and capture the full potential of your cloud business
In today’s It ecosystem, the cloud has become synonymous with flexibility and efficiency. Though, all that glitters is not gold since applications with fixed usage patterns often continue to be deployed on-premises. This leads to hybrid cloud environments creating various data management challenges. This article describes available solutions to tackle risks such as scattered data silos, vendor lockins & lack of control scenarios.
The famous quote of Henry Ford “If you always do what you’ve always done, you’ll always get what you’ve always got” describes pretty accurately what happens once you stop challenging current situations to improve them for the future: you become rigid and restricted in your think- ing with the result of being unable to adapt to new situations. In today’s business environment, data is considered as the base to help organizations succeed in their digital transformation by deriving valuable information leading eventually to a competitive advantage. The value of data has also been recognised by the Economist in May 2017, stating that data has replaced oil as the world’s most valu- able resource.
Why is that? The use of smartphones and the internet have made data abundant, ubiquitous, and far more valuable since nowadays almost any activity cre- ates a digital trace no matter if you are just taking a picture, having a phone call or browsing through the internet. Also, with the development of new devices, sensors, and emering technologies, there is no doubt, that the amount of data is further growing. According to the IBM Marketing Cloud report, “10 Key Marketing Trends For 2017,” 90 % of the data in the world today has been created in the last two years from which the majority is unstructured.
To become an understanding of this, figure 1 illustrates the number of transactions executed every 60 seconds for a variety of data related products within the ecosystem of the internet. Estimates suggest that by 2020 about 1.7 MB of new data will be created every second for every human on the planet leading to 44 zettabytes of data (or 44 trillion giga- bytes). The exploding volumes of data changes the nature of competition in the corporate world. If an organization is able to collect and process data properly, the product scope can be improved based on specific customer needs which attracts more customers, generating even more data and so on. The value of data can also be illustrated within the Data-Information-Knowledge-Wisdom (DIKW) Pyramid referring back to the initial quote (figure 2). Typically, information is defined in terms of data, knowledge in terms of information, and wisdom in terms of knowledge hence. Data is considered as the initial base to gain wisdom. As a result, the key to success in the digital era is to maximize the value of data. That might mean improving the cus- tomer experience, making information more accessible to stakeholders, or identifying opportunities that lead to new markets and new customers.