Along with the rapid increase in data generation comes the need to process and store it. Despite the popularity of cloud computing, as we near 2020 the datacentre is holding its own, with growth predictions of USD 284.44 billion or £232 billion over the next four years.
With more options available than ever before, the cloud is certainly not the default solution. The key question for business is how to optimise your data and the insights that are generated for competitive advantage.
To build the most successful data strategy you will need to understand the four elements described below based on what type of data is generated, and where it needs to be sorted, processed and consumed:
Achieving value for money
To identify the most valuable data strategy for your business you need to understand how cost-effective it will be to add storage capacity, and how much it will cost for data into and out of whichever model you choose.
More data costs more to capture, store and process, regardless of where these aspects take place; on premises, at the edge or in the cloud. And there is a high cost associated with getting that data out of the cloud. While the whole point of big data analytics is the actual analytics, the processing of information and returning results is where costs start to mount.
If you need insights delivered in real-time, cloud might not be the best solution in terms of cost and latency. A datacentre can yield quicker results and better performance, enabling you to consolidate the information you need using a datacentre model before sending the data to the cloud for further processing.
Determining the importance of performance when processing your data depends on whether you are in an industry where real time is crucial, such as financial services or healthcare.
As a business the only asset you truly own is your data, so it is vital to always have access to it if your provider shuts down. The major decision when it comes to internal compliance is where you want your data to be hosted and by whom. Questions also arise over corporate governance and include issues of custodianship of your data and how to best serve the longevity of the business.
You must also ensure your organisation is compliant with the relevant laws around data, whether this is country specific, industry regulation such as FCA guidelines, or legislation, such as GDPR. The choice of where your data is collected, processed and stored will be affected by these regulatory and legislative considerations.
The future is data
By understanding how to combine all of the elements set out above you can streamline your organisation’s data delivery and leverage it for maximum competitive advantage. This is explored in depth in our latest eBook, which looks at the data opportunity, takes an in-depth look at the distributed data model, and explores the role of the datacentre.
Download the eBook to find out more.