Data Dive #25: 🚀 Achieve More with Less & an Exclusive Invite to a Data Leader Event
Organizations increasingly rely on business intelligence to drive decisions. However, managing BI costs while sustaining growth remains a significant challenge in the current business landscape.
There's no doubt about the fact that data and the overall BI ecosystem has evolved into a crucial asset, enabling businesses to differentiate themselves competitively. And, as organizations strive for growth and efficiency, it will be pivotal in shaping their strategies. But, data leaders must address critical questions related to its management: How can we optimize BI architecture for cost efficiency? What are the best practices for BI governance to ensure compliance and quality without excessive costs? How can we streamline BI usage to reduce waste and improve decision-making?
Organizations need to modernize their BI architecture, incorporate data from novel sources, design advanced algorithms, and employ skilled talent to analyze and interpret data. These efforts come with a substantial price tag, ranging from hundreds of millions to billions of dollars, depending on the organization's size. The need for increased investment in this arena was evident before and has only intensified since.
Data-related spending is anticipated to rise significantly, with Gartner projecting worldwide IT spending, which includes data-related expenses, to grow by 8% in 2024, reaching $5.06 trillion. This spending is divided into four main areas: data sourcing, data architecture, data governance, and data consumption. Each of these areas incurs costs that can be optimized to achieve significant savings.
Audit Usage: Companies often spend substantial amounts on external data sources. By taking inventory of all data feeds and their usage, businesses can identify and eliminate underused or redundant sources. This approach not only reduces costs but also ensures that the remaining ones are used more efficiently.
Simplify Architecture: Many organizations suffer from fragmented data repositories, which are costly to manage and maintain. Consolidating data into fewer, standardized repositories can significantly reduce these costs. Additionally, optimizing infrastructure, such as offloading historical reports to lower-cost storage and halting low-priority projects, can yield short-term savings while laying the groundwork for long-term benefits.
Effective Governance: Robust BI governance ensures data quality and compliance, reducing the time spent on data discovery and cleansing. However, governance should be applied thoughtfully to avoid becoming a costly burden. Prioritizing BI governance activities based on needs, value, and risk can strike the right balance between control and efficiency.
Streamline Consumption: Many organizations produce a large number of reports, many of which add little value and often lead to report sprawl. Rationalizing these reports and automating reporting processes can reduce duplication and waste.
Managing a BI ecosystem efficiently not only helps in the short term but also prepares businesses for a competitive future in an ever-evolving digital landscape. Curious how Datalogz can help optimize these functions for your organization? Book a demo here!
💎 Data Leadership Secrets Unplugged: A Fireside Chat with Industry Titans
Engage with global data visionaries at our exclusive upcoming Fireside Chat featuring industry leaders, including Ray Lane (prev. President of Oracle, prev. Chairman of HPE), Sid Raisoni (Head of Data at Philip Morris International), Mengying Li (Head of Growth Data Science at Notion), and John Sviokla (prev. Chief Marketing Officer at PWC, Harvard Founding AI Professor).
Brought to you by Datalogz, GreatPoint Ventures, Silicon Valley Bank, Ridge Ventures, and Jones Day.
Datalogz @ RSAC
The Datalogz team had an incredible time at the RSA Conference last week with the team from Squadra Ventures. We had interesting and insightful conversations with data and business leaders surrounding an array of topics.
However, a recurring theme throughout the conference was the critical importance of data security. It's intriguing to see how CISOs are tackling the challenges today from so many different angles. Business intelligence often represents the largest internal data access point. How are you ensuring the protection of this vital asset against misuse or malicious threats?
Catch us @ the Data Engineering Summit 2024
The Data Engineering Summit is India's first conference focussing on the emerging field of data engineering. It will give attendees direct access to top engineers & innovators from leading companies who will talk about the software deployment architecture of ML systems, the latest data frameworks, and solutions for business use cases.
🤝 Indicium and Datalogz Announce a Joint Strategic Partnership in New York City
Datalogz and Indicium partner to revolutionize data governance, combining BI Ops with expert data and AI consultancy to empower organizations with smarter insights for growtconsultancy to empower organizations with smarter insights for growth.