Resolving Data Management Challenges Faced by Modern Enterprises
Data has become the lifeblood of modern enterprises in the rapidly advancing digital era. By 2025, data production is expected to reach 463 exabytes per day. To put this exponential growth into context, consider the case of 2011, when the global data storage was calculated at 295 exabytes.
The staggering increase in data generation presents a significant challenge for businesses, as they need to navigate a vast and ever-expanding ocean of information. Understanding and effectively managing this abundant data is paramount for them to stay competitive and make informed decisions.
In this article, we’ll explore the data management challenges in detail and how a managed services partner can be instrumental in alleviating these and acting as a compass for businesses to navigate through the complexities and harness the potential of valuable data.
Exploring the Complexities of Data Management
The following are the challenges business enterprises face when dealing with data management.
Coping with a Multitude of Data Types from Diverse Systems
Managing data across different systems can be complex, as each method has preferred data formats. This often necessitates time-consuming integrations and workarounds to enable data sharing between systems and databases.
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Ensuring Data Accuracy and Consistency
Data quality is crucial for making informed decisions. However, data can quickly become outdated and inconsistent across various systems, locations, and users. This inconsistency makes it challenging to compare data on a like-for-like basis, highlighting the importance of data harmonization to ensure reliable and accurate information.
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Navigating the Realm of Unstructured Data
Today, unstructured data is on the rise to identify patterns and extract invaluable insights for informed decision-making. However, analyzing and filtering this unstructured data is challenging since it isn’t organized and is difficult to query.
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Addressing the Talent Gap in Data Management:
Skilled data management specialists are less in number but high in demand. This scarcity can hinder organizations from efficiently managing basic data tasks, including data cleaning and integration from diverse sources. The shortage of data management expertise calls for creative solutions and strategies to optimize data management processes.
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Establishing Effective Data Governance
Data management and protection play a vital role in maintaining compliance with increasingly stringent international data regulations. Non-compliance can result in severe financial penalties. Moreover, the constant threat of data breaches necessitates robust governance and security measures to safeguard valuable information from potential hackers. According to IBM, the average cost of a critical infrastructure data breach was $4.82 million in 2022. This is enough to indicate the criticality of addressing data security.
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Analyzing Job Failures
Inadequate 24×7 coverage by in-house teams leads to unanalyzed and unresolved job failures during non-working hours, causing negative business impact. Untimely completion of Hadoop jobs also results in failed downstream system jobs with adverse consequences. Addressing these challenges is crucial to mitigate unfavourable outcomes.
Ignoring these challenges could prevent a company from losing out on tremendous market opportunities.
Why is it Difficult to Alleviate these Challenges?
A PwC research outlines that data-driven organizations can outrank their competitors by 6% in profitability and 5% in productivity. But most of the time, the challenges involved in managing and protecting data can be frustrating for enterprises. It is strenuous for modern enterprises to overcome these challenges independently because of the following reasons:
- Lack of expertise: Data management requires specialized skills and expertise, which may not be available in-house.
- Growth of data bandwidth: With data growing exponentially, it can be difficult for businesses to prioritize essential data and how to manage it effectively.Our legacy system modernization services helped a leading healthcare
- Consistency: Keeping information consistent across separate systems as information is input to the different systems can be a challenge.
All in all, enterprises lack a structured strategy and adequate resources in place to manage the growing volumes of data. This is precisely where managed services can significantly help manage massive data streams.
What Benefits Do Managed Services Bring to the Table?
Based on the Grand View Research report, the global managed services market was valued at $267.3 billion in 2022 and is expected to reach $731.08 billion by 2030. In fact, in a survey conducted by CompTIA, it was found that 50% of companies that partnered with a managed services provider (MSP) saved between 1-24% in annual IT costs, 33% held 25-49%, and 13% reported savings exceeding 50%.
By leveraging managed services, organizations can enhance their data management capabilities, ensuring agility, data quality, security, compliance, and cost-effectiveness. It is a viable option for organizations seeking to improve their data management strategies. Here’s how:
- Accelerating time to market: With managed services, organizations can swiftly implement data management initiatives, including data consolidation, building data warehouses and data lakes, and implementing data governance and security measures.
- Enhancing data quality: An MSP facilitates data cleansing and validation processes to help organizations improve the quality and reliability of their data.
- Ensuring data security: A managed services provider helps organizations safeguard their data against unauthorized access, use, disclosure, disruption, modification, or destruction.
- Enabling regulatory compliance: With managed services, organizations can be assured of adhering to data regulations — thanks to the implementation of robust data governance and security measures.
- Cost-effective solutions: Managed services provide cost-effective options for organizations to initiate and maintain their data management initiatives. They offer economies of scale, expertise, and resources to reduce costs.
The Difference that Ellicium’s Managed Services Can Create
According to a GlobeNewswire report, a minimum of 60% of organizations will rely on managed services by 2025. To stay ahead of the game, it has become a requirement for modern enterprises to seek the services of an expert-managed services provider like Ellicium. Having us on board can ensure the following:
24×7 Monitoring, Enhancement & Support
24×7 recording and monitoring process alerts enterprises on potential data breaches and protects the data from any unauthorized access. Our team will regularly monitor the overall event logs, audit logs, user activity, file system changes, etc., to check for suspicious activities.
Platform Upgrades & Big Data Maintenance Support
Our services involve fast upgrades to prevent outages. Further, our big data managed services include 24×7 support for Hadoop clusters, incident management, data backup and disaster recovery, cluster planning for data storage and processing, and application performance monitoring and optimization.
Incident Management & Troubleshooting
We offer robust incident management and troubleshooting, which encompasses:
- Real-time detection and monitoring of issues
- Proactive management to ensure uninterrupted service
- Automated system administration to prevent oversight
- Patch management to keep systems secure
- Network monitoring to swiftly resolves performance problems
- Comprehensive support for various data management services, guaranteeing reliable IT operations
We also help develop regular reports and dashboards on data health, availability, and issues, ensure periodic backup of critical enterprise data with industry-standard SLAs, and enable continuous upgrades, patches, and migration.
To succeed as a data-driven enterprise, it is essential to shift away from in-house data management and embrace a trusted managed services provider’s expertise, skills, and proficiency.
Get in touch with us today and let us help you harness the power of your data for interminable success.