According to a report by IDC, the increase in data generated by connected devices, sensors and other technologies will see worldwide revenues generated by Big Data and analytics increase from $130 billion in 2016 to over $203 billion by 2020. However, organisations risk losing the chance to profit from this windfall if they do not arm themselves with the IT infrastructure necessary to adapt to the Big Data revolution.
Enterprises know that the immense amount of data they accumulate contains extremely valuable insights about their business operations and customers. Businesses that leverage these insights most successfully are likely to gain a significant advantage over their competitors to deliver improved products and services. However, utilising Big Data is not without its challenges and many organisations do not have the storage capacity, data sharing processes and the tools and applications within their legacy IT infrastructure to process and analyse this vast quantity of unstructured data to produce actionable insights.
In addition, the processing power required to analyse the rising quantity of data may have significant cost implications on an organisation’s legacy IT infrastructure, requiring additional resources for maintenance that may otherwise have been used to develop new applications and services.
These factors mean that organisations stuck on legacy infrastructures will either be locked out of the Big Data revolution altogether, or will have to pay over-the-odds to join it.
Data has become the key battleground in business today and those organisations that can harness and analyse the increasingly-vast data sets at their disposal are fast winning the race for competitive advantage. Big Data has instituted among many enterprises an urgency to collect, analyse, and store data, both structured and unstructured. But to get there, first you need a plan and the right tools to streamline the process. All too often, businesses hoping to gain real value from their data are prevented from doing so by legacy databases that lack the functionality and scalability needed to do so and are being locked out of the Big Data revolution as a result.
Every organisation knows that it must maximise the value it leverages from its data if it is to survive and thrive in the era of digital disruption. Enterprises will need a strategy which considers data sources for extraction, data lifecycles, compatibility between different relational database management solutions (RDBMS), and scalable storage, among many other things.