Chief Data Officers Report Progress Delivering Business Value With Large Data And Analytics Projects Built In The Cloud
Still Facing Challenges in Data Logistics and Connectivity; Improving Ability to Identify, Migrate and Synchronize Growing and Diverse Data Stores Globally
Chief data officers (CDOs) of large and mid-sized companies are gaining significant competitive advantage through analytics and activation of fast-growing, cloud-based data repositories, reports the Business Performance Innovation (BPI) Network.
However, they are still facing tough logistical challenges in simplifying and improving the quality, visibility, synchronization, and migration of data across hybrid and multi-cloud environments, according to a new strategic assessment by the BPI Network, a global group of executives heading up digital transformation, innovation and change management.
The new BPI Network report, entitled “Bringing Simplicity to Multi-Cloud Complexity: Advancing Data Connectivity, Logistics and Value,” highlights the growing importance of the Chief Data Officer in the C-suite and the need to expand the value and accessibility of data and analytics across distributed enterprise organizations.
CDOs across a range of industries – interviewed by the BPI Network – report their cloud-based data initiatives are driving increased value for their companies across a wide array of uses cases, including revenue management, customer engagement, cross-selling and personalization, marketing optimization, risk management, financial portfolio analysis, overall decision-making, and others. One of the chief goals of these modern data initiatives is to increase access to analytics across functions and business units within their companies.
The BPI Network interviewed nearly 20 Chief Data Officers and cloud experts from organizations including NRG Energy, Commerzbank, Morningstar, Thrivent, Etsy, Deloitte, Cognizant, IBM, Pure Storage, TIBCO, Teradata, and QuaXigma to develop its insights. The report was sponsored by DBM Cloud Systems, a fast-growing technology company specializing in hybrid and multi-cloud data management and replication.
“Enterprises see the cloud as the best platform for next-generation data modernization and analytics due to its scalability, flexibility and the advanced tools and resources available through leading cloud providers. Many believe the future of these efforts will include multiple clouds to take advantage of the strengths and capabilities of different providers,” said Dave Murray, director of thought leadership with the BPI Network. “But all of the executives we talked with agree there are substantial challenges to realizing the full value of these initiatives. Harmonizing and cleansing data based on business needs and advanced data replication and migration solutions that protect data integrity are major requirements.”
- Most CDOs interviewed for this report are building and refining data lakes in the cloud to dramatically expand their capacity to manage and analyze a growing volume and variety of structured, semi-structured and unstructured data for use cases across their enterprises.
- Data analytics repositories in the cloud are still very much a work in progress, with CDOs grappling with a host of complexities having to do with data quality, security, synchronization, migration, governance, and visibility.
- There is broad consensus that organizations can get lost in trying to achieve too much with their data analytics too quickly. There is a need to focus on immediate, achievable uses cases, while also maintaining the flexibility to address future opportunities.
- Companies are looking at data both as a defensive asset and an offensive weapon, leveraging data analytics to reduce risk and drive new revenue opportunities, including monetization of data.
- Data replication and migration is a fact of life in a multi-cloud world. Companies will need solutions that can replicate and move data efficiently and selectively between locations without compromising data integrity.
“The BPI Network’s new report underscores the critical need among enterprises for solutions that can replicate and move data across any cloud or on-premise system to improve availability, analytical decision making, business processes, the ability to understand, reach and engage customers,” said Dixon Doll, Jr., founder and CEO of DBM Cloud Systems. “DBM Cloud System has developed and commercialized the AIRE (Advanced Intelligent Replication Engine) platform to, for the first time, enable efficient and reliable replication and migration of high-volume, mission-critical data across a multitude on cloud platforms and evolving storage technologies, including objected-based storage, which is now the predominate storage format in the cloud.”