Businesses Turn to Data Strategies for Competitive Edge
This is a time of exponential change , increasingly driven by digitization . Data and applications are fast becoming the lifeblood of modern organizations as businesses and consumers rely on information technology-powered experiences. Data is a critical building block for the future used to maintain a competitive advantage. According to an IDC report, 83% of CEOs want their enterprises to be more data-driven . This has given rise to real-time data systems , often powered by hybrid multicloud IT, that help businesses forecast and adapt to change.
As companies rely on more applications and software-powered services, they’re rethinking how to architect their IT infrastructure to keep information flowing throughout their enterprise quickly, correctly, safely and efficiently.
“Today, applications and data are business critical,” said Lee Caswell, senior vice president of product and solutions marketing at Nutanix.
He said some analysts expect to see half of a billion applications by the end of 2023, which is how many were created in the past 40 years. That number is expected to grow by 50% by 2026.
“The data these apps create and use can bring tremendous value to companies,” Lee said.
He explained that it can be customer data, which leads to better experiences or services. It can be real-time inventory tracking data that help manage supply chains. Then there’s data from IT systems that help monitor and adjust operations to meet customers and employees needs.
“Data insights are more critical than ever in a competitive marketplace.”
Three Pillars of Hybrid Multicloud Success
Caswell sees more organizations choosing a hybrid multicloud approach to IT systems to meet the growing dependency on IT.
“New technologies make it easier for IT teams to facilitate application developers, who are creating apps aimed at bringing more value to the company,” he said.
“These new apps are usually additive and require consistent access to data, whether that data is stored as files, blocks or objects – and whether it lives in the public cloud, the data center or at the edge,” he said.
Getting More Strategic About Business Apps and Data
While organizations are actively investing in data- and artificial intelligence (AI)-focused initiatives, less than a quarter of Fortune 1000 companies believe that their company has achieved its goal . That’s because many are still finding more effective ways to collect, store and secure data that can help them adapt to market trends and changing customer behavior.
Successful data use requires deliberate planning and engineering to streamline access to information. Companies are more actively looking for ways to integrate digital tools to be more efficient, increase productivity or provide better services.
“Today’s business leaders aren’t just looking for more effective ways to safeguard information and maintain customer privacy,” said Taylor Tresatti, head of industry research for BIZDEV: The International Association for Business Development.
“They’re also searching for solutions that can help them more effectively steer data where it’s needed, when it’s needed, and help employees more readily apply this information in context.”
He said great insights can be discovered by knowing how and where data resides in an organization.
“Data can facilitate decision making, and can be a powerful source of competitive advantage for tomorrow’s organization,” Tresatti said.
“The better you understand how the information you’re collecting throughout your business can inform your decision-making process and help drive the strategies behind the solutions you’re looking to offer, the more effective you’ll be.”
The increasing focus on data and applications is driving many enterprises to re-evaluate their data center technologies.
