Enabling Agile Data-Driven Enterprises
Although we remain in the early stages of digital transformation of the global economy, businesses have made significant progress in this area. And cloud adoption has been the driving force behind the ongoing transition. About 89% of organizations have adopted a multi-cloud model, and 98% of company C-suite executives view the cloud as essential for digital transformation. Understanding the value proposition, 52% of business leaders are focused on capitalizing on the power of the digital economy to drive business growth, including boosting revenue and expanding market share.
As with all transformative changes, cloud and multi-cloud environments experience growing pains that diminish the additional business value that enterprises aspire for. Accessible data available for real-time analytics delivers a crucial competitive edge and foresight over competitors that use batch processing and a hindsight view of the state of business.
Data-driven enterprises are asset-light entities that are more agile, efficient, competitive, and profitable than traditional, asset-heavy companies. The operating model of these new enterprises is a continuous circle of Data Insight Actions. Instead of investing significant capital in IT assets and physical data center resources, these nimble companies use “just enough” cloud resources to deliver their key business requirements.
Data silos hinder data analytics and increase the time to insight by introducing complexity such as extract, transform, and load (ETL) processes, which introduce latency into the decision-making process. While a very basic telemetry setup could help an organization make decisions within hours of doing an A/B test on a website, a large organization with many data silos might take weeks or even months to assemble the relevant data for decision-making. Such delays can be costly.
The Advantages of Data-Driven Enterprises
The transition to a data-driven enterprise allows your organization to:
- Improve operating efficiencies in many aspects of the business
- Make better-informed decisions
- Respond early and better to unexpected circumstances
- Build and release better products faster
- Enhance customers’ experiences and engagements
- Uncover new business opportunities and fuel growth
Data-driven decisions allow you to understand your customers in a way that wasn’t possible in the past. Being asset-light and taking advantage of public cloud services allows you to be nimbler in your customer support and retention strategy. You can make more small bets, and fail faster, all while getting solid metrics about the many aspects of your decisions.
Make Your Data ‘FAIR’
Data access across an organization can be problematic when data silos and political challenges frequently prevent access to important data. There are several approaches to improving data availability, including the principles of FAIR.
- Making data findable typically relies on a data catalog to ensure that datasets are searchable, with additional metadata to allow them to be better understood.
- The principle of accessible means that data is ideally stored in an open format that allows it to be consumed by any app and all authorized users.
- Making data accessible ties into the principle of interoperable, which means that the data can be consumed and analyzed by many types of data apps and tools—whether it’s a spreadsheet program, database, or Python script
- When reusable, data is easy to share across settings through well-described data and metadata.
Faction Multi-Cloud Data Services can facilitate your data-driven transformation and decision-making process that help in growing a data culture within your organization. Part of a data-driven culture is identifying key metrics (also known as objectives and key results, or OKRs) and measuring them as you go. The key metrics you capture within your organization define your goals and drive your business strategy. This means it’s very important to measure the right things and reevaluate regularly whether you’re still measuring the right things as your business evolves. Ensuring you’re going after the right OKRs is as important as any other part of your data pipeline, so it should be measured every few months.
Faction Multi-Cloud Data Services connects a single copy of your organization’s data to best-in-class services from multiple cloud providers, simplifying your infrastructure, optimizing your technology operations, and helping deliver faster business insights to drive your growth.
Having a single network connection point (IP address and namespace) for all your data, whether it be file, block, or unstructured data, dramatically reduces the effort needed to provide access to data within your organization. Beyond just simplifying the data infrastructure, this unified data solution helps eliminate data silos in your organization.
Why Work with Faction?
If you’re dependent on a single cloud service provider, you’re missing out on a valuable business advantage. Faction can accelerate your organization’s success by helping you adopt a competitive multi-cloud data strategy that’s agile, scalable, and secure.