Data management has changed significantly in recent years, due to the influx of information businesses are creating, storing and receiving on a daily basis. Although these resources are extremely valuable, few businesses actually know how to leverage this content to their advantage in the long run.
A recent Gartner report suggested that less than 10 percent of enterprises have an effective data strategy. Of the respondents polled in the research firm’s 2013 Worldwide CEO and Senior Executive Survey, half of participants could not anticipate a new technology that will impact their companies’ information strategies moving forward.
“The social Internet, inexpensive sensors, the Internet of things and other trends will cause an explosion in the types of information that are available,” said Partha Iyengar, country manager for research at Gartner. “In this way, competition will increasingly be defined by differential access, control and value recognition and timely exploitation of information.”
Data, data everywhere
The amount of data businesses are creating and storing is expected to not only emphasize effective analytics tools to study this information, but also storage platforms that can handle the scope of such resources. Big data is massive, making it critical that firms keep pace and do not become overwhelmed by this resource.
A report by IDC said that the infrastructure storage market is forecast to expand at a compound annual growth rate of 53 percent between 2011 and 2016, with revenue increasing from $380 million to nearly $6 billion during this period.
“This growth will come largely from capacity-optimized systems (including dense enclosures), however, software-based distributed storage systems with internal disks to store post-processed data will also be embraced by some users,” said Ashish Nadkarni, research director at IDC.
Analytics in general will evolve in the near future, IDC said, as more organizations will use these processes to not just search data, but to discover information as well. As a result, more spending will be allocated toward infrastructure and data solutions.
A company’s data is one of its most valuable assets. Businesses that are successful managing and leveraging their information will likely experience success in the long run if they can make more sound decisions, offer more personalized customer service and track where their respective markets are headed. Those without the same capabilities will struggle to keep pace in the ever-growing data arena.