Data proliferation is a hot topic among businesses the world over. Companies are creating vast silos of data at an unparalleled rate. The ensuing headache is posing big challenges for professionals struggling to find efficient management workflows and storage solutions for this data.
Even though data informs most business decisions and strategies these days, its maintenance is seen as a costly overhead that only draws money out of businesses, without securing any direct returns.
According to Gartner’s Mike Rollings, a VP analyst, one of the most pressing challenges chief data officers face these days is “treating data and analytics as assets and maximizing their economic value“.
In order to keep data valuable and legible, we need to consistently clean, organize, standardize, and update it. In a 2020 survey of 500 IT decision-makers, respondents revealed that their IT teams “spend 40% of their time installing, maintaining, and managing data infrastructure“.
In the same survey, most participants were in favor of deploying DMaaS to extract maximum utility from the large pool of data available to them (more on this later).
Despite the trials of managing data, we see big companies turning this ‘cost center’ over its head and extracting huge benefits from it. Netflix, for example, uses Big Data to save $1 billion every year in customer retention.
Data Management-as-a-service (DMaaS) Platforms
Usually, companies employ in-house teams dedicated to the management, administration, and maintenance of the data they create on a daily basis.DMaaS is a new strategy that several companies are embracing to extract a higher ROI from data management.
Data can only be an asset if you can derive gainful insights from it and act on them to advance your business. Imagine having access to actionable data that has been processed and refined to tell you exactly what you need to know. The question of data management being a cost center does not arise in such a scenario, and this is exactly what DMaaS will help you achieve.
DMaaS platforms offer you services that include data warehousing, data monetization capabilities, data exchange, data sharing, and data lakes, etc. Essentially, a third-party cloud platform will manage structured and unstructured information for you at a centralized location. You can analyze data sets, access critical business insights, and procure valuable information on demand.
DMaaS offers complete infrastructure maintenance, movement flexibility of data, and on-demand availability. All these benefits make it a lucrative option for futuristic teams looking to generate revenue streams out of their data-based endeavors.
How DMaaS will help you Overcome Data Management Challenges
1. Reduce Data Silos
Managing data internally means the department-wise collection and storage of data. In order to come up with innovative growth strategies backed by data, companies need to have a holistic view of their organization’s functioning. For example, customer data collected by contact centers could be used by employees in Marketing, Business Development, Software development, etc., to improve their operations.
However, one of the main limitations of in-house management is that there’s seldom any free channel for cross-departmental sharing of information.
DMaaS allows for the free flow of all kinds of organizational data to your teams. For example, at Compugain, we employ enterprise Data Lakes that store all our client’s data centrally. Employees can retrieve cross-departmental data without having to specifically request other teams to supply information.
This ease of information sharing promotes data literacy amongst all departments, enabling them to work in harmony towards achieving company goals.
2. Make your Data more Agile
Unraveling Big Data to draw value is a daunting task. For most data science teams, analytics is just a part of the problem. The main challenge lies in ironing out raw data to obtain valuable information. To achieve this, there are a series of complex procedures involved – collecting data, storing it, having the proper infrastructure in place, organizing data sets, reconciling information, normalizing data, and so on.
In an interview with McKinsey, Tim McGuire revealed that “determining which data to use, how to source it, and how to get it together into an integrated form that can be used across the company is the first challenge“.
In a bi-survey study, 34% of the respondents said that company processes weren’t mature enough to utilize Big Data technologies.
DMaaS platforms handle data life cycles for their clients. Apart from collecting relevant information, they also develop workflows to store and manage data, aggregate it for different streams or purposes, clean and enrich data sets, etc.
In many cases, DMaaS platforms might even alter the company’s model of data collection to improve the quality of the data it receives from various sources.
Not having to invest your resources into these administrative tasks opens up new avenues for data utilization. You can:
- Pace your analytics with incoming data by scaling up seamlessly.
- Deliver usable data sets to customers.
- Monetize data streams and generate revenue from it.
- Make faster and well-informed business decisions easily.
3. Advanced Analytics
DMaaS capabilities don’t end at data collection and management. Several DMaaS platforms also assist in analyzing the collected data for their companies. Firstly, DMaaS offers data sets that are customized for your needs, so you don’t have to scramble for information, making analysis easier.
Why DMaaS is Important Now
DMaaS converts haphazard data into a well-structured asset that can be monetized by businesses. Along with receiving actionable business intelligence at your behest, you can save resources and have your IT teams focus on developing innovative products and solutions for your customers.
If you’re struggling to turn your data management into a profitable company procedure, get in touch with us now!