Data Management – Exploit the gold in your data!
Digitalization provides access to large quantities of highly detailed data, which today is seen as “the new gold”. The value lies in its scope for analysing data and ensuring a better decision-making basis. However, large quantities of data also involve big challenges: How should we obtain, store, make accessible, use, structure and secure our data in the best possible way?
Data Management is all about how you can best exploit the full potential of your digital gold.
Interest in Data Management is increasing as more and more companies get under way with advanced Business Intelligence operations, such as Self-Service BI and predictive analysis with Data Science/Machine Learning. This in turn has resulted in an increased need for data from multiple sources – and a need to ensure that the right data, of maximum quality and the right level of detail, is used in these analyses.
The most common problems are that data is divided into several different source systems, and that they do not communicate properly with each other. The traditional solution has been to build a data warehouse based on a server in a server room, and to subsequently fetch, convert and store data from these data sources in the data warehouse. The relevant data is then available for reports and analyses from that location.
Data Management is undergoing considerable change
However, a lot has happened in recent years and right now Data Management is undergoing major changes. Trends such as cloud-based data, Self-Service BI and the demand for proactive, predictive or even prescriptive insights have all increased the pace of change in many companies.
Today even traditional operations are investing in analysis departments staffed by data scientists and data analysts. Data architecture and data management solutions are thus becoming increasingly important. Among the questions that need to be resolved: How should the model be structured? How and for whom should the information be available? What should the solution look like so that the information is as correct as possible? How quickly can I obtain the information?
The new challenges, and at the same time the opportunities that companies and organisations are facing, have changed the perception of data and how its potential can be fully exploited.
Trends and challenges in Data Management
Cloudification – an attractive new alternative
Cloudification has transitioned from being just a hot term to becoming an attractive and viable alternative. Microsoft, Amazon and Google are making strong progress in this sphere and are establishing large facilities in Sweden too. To this can be added niche players such as Snowflake and Matillion, which apply their Cloud Data Warehouse solutions to the cloud giants’ platforms (Azure, AWS and Google Cloud) thus partly competing with the major cloud platform providers’ own tools.
We can also see that increasing numbers of companies in the Nordic region are transitioning to cloud data storage, and there are many benefits to this move.
First and foremost, cloud-based solutions reduce obstacles to new data warehouse initiatives, since you do not need to invest in expensive servers and software licences. With a cloud solution you also avoid a number of concerns regarding administration and upgrades, and gain in terms of scalability, elasticity and the possibility of a more balanced cost structure.
A traditional server solution is dimensioned to suit peak loads, which means it is unnecessarily powerful (and expensive) in normal use. A cloud solution, on the other hand, is dimensioned dynamically, based on current storage needs and the demand for calculation capacity.