For a lot of organisations, data is their most valuable asset; if it were lost, many companies would cease to exist. The Department of Trade and Industry estimates that 70% of UK businesses that suffer a catastrophic data loss close within 18 months, and the London Chamber of Commerce and Industry also said that 43% of companies experiencing disasters never recover.
The rise of big data is driving the volume of information we produce to double every two years (IDC). Ernst & Young believes that “evolving technology has brought data analysis out of IT backrooms, and extended the potential of using data-driven results into every facet of an organisation.” It means businesses are increasingly able to incorporate data into their business routines, strategy and daily operations.
Big data is great for improving:
- Customer and product profitability.
- Customer acquisition and retention strategies.
- Customer satisfaction strategies.
- Marketing segmentation.
- Operations and performance management.
- Supply chain and delivery channel strategy.
It’s why Gartner predicts that over 75% of companies are investing in big data projects over the next two years.
But whilst big data presents opportunities for your business, it also creates challenges.
The challenge of big data
The huge quantity of information that big data creates means that traditional storage methods can be prohibitively expensive and do not necessarily scale effectively. Furthermore, Ernst & Young calculates that 80% of the data residing within organisations is unstructured, and unfit for traditional processing.
Research from IDC shows that 40% of IT decision makers say analytics is still managed at a departmental level, and 16% say data silos are causing lower productivity and hindering the ability to collaborate. However, once you understand the value that lives in your data sets, the key to providing valuable data services is recognising its importance and exposing the critical elements to the appropriate storage tier.
Hybrid-cloud: unlocking the power of your data
The global study, “Hybrid Cloud: From Hype to Reality” indicates that C-suite executives are particularly optimistic about the promise of hybrid-cloud, and its ability to differentiate them from the competition through improved data services. Within three years, 76% believe critical business applications, such as big data, will be hosted on a hybrid-cloud, as they believe it will give them the ability to focus on core growth opportunities and gain a competitive advantage.
At the heart of every hybrid-cloud should be Data Fabric. Enabled by NetApp, it provides a cohesive and well-integrated way to manage enterprise data, regardless of whether it’s located on-premise or in the cloud.