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In this period of the so-called ‘new normal’, more businesses are finding it important to have a cloud-based solution as their form of master data management. With the increased speed in which business moves, they need to be agile and flexible in how they operate their business operations.
From a technology-based company’s perspective, data storage and master data management has moved from local to cloud. Cloud computing in particular is the ultimate example of this, as small and big data storage moves to an offsite location where it is more accessible and convenient for the user. Ultimately, this is across multiple devices including computers, tablets, smartphones, and laptops. Also, it is vital to have fast fiber internet connection in order to maximize the benefits of the cloud.
What is Data Management?
Data management is the process of making sure that there is proper handling of data, in a way that it can be used for its purpose. If a firm has an improper master data management, then it is as good as not having any data at all. Data management needs to exist right from the client to server and across data management platforms. There is no one-size-fits-all approach so it is essential to find out what size of master data management fits your business.
This process is not just a technology. It is an entire approach or methodology of a data management plan. Basically, it includes understanding the types of data, data lifecycle management, architecture planning, designing the data-model, process management, and applying all kinds of rules to ensure consistency. Businesses also have to learn data management best practices to ensure that their master data management solutions
The process of establishing data management is often termed as data governance. It is all about data structure and management, along with which processes need to be followed throughout its lifecycle. Data management via data governance becomes very crucial when there is involvement of multiple applications or systems. This is specifically in storing small or big data or sharing it across different platforms like cloud technologies and mobile devices, among others.
Currently, there is a lot of focus on “Big Data” and big data management. But businesses should not overlook “Small Data” because small amounts of harmonized structured data can make a huge impact on data governance and decision making. Thus, building quality into your data by planning and managing it appropriately will help you reap the true benefits from your investments in information systems and data management solutions. Likewise, this will also ensure that everyone stays on the same page with least amount of disruptions. Moreover, it is certain that data are not only accurate but consistent and has enrichment to empower the decision makers across the organization. This then results in sound decision making.
Importance of Data Management
Data management, most especially master data management, is a core component to the successful operation of any business, regardless of size. The collection and analysis of this information is vital for overall success. Yet, many companies are unable to effectively implement data governance – causing an array of problems within the organization.
Without effective data management systems in place, there are limitations to businesses. Also, there is a significant hampering of decision-making. Those who decide are unable to respond quickly or easily to market changes because the there is no organization of master data. They cannot use collected information to improve sales and marketing efforts because they don’t employ data management best practices.
Also, they lack control over vital financial details which ultimately affects operational efficiency. However, with proper implementation of solid data management systems and data management best practices, we can avoid these issues while increasing profitability across all levels.
How Data Management Helps Businesses
Many companies utilize a master data management system to store financial information, customer data, real-time business operations results, and other information that must be reviewed on a daily basis. The most efficient data storage systems are easy to use and accessible from anywhere within the organization. This reduces busy work for employees with access rights and providing crucial up-to-date information whenever needed.
This type of master data management must also have data security because they are crucial to making business decisions. And members of the organization are the business users who must employ the best practices of using data management platform or data management software.
Through this mechanism, users can retrieve any stored file. They can also manipulate the database to obtain answers to specific questions. More so, they can complete research tasks while working in different locations throughout the organization. In addition, enterprise search solutions permit the company to create their own customized data collection points and collect the data at any time during day or night. This paves way for thorough analysis of collected metrics.
Although many businesses struggle with how to handle the growing volume of data, small businesses may not have enough to warrant any real concern. However, it should be noted that in today’s business climate, it is critical for companies to ensure that they are keeping up with the changing times and staying competitive. The ability to store and protect business-critical information through a solid data management system can offer numerous benefits
What is Cloud-based?
In recent years, the term cloud computing has been widely used in the information technology (IT) industry. For many people, it is a kind of new technology that they have not ever experienced before. A number of large companies are providing their storage service through Internet and this leads to building one’s own cloud. However, the most important thing in cloud computing is that it is cost-effective and user-friendly.
At first sight, many people think that cloud computing means there must be an ‘invisible man’ taking care of everything behind the scenes. Yet it may be wrong. In fact, cloud itself is just an isolated space allocated on online servers by following specific rules or standards which can be accessed from anywhere as long as you have access to Internet.
What is Cloud Computing?
Cloud computing represents a model where the software and storage for an application is hosted on-demand. The consumer can then ‘rent’ this application as needed, with minimal upfront costs. It is a paradigm shift on the delivery of these applications to end users..
Rather than storing your data locally on your computer or device, may or may not be secure, you just store it in the cloud. Or more specifically “in the cloud”. All of your files and documents could be stored elsewhere online, accessible from any device that has internet access. This serves as your own personal server!
The idea behind storing everything in “the cloud” is that it would eliminate some problems you may face today. Some of these concerns include loss of equipment, theft or damage to equipment, and the possibility of data loss on a device. With “The Cloud,” you just need your computer, or even your phone, with internet access to get to any of your files from anywhere.
What is Cloud Storage?
Cloud storage allows users to store and sync their data to an online server. Since saving of files is in the cloud rather than on a local storage, these can be available on multiple devices. This allows a person to view, edit, and comment on files from various computers as well as mobile devices. It eliminates the need for workarounds such as sending oneself papers. Usage of cloud storage may also include backing up of your hard disk.
A wide range of file formats are supported by cloud storage systems. Typical files that are supported are: text documents, pictures, videos, and audio files.
Top picks as best cloud storage and file-sharing services for 2021 include IDrive, SugarSync, Microsoft OneDrive, Box (Personal), Google Drive, CertainSafe, and SpiderOak One.
Cloud-Based Storage Services
In recent years, there has been a dramatic increase in cloud-based storage offerings by these providers. These services typically offer customers unlimited online or cloud storage with automatic data backup. In many cases, the service is free for a limited period of time – perhaps one or two years. Afterwhich, users may begin to be charged on an ongoing basis based on usage.
The attractiveness of these cloud-based storage services arises from their convenience. Automatically stored backups require little user intervention. In fact, most people probably do not even know that their data are being backed up automatically. This ease and flexibility can improve security for end users, since they need not worry about manually backing up their own data every day or every week. Additionally, cloud-based providers can modify their storage infrastructure in response to new technological developments.
Types of Cloud-Based Systems
There are three types of cloud-based systems, which are as follows :
- public clouds hosted on a third party/external provider
- private clouds hosted on a company network servers or computers with access to an internal data center/company resources/servers
- hybrid clouds that allow users to seamlessly and transparently use a mix of both public and private cloud services
The first type which is hosted on a third party/external providers is the most common and most popular. An example of this is the Google Apps. Meanwhile, the second type which is hosted on a company network is not widely used and rarely tapped due to very few companies have the right amount of funding to build a private cloud-based infrastructure.
Advantages of Cloud-Based Data Management
Cloud-based services, including business intelligence, are becoming increasingly popular in modern era. In fact, cloud technology is driving the whole internet economy which enables individuals and businesses to use software applications online at a relatively cheap cost.
The main advantages of using cloud computing for business are:
Cost Savings for big data.
If you’re concerned about the cost of making the move to cloud computing, you’re not alone. The initial expense of installing a cloud-based server concerns 20 percent of companies. However, those seeking to balance the benefits and drawbacks of adopting the cloud must consider more than simply the initial cost; they must also consider return of investments (ROI). Once you’re on this technology, having quick access to your company’s data will save you time and money when starting new projects.
When you have your own server or dedicated hosting space, you will need to purchase extra hardware when you start getting more traffic on your website which may be quite expensive. However, with cloud computing service, there is no need for additional hardware as the web servers will only use resources from hard drive capacity. You can also scale up or down anytime so that you pay only for what you really need and not for idle capacity which would cost you a lot for your business. An example is the Software as a Service (SaaS) that utilizes the internet to deliver applications managed by a third-party vendor. A majority of SaaS applications run directly through your web browser, which means they do not require any downloads or installations on the side of the customers.
Security, most especially of management data.
This is such a big concern when you have your own server or dedicated hosting space. The security can be compromised anytime by hackers which may result in loss of data and money. However, with cloud computing services, all important information will be backed up at different locations. Thus, it is almost impossible to hack into the system without being noticed by the security team. Also, there is no need to constantly maintain the firewall and virus protection. Such cost a fortune for your business if you are actually using a dedicated server or hosting space.
Efficiency and big data management.
In addition to saving costs, another great advantage of using cloud computing service is that it increases the efficiency of your business by giving you more time to focus on what really matters. You can also perform multiple tasks at the same time and share resources without having to worry about anything else.
Backups and disaster recovery.
Data backups can easily be automated and managed by cloud storage vendors. This can allow the organization to focus on other tasks while being confident that its data are safe. Having an up-to-date backup on hand at all times also speeds up the disaster recovery process.
Improved data quality due to business intelligence.
Through cloud-based data management, companies can create a single source of truth for every data point. Also, data remain consistent, clean, and up-to-date.
Reducing environmental impact is another major advantage of cloud data management. According to the Amazon Web Services (AWS), the average corporate data center has dirtier power mix. This is when compared with the typical large-scale cloud provider. In conjunction with other cloud providers, AWS uses a power mix that is 28 percent less carbon-intensive. This has an impact on climate control expenses, as running equipment at top performance levels in ideal temperatures is significantly more expensive. Due to the use of energy-efficient technology and lower carbon emissions, the cloud removes this unnecessary spending.
The Power of Fiber Connection
Because of the numerous benefits it offers, the usage of cloud-based data management is becoming popular. And this is among all types of businesses. With this, it is essential to have the best fiber internet connection. The stored information in the cloud can move at the speed of light. Thanks to the fiber-optic network, it allows end users to access the cloud more quickly and without interruption.
Indeed, unlimited and reliable internet speed is a vital factor in the productivity of your business. And the wonderful news? Streamtech, one of the Philippines’ newest internet service providers, offers reliable business internet for businesses and enterprises.
Streamtech Enterprise affords a variety of packages that delivers the highest level of fiber internet and data services. It also offers flexibility through its services. And it provides a strong technical support team deployed to do quick installation and deliver quality service.