By Sophie Kane, Associate Director of Marketing at Ocient
In today’s data-driven world, organizations face numerous challenges that demand their attention. These could encompass anything from a continuous influx of data to out-of-control cloud and data analysis costs. To ensure sustained success, organizations must first determine the rate at which they expect data volumes to grow so they can then develop effective strategies for managing and leveraging this information.
As our team returns from the Gartner Data & Analytics (Gartner DA) conference in London, we find ourselves reflecting on the invaluable discussions had with fellow leaders who are currently confronting these challenges head-on. Reflecting on these conversations and findings, we discover that the attendees from the Gartner event are not alone in their relentless pursuit of solutions. Resounding questions, such as “How can my business navigate and modernize amidst my organizations ever-expanding datasets?” “Can I better direct my spend to foster innovation?” “How can I unlock new capabilities by leveraging new tools and technology?” reverberated both on and off the show floor this year.
Looking to bridge the gap between these questions and the insights we’ve gathered, we embarked on a quest to “poll the crowd” and gain an insider’s perspective on the sentiments prevailing within the data and analytics industry. We’re excited to present the results of the industry survey we conducted on the show floor at Gartner DA. These results shed light on the prevailing trends, developing pain-points, and untapped opportunities that emerged from our conversations with industry experts and passionate data enthusiasts. Let’s dive into the findings.
Thinking Beyond Big Data
At the Gartner show in London, our industry survey revealed that the majority of respondents (75%) anticipate a rapid growth rate in data volume within their organizations over the next 1-3 years. This reflects the increasing importance of data and analytics in various industries, from telecom to agriculture & farming, emphasizing the need for proactive measures and new solutions to manage and leverage this exponential growth.
Challenges on the Rise
To tackle the challenges associated with growing data volumes, organizations are employing various strategies. Our conversations with attendees highlighted a strong inclination towards modernizing their data strategy (28%) and replacing outdated legacy systems with modern technologies (35%). This signifies the need for strategic, scalable, and efficient end-to-end solutions that can also support modernization and migration projects.
Cloud migration emerged as a popular option (23%) for handling expanding data volumes, with many citing scalability and flexibility as key benefits. However, concerns regarding rising costs were also expressed, reflecting the importance of finding a balance between innovation and financial implications.
An Emphasis on the Economic Climate
Our survey revealed diverse effects that the current economic climate has had on organizational spending. While some companies experienced an acceleration in spend (16%), a significant number reported no impact (26%). However, a smaller portion mentioned slowing down spend (8%), likely due to cautious financial planning. Notably, none of the organizations we spoke to have paused or frozen their spend completely due to current unstable economic conditions.
What’s Keeping You Up at Night?
Ensuring data security and compliance emerged as the top concern for organizations in 2023, with 31% of respondents expressing worry in this area. The increase in regulations and data breaches have caused organizations to recognize the importance of safeguarding sensitive information. So much so that one respondent suggested we include “ethics” as a choice to select in this section. Data quality stood out as another prominent concern (29%), emphasizing the significance of accurate and reliable data for effective decision-making. Performance and scalability (28%) were also flagged as critical considerations, as organizations strive to process and analyze vast volumes of data efficiently. Additionally, privacy concerns (18%) and managing data-related costs (20%) were cited as important factors for organizations to address.
Whether on-site at Gartner or while at one of the many other events Ocienteers attended in the month of May, it’s clear to us that organizations must brace themselves for the rapid growth of data in the coming years by implementing comprehensive strategies. Modernizing data stacks, leveraging the power of the cloud while not breaking the bank, ensuring data quality, and addressing security concerns will enable organizations to unlock the potential of data and drive success in an increasingly data-centric world.
For further insights on the state of the data and analytics industry, dive into our Beyond Big Data (BBD) Report – and stay tuned for the second installment coming to a screen near you this Fall.