Data is driving the global economy. With data long-considered the new oil or gold, firms continue to invest heavily in data management and data-led solutions. In fact, by 2030, data collection and analysis will become the basis of all future service offers and business models. Many organisations may be investing in data management solutions without realising the real cost of data management compared to the value they are getting, according to SNP.
In addition, many organisations are investing in digital data management solutions without realising the full value of these solutions. Data is the key pillar of every customer-centric business because it sits at the heart of organisations and influences their ability to become agile, sustainable, and intelligent enterprises that can quickly shift with market changes.
How can organisations balance cost and value?
In today’s volatile market, being able to derive value from data while striking the right balance with the cost of managing it is crucial to maintaining competitiveness. SNP says the best way to establish a data management solution that effectively balances the infrastructure cost with the value it delivers is through clear data strategy and aided by a data transformation specialist that understands the need to prioritise the best data and transform the remainder.
Data transformation and integration projects can be unsuccessful with inferior transformation strategies or if companies fail to see the value in their data, which can lead to a loss of market strength. Organisations should seek out data transformation partners that have expert consultants who truly understand the importance of data and how best to treat it to consistently generate the most value and biggest return on investment back to the business.
Solutions should be equipped to manage year-on-year growth and be scalable to support enterprises on a path of continuous innovation. For example, it’s crucial during any data transformation project that organisations engage with a partner that has demonstrated expertise in modern data management practices and extensive knowledge about the interaction of organisational data with enterprise solutions such as SAP S/4HANA.
A qualified partner, with the right software, could even take it one step further and measure the product carbon footprint at a granular level for Environmental, Social, and Governance (ESG) reporting and global value supply chain transparency. Partnering with the right data transformation specialist can help companies achieve the best possible value from their data, while at the same time containing the cost of data management and ensuring compliance.
Why is infrastructure a critical investment?
With access to the right data and insights, organisations can transform, not just their technology, but their entire operating model and unique selling proposition. However, this depends on having the right technology in place that can securely and adequately support large data volumes, especially during periods of business and technology transformation.
When firms take the path of least resistance, or choose solutions purely based on cost, they can miss out on the potentially revolutionary capabilities that would let them turn data into business value quickly and relatively easily while generating more revenue back to the firm.
Agile, sustainable enterprises are already using data analytics as a basis for decision-making and are capitalising on the benefits of innovative data science applications such as machine learning (ML) and artificial intelligence (AI) so they can maximise the value of their data. The key is adopting a solution that reduces complexity, along with engaging a provider that is an expert in managing data transformation projects that help firms reach their ideal outcomes.
With the right technology, the right expertise, and most importantly the right approach to data management, organisations are well-positioned to fast-track their journey to becoming more agile and sustainable intelligent enterprises that are better able to futureproof their operations no matter what happens in the external market environment.