Data access has become more complex amid the global pandemic with the increasing demand for analytics workloads and technological advances.
A recent study by Enterprise Management Associates indicated that nearly 53% of businesses are dealing with critical aspects of data analytics in this unprecedented time. It is essential for organizations to find and use the right data set for a quick and easy decision-making process across the enterprise.
The importance for faster data access is about motivating business outcomes, with about 35% of professionals looking to analyze real-time changes to risk. In fact, about 36% of companies want to advance growth and revenue generation with the help of more intelligent customer engagements.
Given the current market scenario, about 37% of the respondents noted that they are not confident in accessing timely and relevant data for decision-making and critical analytics. Certainly, data is significantly distributed globally, and this complexity is not fading away anytime soon.
According to the statics, more than half of companies (52%) have data in five or more storage platforms. With this, more business leaders are expected to follow this technology trend, and about 56% will have data in more than five platforms beyond 2021. Moreover, moving data across different sources is riddled with issues.
Many organizations find the task of building as well as deploying data pipelines critical. Some of the obstacles that businesses face are –
- Merging data in motion with the data at rest (32%),
- The excessive time it takes for addressing break and fix (30%),
- Complexity around data pipeline (26%),
- The manual coding lift to deploy error-free data pipelines (25%)
Creating a data infrastructure and pipeline is time-intensive and requires a workforce – which enterprises cannot afford to wait. For 45% of the respondents, it takes over a day to develop a data pipeline. Again, about 27% set of professionals noted that it could take anywhere between three days to two months.
Even making that data pipeline functioning takes more time – with 52% of the respondents saying it increases another day or more. With the rapidly evolving business landscape across industries amid the pandemic, enterprises today have less time to gain insight on their data before it is outdated.
Indeed, data is the primary aspect for any business trying to navigate in the current times. It is imperative that companies overcome such challenges because their competitive advantage, customer experience, and growth depend on them. Nearly 39% of respondents revealed business decisions require latency of one second or less.
While the opportunity for organizations is to convert data into action but the challenge is a veritable flow of diverse data in their hybrid cloud ecosystem. Clearly, the imperative is to create a stable foundation for storage that can manage a broader range of workload types, including structured databases, semi-structured data warehouses, unstructured data lakes, etc.