Today, business enterprises are operating in a highly competitive landscape with multiple touchpoints, channels, and operating and regulatory environments. For such business enterprises, data has become their most important asset, which is being continuously acquired from all types of sources. These may include IoT networks, social media, websites, customers, employees, the cloud, and many more. Here, data is no longer defined only as highly structured information. They constitute a wide variety of data types and structures emanating from a multitude of sources. With all this high volume of information, the question arises: does the data deliver true value to the enterprise? If enterprises cannot extract timely data insights from business data, then they are not adding any value.
The challenge before businesses today is to leverage data in alignment with technology, security, and governance into a cohesive modernization framework to deliver tangible benefits. Although using data from multiple sources to pursue new business opportunities, streamline operations, predict customer behavior, identify risks, attract customers, and others have become critical, it is only half the battle. The other half involves the need for businesses to update their legacy infrastructure and create a robust IT infrastructure, including large data repositories. For instance, they may seek to develop solutions for on-premise, public, and private clouds by incorporating AI.
To modernize their existing data platforms and gain better data insights, businesses ought to move legacy data to the cloud while making it available in a streamlined and structured way without risking privacy and security. Besides, businesses do not want to be dependent on vendors for technologies and incur recurring costs. They need technologies that are fast and versatile enough to adapt to their needs. This is where a data modernization platform can prove to be a pathway to optimizing the storage, security, processing, and analysis of data.
Data has indeed become the lifeblood of businesses across industries and geographies. From sales and marketing to operations and resource management, every aspect of a business relies on data acquisition, processing, and analysis for better decision-making. However, with the vast amount of data being generated every day from various channels, platforms, and touchpoints, it’s becoming increasingly challenging for businesses to keep up. This is where data modernization comes in. Let us understand the five benefits of modernizing a data platform for better data insights.
5 Benefits of Modernizing Data Platforms to Generate Better Data Insights
To remain one step ahead of the competition, businesses need to draw better insights from their data in real-time by modernizing their data platforms. The five benefits of doing the same are as follows:
1. Improved Data Quality
Modernizing the data platform involves leveraging the latest technologies to upgrade data storage, data processing, and data management systems. This, in addition to enhancing the speed and efficiency of data processing, also improves the quality of the data. Thus, with improved data quality, businesses can make more accurate decisions and gain better insights into their operations.
2. Increased Data Accessibility
Not being able to access the right type of data in the right quantity when needed has been a bane for businesses. However, a modernized data platform facilitates data accessibility in real-time. Thus, team members can access the data they need at the time and place of their choosing. This, however, can only be possible through the use of cloud-based platforms. These data insights platforms allow remote data access, enabling teams to collaborate and share data in real time. With increased data accessibility, businesses can promote a more data-driven culture, leading to better decision-making at all levels.
3. Real-time Data Insights
With a modernized data platform, businesses can gain real-time insights into their operations, allowing them to make informed decisions quickly. This is particularly useful in industries where timing is critical, such as finance and healthcare. Real-time data insights can also help them identify trends and patterns in the data that might have gone unnoticed otherwise, enabling them to make proactive decisions rather than reactive ones.
4. Scalability and Flexibility
Scalability and flexibility are the twin requirements that businesses often need to address as they grow. With a modern data platform, they can achieve both, besides optimizing their data acquisition, processing, and storage needs. In other words, they can scale up or down their data infrastructure without worrying about losing data or facing downtime. A flexible data platform also enables the seamless integration of new data sources or technologies, allowing businesses to stay ahead of the competition.
5. Cost Savings
In the final analysis, modernizing the data platform can offer significant cost savings. For instance, by optimizing data storage, processing, and management systems, businesses or data modernization services, can reduce the amount of time and resources spent on data processing and analysis. This can lead to more efficient operations and reduced costs. Additionally, cloud-based platforms can offer cost savings by reducing the need for setting up and maintaining on-premises infrastructure.
Conclusion
With data becoming the most important asset for businesses operating in the digital landscape, it needs to be leveraged using data platforms to gain big data insights and make informed decisions. However, modernizing the data platforms is essential to optimizing activities related to data acquisition, storage, processing, and analysis. Unless businesses can extract the right kind of data in real-time, they will not be able to draw the right insights or inferences on market trends, customer preferences, and other tangibles. So, among the benefits that modernized data platforms are likely to offer are improved quality of data, better access to data, real-time data insights, scalability and flexibility, and cost savings. By investing in modernizing data platforms, businesses can stay ahead of the competition and drive growth.
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