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How To Put Your Data To Better Business Use, Boost Growth in 2020

Are you ready to give your business an autonomous edge?

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In the digital economy, a direct correlation between a connected data strategy and the success of a company has become very evident. Research continues to validate why organizations are increasingly looking to become data leaders - most successful organizations are winning in the market by using their data better to drive their business into the future, leading to wider business growth. Can other organizations avoid the risk of being left behind?

If you consider the majority of organizations that achieved significant revenue growth over the last three years globally, chances you’ll find one common success factor - they’re most certain to have undertaken a number of data protection and/or intelligent automation initiatives vis-à-vis their peers who experienced a growth decline. This further illustrates the burgeoning appetite for data and insights by organizations of all sizes, across industries. Not having a holistic approach to data management can impede your organization’s agility, posing a growth challenge in the digital economy.  

Get your data management strategy right 

It’s important to pull together the right foundation - a truly modern, scalable, second generation cloud platform purpose built for mission-critical enterprise workloads. Such a cloud platform can become the bedrock of your innovation in the new decade. Artificial intelligence and machine learning (AI/ML) are already being deployed by several organizations in a variety of scenarios - from automatic forecasting without human intervention, to smart manufacturing utilizing real-time Internet-of-Things (IoT) data for equipment manufacturers is a good example.  

Dialing up data security 

With data widely regarded as the new currency by businesses, cyber-defense has emerged as a key priority for organizations. To underscore the importance of global cyber-security, the World Economic Forum (WEF) has called out cyber-attacks and data theft as top global risks for organizations across the board. 

Modernizing the internal processes for seamless information exchange

Per a recent IDC survey, 97% of “digitally determined” organizations are keen to deploy fully connected processes across their entire business. Because such a move can unlock exponential benefits spanning revenue, operational efficiency, and business insights. But in reality, only 5% of these organizations said they’re fully integrated. 

A siloed approach to data management leads to complexity, something that an organization can avoid in an already complex business milieu. Currently, most of a company’s data is locked in separate, often duplicative silos, even though the company’s different business units are all seeking the same or similar insights. What if the organization could create an internal data exchange and bring the entirety of this valuable resource together, so that they can see the value that’s hiding in their data and use it in new and innovative ways? And what if, at the same time, they can bring the transaction costs of getting the data different users want, into the shape they need it, down to near zero?  

From reactive to proactive insights via AI/ML powered analytics

On one hand, businesses are finding it difficult to keep pace with the data explosion. According to a research, global businesses are struggling to improve their confidence levels when it comes to their data quality and data management processes. On the other hand, rising regulatory pressures, with data privacy / data management policy interventions, are pushing businesses towards secure and ethical data use. 

 In such a scenario, imagine if your organization gets freed from merely ‘managing’ data to focus more on ‘innovating’ with the same data? The benefits can be enormous. Data leaders are far more likely to be excelling at innovation, experiencing a much-needed boost to customer satisfaction, and enjoying significant market growth.

Autonomous data management helps you focus on your core business

 With an autonomous approach to data management, you can arm your business with self-managing, self-securing, self-repairing capabilities - allowing you to unlock more value from your data and accelerate innovation to drive new growth. A good first step in this journey is to upgrade to an autonomous database. 

Are you ready to give your business an autonomous edge?

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

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Muraleedharan M V

The author is Founder, Hexagon Software and Sheela Nambiar, Senior Director, Oracle Digital

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