These days, data is integral to successful companies and accessing, tracking, reporting on and storing large amounts of data gives the forward-thinking business a distinct advantage. While a lot of firms are still storing their data on their own servers, accessible via traditional methods, modern ones recognise the logistical benefits of cloud data.
With astronomical amounts of data being created each and every day, you can choose to embrace it now, or risk being left behind as your competitors move ahead of you. What is your strategy to manage your data? Well, first, you must recognise what data you currently possess. You must have a structure in place to deal with it.
Firstly, you must deal with the availability of your data. Your data scientists must be on top of collating, controlling and shaping the data into something that is actually useable within your business. Data can fly around at different speeds and in different forms that must be processed into something comparable which equals real value for your company.
We are really talking about speed here. Your company should be able to access the data quickly, it must be accessible through one channel, so people aren’t having to waste time going to multiple sources and this can drive real-time decisions.
As you take steps to move your data to the cloud, your current data structure should be updated and refined to make the move smoother. Security is definitely a priority and if yours is lacking in any way, it must be evaluated and reinforced. Possibly engage a managed service partner and automate backups to reduce overall costs. Each solution will be slightly different, depending on the type of business, the types of data that needs to be managed and the level of security needed.
It is easier to survey and identify problems and gaps in your solution if you operate with data at the forefront of your cloud plans. With this overview you can see what data is going to waste and can rectify that problem. As cloud is the future, when new opportunities present themselves, you will be at the leading edge when it comes to data exploitation.
When introducing AI to the mix, the cloud aspect makes even more sense. With the compartmentalisation and availability of the data and the speedy availability and deliverability, analysis happens quickly and accurately, leading AI to utilise the data to achieve your goals, which saves time and money in the long-run. As we stated before, it is about making that data as easily available as possible so that your company can truly benefit from the data it owns to build models and predict behaviours, to drive sales and keep costs low.
Collaboration, and ultimately monetisation, is also possible due to the cloud. Offering controlled access to partner companies can benefit both parties of the project matches mutual needs. Prior to the cloud, this type of sharing was fraught with difficulties and could become dangerous due to the lack of security protocols. With the measures in place with the cloud, this is much safer now. Companies within a sector like retail have data that can be shared and monetised, as long as this is done ethically. Product performance is one such example of how this shared data can benefit both parties, helping the supplier to improve pricing or promotion. While this won’t work for every company, it certainly has its proponents.
To create as seamless a transition as possible, from traditional data storage and usage, you must employ the right team, a team with experience that knows the easiest route through. With that team in place, the future of your business will be secured.
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