As businesses look for new ways to manage ever-increasing amounts of data, new and innovative data management approaches are helping companies stay a step ahead of the competition. Here at the APEX of Innovation, we’re committed to sharing best practices and innovative stories on how companies are turning insights into action and what it takes to be successful, including our recent posts on how to ensure your data initiatives are decision-driven, how to improve data analytics outcomes, and how to build the right team to innovate.
A new TIBCO report, “How CDOs Turn Data into Competitive Advantage,” states that according to recent research conducted by International Data Corporation (IDC), an estimated 103 zettabytes of new data will be created by 2023. This spans both the personal and professional worlds, with data generation making its way into every aspect of our lives. At the same time, IDC estimates that only 21 percent of this data is ever analyzed, and a mere one percent is fed into AI systems.
As data keeps coming, today’s CDOs are expected to not only protect and manage it but also to use this data in ways that benefit the business and its position in the market. Success requires CDOs to navigate a range of data-related challenges, including meeting the increasing demand for self-service data, enabling real-time data for better decision-making, and ensuring data quality. The road to success can be bumpy along the way, but new technologies and new methods of managing data are making things smoother. To help, the TIBCO report offers some tips for success:
- Adaptive Data Architecture. Data centralization can have limitations in today’s digital world. Data leaders are encouraged to embrace today’s distributed data topology and decouple data management from data consumption.
- Agile Methods. Rapidly developing new products and services is key to growth and remaining competitive. Leverage new data virtualization practices, support in-production projects and experiments, and avoid complex software or product development cycles to stay nimble.
- Skill-building. Today’s employees need updated digital skills combined with education on data analytics best practices. Empower your people with new technologies and role-based data tools, as well as by applying AI and machine learning to reduce workloads.
- Advanced Data Management. Breaking down data silos accelerates your digital transformation efforts. Innovators are staying ahead with unified data management suites that manage vital applications from a single place, including data governance, modeling, security, integration, and more.
Read the complete TIBCO report for a deep dive into today’s data management best practices.