Following several best practices applied to data analytics over a period of 20 years, leaders and companies worldwide are still not maximizing the value of raw data. Using it to gain market share and increase ROI are just two of a pool of benefits. After going mainstream, the cloud has successfully demonstrated that it has what it takes to extract even more value from the data companies accumulate but fail to structure properly. Enterprises across a wealth of industries are looking for strategies to modernize and upgrade their data-based foundations. How can greater value be driven to build a solid, data-driven foundation on the cloud?
The underlying value of the cloud
Considering that we live in a connected world with access to the internet 24/7, data is everywhere. Whether it is generated from IoT -based devices, machines, or computers, the information collected adds up. Recent research says that people generate an average of 2.5 quintillion bytes of raw data per day. The drawback is that data become worthless when not used properly. Its true value only comes when data is put to good use.
By simply realizing the underlying potential, leaders can acknowledge that only the cloud can help make data scalable, applicable, readily available, and ultimately valuable. Platforms and frameworks that are cloud-based bring all the data in one place, making it a powerful resource for companies worldwide. Apart from being made available in real-time, the cloud enables the data to work flawlessly via additional technologies like AI, analytics, and automation.
What makes a data foundation a valuable data foundation?
In simple terms, a data foundation is made up of tools, services, capabilities, and frameworks that can seamlessly manage, store, process, and serve information. Via modernization, any company’s data foundation can be updated to attain three core characteristics: democratization, AI-enabled governance, and modern engineering. These are the attributes that are needed to merge data from various sources to get valuable insights, use cases, and in the end, provide business results that matter.
An overview of reframing a data foundation
A complete modernization of any company’s data foundation should start by answering the following question: What kind of data is required to increase the business and in what form? Acknowledging the overall capabilities of your foundation is the first step to delivering business results that matter. Following a close assessment of current objectives and future goals, the second step is to choose a competent provider of cloud services. Considering that cloud-based data foundations are developed in stages, make sure to build a roadmap and set priorities to ensure a smooth, agile process is set in place.
Cloud migration and modernization
To move forward with the transformation process of your data foundation to the cloud, consider one of the following approaches: business use case or data product. To speed things up, you can develop configuration tools or leverage the power of automation. To successfully overcome challenges linked to data management and data engineering, consider using AI/ML strategies. Develop self-serving capabilities or build a data catalog to democratize the data at hand, and enable easy access for mainstream adoption to happen.
Ensure ongoing optimization
Handling a data foundation based on the cloud demands both automation and extensive standardization. And since the cloud is constantly changing, ongoing optimization should be a top priority. Furthermore, guaranteeing reliability and data quality – particularly as the amount and volume of the data increases in time – is fundamental for that data to be used to its fullest potential across your entire organization. Unlike a proprietary data center, the cloud can provide a lot more security. For it to function properly though, it needs security teams with tools capable of handling the cloud-based platforms.
In conclusion, migrating your data foundation to a cloud-based environment is a multi-stage, multi-faceted process. If handled properly, it can become a profitable investment for any business. Cloud transforming data enables teams to work more efficiently, thus accelerating innovation and growth.
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