Real-Time Data Management Strategies to Remain Competitive in 2022

Here are four real-time data management strategies that organizations must embrace to remain competitive over the coming year

Data is continually growing. The digital world has been generating jaw-dropping amounts of data every single day. According to the Assocham-PwC study, India's data consumption is expected to grow at a compounded annual growth rate (CAGR) of about 72.6 percent to 10,96,58,793 million MB by 2022. But what good are vast volumes of data if they're not put to good use? Dubbed the new gold of the digital economy, data is becoming an ever more powerful tool in the armory of today's organizations. Having access to good quality data can be the difference between success and failure in today's always-on, right-now economy. Investing in the correct data management strategies is critical for companies who need to win the moments that matter. Here are four real-time data strategies that organizations must embrace to remain competitive over the coming year.

Use real-time data in decision making

This year we will see data change more quickly and frequently than ever before. The days of analyzing huge amounts of static data whether it's on a monthly, weekly, or daily cadence will be gone. Organizations will have to gather actionable insights from data streamed in real-time and make decisions accordingly. Navigating data is a little like a fast-running river that needs to continually adapt to the changing environment at every twist and turn. Those that take the time to learn and adapt quickest will be the ones that succeed.

Embrace managed service cloud offerings

According to the Gartner report on Indian IT Spending, the Indian cloud market became larger than the non-cloud market in 2020, within the enterprise application software market, due in part to the coronavirus pandemic. It is expected to grow double the size of the non-cloud market by 2025.

Covid-19 has created supply chain issues that have severely impacted the global supply chain and the cloud is no exception. While organizations will be keen to migrate to the cloud, the shortage of both hardware and human resource may force them to rethink their plans.

Organizations will find it hard to get the number of cloud instances necessary and with such high attrition levels of staff, managing cloud operations will also be a problem. For all these reasons organizations should look to third-party organizations to support them with full managed service cloud offerings.

Reduce the ideation to production timeframe

While many organizations spent the majority of 2021 in recovery mode from the pandemic, 2022 will be the year that they look to regain momentum and seek new ways to drive revenue up again. Agility is key and organizations will look to make the most of current market opportunities. Many digital businesses have thrived in the new economy as we know it. It's something that those more established companies must look to match to remain competitive. The ability to think quickly and reduce their ideation to production cycles is essential.

Taking advantage of the scalability of the cloud will allow companies to shape compute, network, and storage resources according to the needs and pace of their business. Adopting this strategy will ensure they have the agility needed to identify and respond to a need or demand and quickly react to maximize new opportunities.

Harness real-time data to recreate customer profiles  

2022 will see the end of cookies, how companies have used them for years to gather identity and other important information to build a more powerful picture of their customers. Coupled with the fact that more than 70 percent of the world's population is protected by privacy regulations will see businesses are forced to adopt new ways of targeting customers online and to quickly understand if a product is relevant or if a transaction is fraudulent. For both these reasons, identity will become less certain or a known data point. Organizations will need to process and analyze huge data volumes to identify patterns to understand their target audience. Rather than a cookie identity target, individuals will need to be gathered from real-time data patterns based on attributes or behaviors.

With the volume of data continually going up it's evident that the real power lies in being able to draw powerful insights from and quickly act on them. According to Gartner, every year poor data quality costs organizations an average of $12.9 million. In India, Niti Aayog's key policy think tank has begun work on a roadmap that suggests steps to swiftly tackle quality issues confronting official data. D&A leaders must take pragmatic and targeted actions to improve their enterprise data quality to accelerate their organizations' digital transformation. Put quite simply companies can't afford to get it wrong. This demand for real-time data transactions will grow across all industries because it will simply be essential to survive. One such industry where this is already happening to huge effect is ad tech where global advertising platforms need to serve up ads to targeted audiences at a petabyte-scale.

Telecom is likely to follow a similar growth curve exacerbated by the need to ingest streamed data from mobile, 5G, and IoT sensor applications, and then process it at a petabyte scale with almost no latency. As we move through 2022, enterprises must look to embrace the opportunities and challenges ahead of them and manage real-time data in new ways to drive successful business outcomes.

Author:

Aveekshith Bushan, Regional Director & General Manager for the Asia Pacific at Aerospike