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With digital enterprises generating vast amounts of data, managing data is an area of concern. Recent data from IDC predicts that data is growing at a CAGR rate of 24% per year and will reach 175ZB (Zettabytes) by 2025.
Data management is a process where critical information is stored and used by all stakeholders within an organization. Data management provides an opportunity to collect, sort, analyze, store, secure and present data in ways that deliver real business value to your organization.
Today, when all stakes are at an all-time high, how organizations manage their data can make or break their business. Staying ahead of the curve and being a thriving enterprise means being data-driven which is only achieved by managing your business data effectively.
For organizations and businesses in Indianapolis Indiana that successfully manage their data, the rewards can be huge. Those that don’t risk a bleak future. As a modern-day business, it’s about time you adopt data management business solutions in your operations.
In this post, we’ll explore the various data management business solutions that can help scale your business.
Companies that lack a solid data management system in place can quickly become paralyzed by their vast data supply. The key to managing large data sets is first to discover it and pull it all together to know what you have and where it’s located.
Capturing clean data that is complete, accurate, and formatted correctly for use in several systems will save you time and money by helping you run every aspect of your company more efficiently.
Successful organizations are intimately familiar with how vital it is to clean their data. Dirty data can quickly ruin businesses or projects, mainly when used data from disparate data sources.
Conversely, clean data ensures that your datasets are accurate, reliable, updated, relevant, and uncorrupted while enhancing data integrity and intelligence across your data warehouses.
Where your organization stores its data affects every scope of your business from security, performance costs, access, and more. Therefore, having a storage plan is a key component of a successful data management strategy and being a data-driven firm.
While many organizations opt for on-premise data storage systems, they carry multiple security risks and are challenging to maintain. What’s more, they’re costly to scale, especially when you’re migrating into new systems. They’re also big promoters of data silos across different departments.
On the other hand, cloud storage solutions provide businesses with benefits such as cost-effectiveness, scalability, easy access, automation, more security, etc.
Integrating data from multiple sources and formats into a single database is a constant roadblock for businesses of all sizes. For many, unstructured or loosely structured data forms pose additional complications.
With data integration, such issues can be addressed, such as ETL software and related tools for automated synchronization and indexing processes streamlining your business operations.
If your enterprise requires uniform access to heterogeneous data sources, data virtualization is vital. Data virtualization is designed to provide consistent access to both structured and unstructured data.
It allows organizations to query, combine, analyze and create reports on heterogeneous data. It also provides a single source of access to all of your business’s critical information. Last, it enables you to manage massive amounts of information more efficiently by separating physical storage from logical data models.
Data governance sees to it that your data is appropriately managed throughout its lifecycle, from planning to maintenance.
In other words, proper data governance ensures that your organization has clear goals for its data while providing a method of ensuring compliance with internal policies and external regulations as opposed to which may lead to unforeseen challenges.
Big data analytics deals with analyzing large volumes of data through statistical techniques to reveal patterns, trends, and associations for business purposes.
This field has many applications in data mining and business intelligence. The convergence of inexpensive storage capacity, virtually free processor cycles like AWS, open-source tools, plus powerful analytic packages allows your organizations to deal more effectively with massive quantities of data.
A data lake is a storage area, such as a database or file repository that stores raw structured and unstructured data. It may include backup and log files and any other relevant data for your business.
Data lakes ensure business data from different sources is accessible to relevant end-users so that they can leverage valuable insights cost-effectively for improved decision-making.
You can implement a data lake using almost any platform or method you want. However, like all aspects of your business, you should review industry best practices before designing one of these systems yourself or get cloud computing experts in Indianapolis like Pronix to help you out.
Businesses in Indianapolis utilize a variety of data storage and archiving solutions to facilitate information processing, but many still operate on disparate systems with a high risk of conflicting information.
Data Warehouses (DWs) are designed to consolidate disparate data sources into one centralized repository, allowing easier access and retrieval.
Additionally, DW’s allow for seamless interaction between applications- end-users can effectively search through historical records within one source rather than checking numerous other systems.
Master data management (MDM) is a process designed to ensure that all of your enterprise’s business data can be accessed consistently, whether it originates in your company or one of your partners’.
The goal of MDM is to create single, golden versions of essential data. With master data management- centralizing, organizing, categorizing, localizing, synchronizing organizational data, your organization will be able to produce accurate and timely reliable reports and dashboards for decision-making purposes.
Data security is paramount for every organization. In the wake of a series of high-profile cybercrimes, any data breach can prove costly. As such, implementing a data management strategy with a security-first mentality should be a top priority.
This includes security procedures like regulatory compliance, identity access management, using up-to-date anti-virus software, setting up security firewalls, data encryption, multi-factor authentication, backup and disaster recovery, etc. Data security practices help you stay ahead of security threats that may cripple or put you out of business.
Project Name: Capital Analysis
Client: Major Financial Services clients
Project Commencement Date: Jan 2018
Project Completion Date: Present
• The Comprehensive Capital Analysis and Review (CCAR) is an annual exercise by the Federal Reserve to ensure that institutions have well-defined and forward-looking capital planning processes that account for their unique risks and sufficient capital to continue operations through times of economic and financial stress.
• As part of the current project build the Data Lineage for all the Critical Data elements.
• Build Data Lineage & Publish to business users.
• Analyze all the critical data elements provided by the business team and develop the Metadata mapping and configure the data lineage in the Erwin tool on all the layers of the entities that constitute the critical data elements from source till the final publish layer.
• Build data lineage on all the data elements that are required for a business which are basically the CDEs (Critical Data Elements).
• Publish the data lineage (using Erwin's WEB-PORTAL) to the business team.
Hadoop, Spark, Scala, Cloudera, Informatica, Microservices, Python, Tensorflow, ERWIN Data Modeler, ErWin Web-Portal, Atlassian FishEye & Crucible
Contact Pronix IT Solutions to find out more about this case study or any else you wish to inquire about!
The difference between companies that are taking over the market and those lagging can be summed up in the phrase, “harnessing the power of data.” Data is the new goldmine. No matter the business sector, it’s the company that utilizes information most effectively that has the upper hand.
How is your organization doing with its data? Are you letting significant insights, workflow optimization, and real-time decision-making opportunities slip through your fingers?
Let us help you discover the power that’s lying dormant in your data. Just call or email to begin a no-obligation conversation.
The Pronix technical IT outsourcing team in Indianapolis is here to ensure that you can automatically collect, analyze, categorize, visually display, and incorporate data results throughout your organization.
To do this, we provide data services around the following data solutions:
As the Harvard Business Review puts it, “Data flows like a river through any organization. It must be managed from capture and production through its consumption and utilization at many points along the way.”
Data is the fuel that drives successful organizations that stand out from the competition. However, data management poses challenges for those organizations.
At Pronix Data Management Solutions Outsourcing in Indianapolis, we help organizations unlock real business value from their data through well-thought data management strategies and intuitive tools. We understand that your data is an invaluable asset and, if managed correctly, facilitates useful insights and connected decisions that scale your and streamline their businesses.
We’ve got a range of data management services, including data engineering, data architecture assessment, data quality management, to help you reap big from your data assets.
Talk to our IT data management outsourcing experts in Indianapolis today and learn more about how you can turn your data assets into insight and maximize profit?
Posted: February 22, 2022
No matter what the goal is for your enterprise, digital transformation will come up at some point moving into the next decade.
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