Unleashing Power of Data

Unleashing Power of Data | 25 [ BUILDING MODERN BUSINESSES WITH AN EFFECTIVE DATA STRATEGY ] BEST WAY TO OPTIMIZE DATA SOLUTIONS FOR LARGE ENTERPRISES Data as a service encapsulates and brings everything under one concept called Data Fabrics. Anything to do with data will go to data fabrics, and absolutely no data would stay out side data fabrics. If any application wants to access this data, it must make a call to the data fabrics and not to the data directly. This application knows where the data is going so it provides end to end traceability. That’s when one can start gaining control over the data. Strategymust set in froma data governance perspective, and later evolve into the technology solutions, for instance, long term cloud strategy or on-prem strategy. After this, regulatory requirements need to be taken into considerations. Strong governance, strong technology stack and gaining user consent on the data captured are vital aspects towards data transformation journey. Legacy transformation on a digital journey is different with respect to seeing and monetizing the data, compared to how we look at green fields and new businesses. RIGHT LENS FOR DATA INVESTMENT DECISIONS For large enterprises, the decision always starts with a balance sheet. Revenues and margins are the two critical aspects that CFOs look at while making the right IT investments. Large organizations have some legacy tech stack. Transformation is never greenfield, but mostly brown field. It is very complex and challenging task. What is important for a CIO is to ensure that they aren’t running too many transformation projects, as this causes too much disruption in the organizations. As for start-up, the green field investments are and not burdened with legacy issues, however for existing companies need to pick and choose use cases that will gives best business value. Businesses need time to validate and test the running projects, hence companies need to prioritize certain projects based on importance, investments, and ROI. Dun & Bradstreet