Why Leaders are dissatisfied with their Data Warehousing?
In today’s time, data is very valuable. Whoever has more data, more is ability to do business. In today’s digital age, everyone knows how important data is, and hence we do not even need to prove it. Every business depends on data. They use that data to make decisions about how to grow their business. Gone are the days when we used to run the business according to the day of any festival or season. Now the time has changed. know about why leaders are dissatisfied with their data warehouse
Data is capable of doing everything today, and more importantly, it is helping businesses make decisions like never before. Data is precisely the reason why even small and medium enterprises can compete in today’s world and contribute to the country’s economy despite the presence of the market giants.
Apart from this, now people are coming on many social platforms. And due to this, the scope of collecting data has increased more than before. And it would not be wrong to say that data is a priceless asset on earth. It is good, especially considering how we need to make predictions to stay one step ahead with technology. The more we progress towards the future, the better will the abundance of data serves enterprises and businesses.
Storing and Accessing Data
But over time, as there is an increase in the data, our attention goes towards the data storage capacity. For the longest amount of time, companies and enterprises have been storing data in the physical data warehouse. These are also known as on-premise data warehouses. Although it worked well for many businesses a few decades ago, there is an urgent need for change because we need it.
While physical data warehousing centers were cumbersome, they also put a heavy burden on the companies using them. In this context, various parameters came into the picture. Some of these were costs, accessibility, performance, scalability, others.
But, thanks to cloud technology, businesses have got the options they need in cloud data warehousing. There are many advantages of cloud storage, due to which many businesses are adopting it. It is much cheaper than other data storage formats, and it is also very easy to use. It presented an entirely new opportunity for the growth and expansion of data.
The Surge in Data and Rising Dissatisfaction
Due to digitization, there has been an increase in the number of platforms on the internet. And businesses are now using them for marketing, sales, and other purposes. Due to this, there is a sudden increase in data. And while this is a good thing for a business, other issues can arise in the process.
As we all know, data is very useful for businesses, and businesses use this data to make predictions and make their business look better than others in the market. And their storage is also a matter of concern. While many enterprises continue to use traditional on-premise data storage, those partially migrated on cloud platforms are not fully content and satisfied. What we mean is that a lot of business leaders are dissatisfied with their data storage capabilities.
A Recent Report Sheds Light
According to a recent report, more than 80 percent of organizations are unhappy with their data management and warehousing capabilities. 500 IT decision-makers conducted a survey, and this report is the result of this survey.
One of the main reasons behind this dissatisfaction was the disconnected apps and data. When businesses have a cloud storage unit, we consider many of their functions to be seamless. Since data is the underlying foundation from one product to another, we expect the transition to be seamless across multiple apps and interfaces. It is not observed in the current systems.
Outdated legacy technology and dependency on the manual movement of data is another growing reason. In the age of automation, even small businesses are looking forward to leveraging technology and automation to remove manual task dependency. Therefore, when it comes to data storage, any manual movement of data creates room for errors as well as the need for a dedicated resource.
Further down the report, an average enterprise is considered to have around 115 distinct applications and data sources across the enterprise. The problem is that more than half of them are silent with each other. The problem is that more than half of them are silent with each other. They are being strictly held back due to data silos, and this is the main reason most enterprises are disconnected and lack a seamless integration between their apps.
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Poor data management
The poor data management is not only cumbersome and reading hurdles for the employees. But it is also making businesses lose a lot of their money. Statistics suggest that businesses in the US are losing as much as 1 million dollars annually due to poor data management.
It is imperative to remember that the foundation of any successful enterprise lies in its data management capabilities. As we move towards the future, more and more businesses are looking forward to building a data-driven enterprise and funding their data management initiatives.
There is a need for robust data solutions such as data warehouses and lakes, fundamentally based on the cloud. It will lead to significantly faster operations for businesses in their key departments and business areas, and this will result in a direct impact on higher profitability and fewer data management efforts in the long run.
Most of the valuable data assets by investing in data lakes and warehouses will yield returns for businesses in the key areas. And these key areas include faster decision making, improvement in business processes, accelerated innovation, business development, better customer experience, employee productivity, etc. While data warehouse solutions are still being done manually for many enterprises, we need to automate this process urgently. Therefore, a lot of business experts say that there is a need for change in the way they collect, organize, and analyze business data.
James Warner is a Business Analyst at NEX Softsys, and he is helping businesses by suggesting a variety of solutions that help the business grow, such as data warehouse solutions. Also, he writes blogs on different platforms to share his ideas.