30 May Your guide to data modernisation strategy
Today, data modernisation strategy is essential. Currently, the world is producing 97 zezza bytes of data, and this number is forecasted to double in the next 3 years!
Due to this growing volume of data, it’s important for businesses to find a strategy that’s relevant to the demands of the modern data landscape.
We’re going to explain why data modernisation strategies are pivotal to the success of data-driven businesses.
What is data modernisation?
Data modernisation is the process of combining singular pieces of data, and moving these to a modern platform where they can all live together.
In traditional databases, data is siloed. This fragmented form of data is no longer applicable to today’s businesses, as now, there’s more focus on innovation and bigger picture thinking. This type of thinking can only take place if businesses can access all of their data on a single platform.
Data modernisation strategy keeps all of your data in one place so it can be utilised efficiently, which is more relevant to the needs of modern day businesses.
Traditional data strategies are outdated
Today, data is understood to be complex and unpredictable. However, traditional data strategies and tools are designed to analyse predictable datasets.
Using outdated tools will cause businesses to miss out on opportunities to utilise their data. This is why data modernisation strategies are important for businesses that are trying to evolve with the times and continually improve their data analysis and usage.
Data modernisation helps us put the pieces together
We can’t analyse complex, new data with older data management tools and strategies. As data evolves, our strategies must evolve with it.
Modern data platforms give us the space to properly explore the complexities of our data, and see everything in one place. Rather than providing us with segmented data, these systems unify our information and make it accessible to all areas of the business.
Data modernisation strategies are important, as they recognise that giving us access to more data will help businesses reach their full potential.
Why does data modernisation need to occur?
Some of the top reasons businesses choose data modernisation:
- Digital Transformation initiatives: Businesses know they have to evolve to survive. Deciding to modernise and digitise data is a key part of digital transformation.
- Organisational change programs: Businesses need to build data driven cultures, and data modernisation can be a key part of organisational change programs.
- End of life legacy platform: Many businesses have legacy platforms that are no longer in use but still hold data. By auditing data and undergoing modernisation, enterprises can reduce ongoing operational cost, simplify operations & reduce the security risk that comes with legacy platforms
- Major business imperatives: as businesses grow and evolve, data modernisation can help simplify the process. This is especially true in cases such as Mergers and Acquisitions, where new products & services are introduced.
- Introducing new capabilities: When businesses introduce machine learning, artificial intelligence, IoT, edge computing and other technologies, they often have to step up their data practices and introduce data modernisation.
Benefits of data modernisation strategy
Compliance & Regulation
Data modernisation strategies ensure that your data is compliant with today’s regulatory standards.
Unifies your data
Data modernisation keeps all of your data in one place, rather than having it live in separate silos. This provides you with deeper insights, making your data more valuable.
Enhances decision making
Data modernisation strategies reduce decision-making time for businesses. Instead of having to source your data from many different databases, data modernisation makes information easier to find and share.
Real time analytics
Data modernisation provides businesses with real time analytics so they can track events and situations whilst they’re occurring. This helps businesses become more adaptive, and it gives them data exactly when they need it.
Scalability
Modern data platforms are scalable, which is vital as the amount of data businesses generate is growing exponentially. Scalable data systems provide endless opportunities for businesses to collect and analyse data.
Makes data more accessible
Analysing data is no longer an activity restricted to data analysts. Today, we can all be data experts. With modernised data systems, all of your employees are able to access your business’s data and use it to their advantage.
This increases opportunities for growth, and it can also provide businesses with different perspectives. You never know what you may find once you expose your data to a fresh pair of eyes.
Improves your end results
Most importantly, data modernisation systems improve your end results. Whether you sell products or services, well-analysed data will help you continue to adapt your offerings and make them the best they can be. This will improve your business and your customer experience, leading to greater success.
Learn more:
5 Things That Are Holding You Back From Being A “Data Driven Organisation”
The importance of a data analytics strategy
Information Management maturity assessment – our approach
Are you ready to unlock the full potential of your data? Chat with us today.