Embracing the Cloud: Smart Moves for Data Management in 2024

Wondering about the challenges and applications of data management in the cloud for 2024? Well, it's all about the cloud, CDMC, and CDMI.

Data management is a critical part of running a successful business in today's world. Without effective data management, companies might struggle to keep up with the competition and provide top-notch services to their customers, ensuring repeat business and loyalty.

Year by year, data management keeps evolving. According to a Forbes article, 76% of business leaders find it challenging to understand their data. The same article states that 82% of data management decision-makers struggle with forecasting data costs, and 80% face hurdles due to a lack of talent.

A significant figure to note is 77.6 billion dollars, which is the projected value of the global data market by 2025, according to Zipdo. This emphasizes the growing importance of data management. Surprisingly, a Harvard Business Review study from 2017 revealed that less than half of an organization’s structured data is actively used in decision-making, and less than 1% of unstructured data is analyzed.

How times have changed?

As data remains the lifeblood of many businesses, staying on top of it is a must. While your in-house data stores might be doing well for now, thinking a few steps ahead is crucial to avoid falling behind.

An excellent example is how BairesDev assisted a client in modernizing their data infrastructure. A leading insurance provider with over 5 million policies hadn't updated their quoting app in five years. BairesDev migrated the application to AWS and Kubernetes, improving code standards and management, saving costs, and allowing scalability.

As data continues to grow, many companies are shifting from in-house data centers to the cloud. If you haven't made the move yet, it's time to consider it. Though the transition might seem challenging initially, the benefits are worth overcoming the challenges.

Advantages of Cloud Data Management

Security: Migrating data to a cloud platform offers security improvements that are hard to match. Cloud data management platforms excel at preventing data loss.

Scalability: Unlike in-house data centers, cloud platforms provide automated scaling, ensuring your data platform can meet increased demand and scale down during low demand, saving costs.

Controlled Access: Cloud data management allows you to control who has access to your data, enabling teams from anywhere to work collaboratively.

Backups and Recovery: Cloud platforms make backup and recovery easier and often offer automation features, ensuring a working copy of data is available in emergencies.

Clean and Reliable Data: Cloud data management platforms work with data silos, providing a single source of truth that is reliable, clean, and continuously updated.

Environmentally Friendly: Migrating to a cloud platform can help reduce your company's carbon footprint, as most cloud data management companies operate under climate laws and legislation.

Disadvantages of Cloud Data Management

Third-Party Access: Some businesses are uncomfortable hosting their data on third-party services due to concerns about non-company staff having access to sensitive data.

Vulnerability to Attacks: While cloud platforms have robust security, they are often targeted by hackers, making them susceptible to attacks.

Vendor Lock-In: Migrating to a cloud platform could lead to dependence on specific tools, potentially causing issues if those tools are not compatible with your existing workflows.

Best Practices

Having a Plan: Begin the migration process with a solid plan, considering the type of cloud environment, data access, processing tasks, database type, tools needed, and ensuring a smooth transition without disrupting operations.

Maintain Healthy Data: Ensure your data is valid, complete, and follows best practices for the database server software you use. Look for a cloud data management platform that includes a data cleaning tool.

Backup Regularly: Even with trust in your cloud platform, regular backups are essential to ensure data is up to date and available in case of emergencies.

Data Governance: Develop a robust data governance policy, addressing compliance issues related to your data, and staying informed about changing compliance laws.

Conclusion

Migrating from on-premises databases to a cloud data management platform might pose challenges, but the benefits make it worthwhile. With a well-thought-out plan, regular backups, data maintenance, and adherence to compliance, the transition can be smooth and rewarding.

Ready to bring a fresh spark to your business? Get in touch with Uvik Software right now!