data

Businesses today have an enormous amount of data opportunities. However, this depends on companies being able to unlock the value trapped in their data and transform it into actionable insight and intelligence.

With a competitive business environment and a turbulent macroeconomic environment, being able to use data to prepare, adapt, and respond to change is no longer a given, but a business imperative today.

Data is growing at breakneck speed, but are you optimizing its value?

Source link Data is growing at breakneck speed, but are you optimizing its value?

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