Data Estate Modernization: The First Step Towards Effective Digital Transformation
Joe
Is Your Data Strategy Ready for the Future?
According to IDC’s Global DataSphere report, by 2025 the global population will produce 175 zettabytes of data, which is five times the amount of data than was generated in 2018. Organizations need to have a data estate modernization strategy that can handle this massive increase in the volume of data that will be produced.
At WinWire, we work regularly with companies that are looking to evolve through data estate modernization or risk obsolescence. Building world-class organizations is hard work, and the odds are stacked against those who try. According to the U.S. Bureau of Labor Statistics, approximately 50% of new businesses make it to their 5th year of existence, and only about 30% make it to their 10th year. Meaning, most companies fail within their first decade of existence!
At the center of most business evolutions today is digital transformation. As defined, digital transformation is the process of using technology to fundamentally change how a business operates, delivers value, and interacts with its customers, employees, and partners. Digital transformation can involve adopting new technologies, such as cloud computing, artificial intelligence, or internet of things, or reimagining existing processes, products, or services with digital capabilities.
On the surface, it makes sense that companies want to start with digital transformation to remain competitive. The mistake a lot of companies make, however, is not having a data estate modernization strategy in place first.
Why Data Estate Modernization Comes First
Before digital transformation, we believe that a data estate modernization strategy needs to be in place first. It involves upgrading outdated data management systems and processes to become more agile, efficient, and scalable. Until an organization can harness the full insight from their data, digital transformation will not be a success. Data estate modernization is more than a technology upgrade. Rather, it is ensuring the use and access of data is democratized to accelerate decision making and improve collaboration and innovation.
Data estate modernization will also elevate the quality and reliability of data. Once an organization becomes confident in reliable data, it opens a world where predictive analytics and strategic decisions can be made.
Then there is scalability and flexibility. I mentioned earlier how the volume of data we produce across the world has grown 5 times since 2018; and time frames will continue to get shorter and shorter. Modern data platforms can adjust very quickly to increases (and decreases) in volumes of data without compromising reliability, performance or security.
One final thought is on the increasing prevalence of cyber threats and the complexity of regulatory requirements in our world today. Modern data strategies address these issues head-on. WinWire works closely with many healthcare and life sciences companies, and we know first-hand how important protecting sensitive information is to our clients. Building trust with clients and stakeholders has never been more important.
Success Story on Data Estate Modernization
Recently, we helped a leading media giant modernize their data estate using Azure Synapse Analytics and Power BI to to gain valuable business insights and improve user experience.
Reach out to WinWire NOW, and let’s make sure that your data estate modernization strategy is not only ready for the future but also capable of shaping it.
In Conclusion: Set Your Data Straight Before You Innovate
In summary, I would encourage every company to constantly look for ways to digitally transform to remain competitive. However, before you do, as the saying goes make sure your house (or, in this case, your data) is in order!
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