Published on October 29, 2023, 9:41 pm
Enterprises are becoming more proficient at acquiring both structured and unstructured data. However, the mere possession of data does not guarantee that a business will be successful in extracting valuable insights from it.
According to Gartner, data-driven organizations face challenges related to the increasing diversity of data sources, as well as the complexities of data producers, consumers, and distribution. In addition, there is a growing demand for automation to alleviate resource constraints. To address these issues, enterprises should prioritize solutions that offer agility, resilience, and simplicity across their entire data landscape in order to maximize business impact.
The ongoing pandemic has accelerated the pace of change in businesses, necessitating their ability to adapt quickly. Angel Viña, the founder and CEO of Denodo Technologies, notes that many businesses struggle when it comes to modifying their processes and interactions with customers in response to changing circumstances.
Viña emphasizes the importance of data management in enabling organizations to adapt effectively. By having flexible processes for managing data assets and democratizing access to data, businesses can better capitalize on opportunities for growth and decision-making. Efficiency also plays a critical role: organizations should ensure their infrastructure aligns with their specific needs rather than creating an unwieldy system with countless silos. Furthermore, compliance, governance, and security are paramount concerns for business leaders who understand the risks associated with non-compliance.
When it comes to managing data effectively, Viña highlights some common mistakes made by organizations. Often, companies adopt the latest technology trends without thoroughly analyzing whether they align with their specific requirements. Viña suggests taking a top-down approach and considering factors such as an organization’s operations and infrastructure needs before embracing new technologies.
Choosing the right data management solution requires careful consideration. Rather than relying solely on technology vendors’ influence or product portfolios, internal expertise and understanding of business functions must be leveraged first. Viña emphasizes that discussions around IT should prioritize business insights and supporting those insights through effective data engineering.
To ensure faster access to high-quality data for making well-informed decisions, Viña recommends leveraging tools and technologies that simplify the management of data, allowing organizations to focus on utilization. This includes providing new data sources, supporting collaboration through data sharing, controlling data traffic, incorporating AI and ML capabilities, and automating processes to drive better business outcomes.
Ultimately, successful data management requires a combination of the right skills, people, and flexible tools. It is essential to build an infrastructure that can adapt and evolve as business needs evolve. By prioritizing efficient data management strategies and adopting the right technologies, organizations can harness the power of their data more effectively.
To learn more about these challenges and how organizations can become more data-driven, listen to Angel Viña’s insights in the PodChats for FutureCIO episode titled “Data alone is not the answer”. With uncertainties set to persist in the years ahead, decision-makers must prepare themselves by gaining faster access to high-quality data that enables better business decision-making.
Source: “PodChats for FutureCIO: Data alone is not the answer” (FutureCIO)