Cloud, Data, and Innovation: Unlocking Business Potential
The role of technology in our lives has been highlighted in the last two years. In a world where most work is done remotely, both public and private sector organizations in India have relied on the cloud to ensure business continuity, agility, and scalability. According to a recent IDC survey, over 60% of Indian enterprises plan to employ cloud platforms for digital innovation in the aftermath of the pandemic. According to another IDC estimate, the Indian public cloud services market is expected to reach $3.6 billion by 2020.
The Indian Public Cloud is expected to reach $9.5 billion by 2025. That’s an incredible CAGR of 21.5%.
The advantages of cloud computing are well-known. It enables firms to scale on-the-fly by providing simple access to relevant expertise and processing capacity without requiring large upfront commitments. Businesses are increasingly seeing the benefits of moving to the cloud due to lower costs, increased efficiencies, and enhanced innovation. In fact, according to Cloudera's recent enterprise data maturity report, 94 percent of surveyed Indian IT decision makers (ITDMs) said that handling data with at least some cloud capacity is a top priority for their company. A similar majority (98%) believes that businesses who use a hybrid architecture as part of their data strategy will gain a competitive edge.
The world is changing at an unprecedented rate, and businesses must be flexible in order to keep up. To take advantage of technologies like Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things, you need to start with the cloud (IoT).
However, a common problem is that many businesses misinterpret "cloud-first" and jump on the cloud bandwagon without thinking. Moving to the cloud isn't a cure-all for creativity and innovation. Before migrating to the cloud, businesses must grasp the full digital transformation path; else, they will confront a serious dilemma. Even if they've moved to the cloud, their data is still spread over multiple clouds and maybe even various solution providers. In some circumstances, firms' data is separated between cloud and on-premise infrastructures, making accessing their data even more difficult.
Data, the new language of innovation
The truth is that data is what drives a company's digital transformation. After all, that's what AI, machine learning, IoT, and edge computing are designed to do: swiftly measure, evaluate, and analyze large amounts of data in order to extract more value from it. When properly handled, data can fuel innovation by providing a wealth of insights that help companies better understand their customers and respond rapidly to changing market conditions.
It is critical for organizations to be data-driven in today's digital age. It enables businesses to anticipate and respond to change, giving them an advantage over their competitors. This means two things: first, businesses should consider implementing an enterprise data strategy that is holistic and fully integrated into the organization's business strategy; and second, for an organization to truly become "data-driven," every employee, including those in non-IT functions, requires access to high-quality data that is relevant and made available to them in a timely manner. Employees would be better equipped to develop actionable insights, innovate, and suggest new solutions with more confidence if they had the correct kind of information.
Data, like innovation, needs to be ubiquitous
Decentralization of innovation is required. A decentralized innovation framework produces better results and allows a company's data and analytics initiatives to provide more benefits. By merging current technologies in new ways or "upcycling" old technologies by applying them to a different area to address a different difficulty, data can assist fuel innovation efforts.
Legacy data systems, on the other hand, typically obstruct new and demanding requirements, such as delivering the relevant data to the appropriate people at the right moment in real time. Businesses must be able to break down data silos and get finer insights from their business processes in order to proceed on their digital transformation path.
This is where an enterprise data cloud may help. This can be used to support an enterprise data strategy and to fully utilize the decentralized innovation framework. By leveraging analytics at every stage of the data lifecycle, a corporate data cloud allows businesses to extract real value from their data. It also enables users to securely control who has access to data, guaranteeing data integrity, and to have total visibility into what's going on with the data within the business context.
Unlocking your business’s potential with data
Any digital firm's most valuable asset is data, which has the potential to open up new doors and opportunities for businesses. As a result, it must be handled and employed properly. Digital transformation, fueled by a sound cloud and enterprise data strategy, allows businesses to make sense of their data and derive actionable insights that can help them scale and enter new markets quickly. Failure to do so, on the other hand, might drastically reduce the project's chances of success while also pushing up expenses.
A corporate data cloud may assist organizations to gather all of their data across platforms and workloads, manage the entire data lifecycle journey, and enable users to interpret raw data into more useful information for the business by using data visualization. As a result of this, businesses across the country will be better prepared to deal with any data-related difficulties that come with the digital economy, as well as expedite the speed of digital transformation.
Source: ET Edge Insights
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