One of the notable ongoing challenges for most companies is using big data in their business.
New technologies like AI and ML have proven useful, particularly with data capture and customised software systems are making data management more effortless. Still, the dilemma for smaller companies is summarized with this question:
Modernise the existing software to get just what you need to manage Big Data today or outsource the business’s data management to experts and get to use all the features available now and as they come online?
Big Data By The Numbers
There’s no escaping how big data is at the core of what’s powering just about everything. In a blog post on Big Data Challenges in 2021 Future Processing include a few quotes on Big Data usage statistics:
Every person in 2020 was expected to generate 1.7 megabytes in just 1 second
Netflix saves $1Billion a year on customer retention through using Big Data
Source: Inside Big Data
Each year companies set new targets and goals for various areas of the business. Just like with Netflix, big data can and should be front and centre in meeting targets for improving customer acquisition and retention. Improve and create new products and services and improve efficiencies in business operations and decision making.
If your current data management system struggles to deliver results now, imagine how much tougher it will be for it in a year. The volume of data is growing. Plus customer demand for different types of data is also evolving, and your data management must be up to the task.
Consider outsourcing or software modernisation of your data management system
Companies choose software modernisation when the existing software features don’t align with the scaling-up strategy and market standards. Another common reason is financial efficiency – sometimes, it is more cost-effective to invest in software modernisation than sustain the program that doesn’t align with its economic strategy. Plus there is a desire to keep the system inhouse, i.e. not use a third-party system.
Software modernisation – what are its main benefits?
The software modernisation opens the door to numerous opportunities. If the software was created for the purposes of the content, documentation, client relationship, or network management, the possible advantages include:
- increased effectiveness
- better flow of internal and external communication
- easier error tracking
- increased security
Whereas, if the software is the product, the possible benefits include:
- the growing amount of clients if the software gets adjusted to all operating systems and devices
- better client’s satisfaction due to the reduced amount of errors
- easier implementation of updates and improvements
- increased competitiveness on the market
The challenges with Big Data are constant and growing more complex by the day. Software providers of big data management systems are always adding new features to meet industry standards for Governance and market demands for developing better services and products. Plus there are service providers who do everything for you from data processing, interpretation and analysis, i.e. Data Scientists.
What we do know is big data outsourcing is growing where the market for it is predicted to grow by $20billion in the next six years.
No business can stand still and accept the status quo with their current data management system if it fails to deliver value to meet targets and goals to improve business performance.
Master Data Management (MDM)
Don’t be surprised by the growing number of services about big data management. Data quality tools are now in hot demand as more data needs to be filtered. One service is MDM, which focuses on the data sources – i.e. where the information originated and removing unreadable stored data to improve compliance and governance requirements and costs of keeping the unfiltered data.
Companies have a lot to consider with big data management. The numbers don’t lie, and so much of the business depends on data. A cost-benefit analysis will determine whether the right move in 2021 is to stay with the status quo, modernize their existing system or outsource their entire big data management.