Why Leaders are Dissatisfied with their Data Warehousing?
Data is one of the most important assets in the world. And there are more than a few reasons to support it. No matter which industry you look at the driving pillars behind it are nothing else but data. Gone are the days when businesses would intuitively take a decision on business-critical factoid or forecast demand during a season.
Today each and everything is governed by data and more importantly, it is helping businesses make decisions like never before. Data is precisely the reason why even small and medium enterprises can compete in today’s world and contribute to the country’s economy despite the presence of the market giants
Moreover, with a growing presence on multiple platforms, the scope of data generation is increasing more than ever. In act, it wouldn’t be incorrect to say that data is the most abundant asset found on our planet. This is good especially considering how we need to make predictions to stay a step ahead with technology. The more we progress towards the future, the better will the abundance of data serves enterprises and businesses.
Storing and Accessing Data
But as there is an increase in the data, the focus shifts towards its storage capabilities. For the longest amount of time, companies and enterprises have been storing data in the physical data warehouse. These are also known as on-premise data warehouses. While this worked well for a majority of businesses a few decades back, there was a need for urgent change.
Physical data warehousing centers were not only cumbersome but also posed a huge burden on companies using them. In this context, various parameters came into the picture. Some of these were costs, accessibility, performance, scalability among others.
But, thanks to the cloud technology, businesses found their alternative in cloud data warehousing. These were not only cheaper and easier to use but provided much more flexibility than any other form of data storage. This presented an entirely new opportunity for the growth and expansion of data.
The Surge in Data and Rising Dissatisfaction
Owing to digitization, an increase in the number of platforms over the Internet that businesses are now using for marketing, sales, and other purposes, there has been a sudden increase in the data. While this is only a good thing for businesses, there are other issues creating hindrances in the process.
For example, while all this data can be used to make predictions for business and help them stand out in the market, it is their storage that is a matter of concern. While many enterprises continue to use traditional on-premise data storage, those partially migrated on cloud platforms are not fully content and satisfied. What we mean is a lot of business leaders are dissatisfied with their data storage capabilities.
A Recent Report Sheds Light
According to a recent report, more than 80 percent of the organizations are not happy with their data management and warehousing capabilities. The report is a result of a survey carried over 500 IT decision-makers.
One of the main reasons behind this dissatisfaction was disconnected apps and data. When businesses have a cloud storage unit, a lot of their operations are supposed to be seamless. Because data is the underlying foundation from one product to another, the transition across multiple apps and interfaces is expected to be seamless. This is not observed in the current systems.
Another growing reason is outdated legacy technology and dependency on the manual movement of data. In the age of automation, even small businesses are looking forward to leveraging technology and automation to remove manual task dependency. Therefore, when it comes to data storage, any manual movement of data creates room for errors as well as the need for a dedicated resource.
Further down the report, an average enterprise is considered to have around 115 distinct applications and data sources across the enterprise. The problem is more than half of these are siloed from each other. Therefore, the reason why most of the enterprises are disconnected and do not have a seamless integration among their apps is that they are being stringently held back due to data siloes.
The poor data management is not only cumbersome and reading hurdles for the employees. But it is also something that is making businesses lose a lot of their money. Statistics suggest that businesses in the US are losing as much as 1 million dollars annually due to poor management of their data.
It is imperative to remember that the foundation of any successful enterprise lies in its data management capabilities. As we move towards the future, more and more businesses are looking forward to building a data-driven enterprise and funding their data management initiatives.
There is a need for robust data solutions such as data warehouses and lakes, fundamentally based on the cloud. This will lead to significantly faster operations for businesses in their key departments and business areas. As a result of which the direct impact will be on higher profitability and reduced data management efforts in the long run.
The Vanson Bourne Survey further continues to highlight that making the most of the valuable data assets by investing in data lakes and warehouses will yield returns for businesses in the key areas. These key areas include fast decision making, improvement in business processes, accelerated innovation, business development, enhanced customer experience, employee productivity among others.
While data warehouse solutions are still being carried out manually for several enterprises, there is an urgent need to make the processes automated. Therefore, a lot of fo business experts say that there is a need for change in the way they collect, organize, and analyze business data.
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