In today’s business environment, you’ll be hard pressed to find an organization that doesn’t understand the value of their data. In fact, billions of dollars are invested in data collecting practices each year. The bigger question is, how should the data be used once it has been collected? Paul Blasé, Principal for the Global and U.S. Analytics for Consulting at PricewaterhouseCoopers addressed the growing data management trend in a recent interview.
According to Blasé, a lack of success using “big data” starts with a lack of a clear goal to achieve. The C-suite is largely responsible for setting the vision and the direction of the organization, including any data-related activities. Placing this responsibility solely on the shoulders of the business intelligence team is unlikely to produce the most helpful information that an organization seeks. Instead, directing business intelligence to focus on producing information useful for making financial forecasts would create a clear goal for the data project. This is only one example that Blasé laid out in his interview.
The question remains, which sectors should be targeted and what best practices exist to achieve optimal results? A majority of CIOs are having this plopped on their plates and are struggling to find the answer. Experian Data Quality, a data quality software and services firm stated as much in a 2015 study. In fact, fifty-two percent of CIOs reported that they had become increasingly responsible for their organization’s data management practices over the course of the previous twelve months.
According to the respondents, many of these responsibilities include what RPI has described as “improving the bottom line through lowering the cost of compliance, providing platforms to support analytics and managing data value and risk.” Many of these responsibilities can be fulfilled by utilizing a cloud-based database solution.
DBaaS for Data Management
Database as a Service (DBaaS) provides a platform that is incredibly cost-effective when compared with storing large databases on site. As a growing number of businesses have recognized the importance of a scalable database solution for their projects, maybe have also enjoyed substantial financial savings.
DBaaS also provides a platform for the construction of dynamic applications that allow for a number of different permissions to build a unique user experience. Hosting these applications on a cloud-based database allows for increased development speeds and heightened data security.
Another important benefit of DBaaS is that the host is often responsible for compliance with local and federal laws governing the proper handling of potentially sensitive data. A CIO working in an industry that involves information subject to this kind of legislation would certainly benefit from considering a DBaaS solution for his or her business.
Is it surprising that more is being asked of CIOs when it comes to data management? Not particularly. There was one statistic in the EDQ study that surprised us however: 9 in 10 CIOs feel as though their data management skills are lacking. Fortunately, DBaaS offers a simple solution that will allow the CIO to worry less about his or her organization’s database solution and more on the data itself.
If you are currently managing your databases in house and you are ready to leave the stress behind check out the HOSTING DBaaS offerings in single-tenant or multi-tenant configurations. Download the datasheet for more information.