As technology becomes more widely accessible worldwide, copious amounts of data are produced every day. We may find ourselves empowered with the countless possibilities with which to use this data, but sometimes it can be overwhelming when data flows so continuously.
The flood of information can be referred to as "data overload," and it has inevitably become a part of our daily lives. As we struggle with the overabundance of data, the consequences — both positive and negative — are evident in a variety of aspects across industries and businesses.
A study by Oracle and New York Times best-selling author Seth Stephens-Davidowitz revealed that people appear to be drowning in an immense amount of data. The study, which surveyed over 14,000 people in 17 countries, showed the overwhelming concern shared by the majority of respondents: the difficulty of managing the deluge of data, which affects both professional performance and personal well-being.
According to the study, 86% of the people surveyed in Asia Pacific believe that the increase in data volume has turned decision-making into a complex puzzle, complicating matters in previously unimagined ways. Moreover, difficulties in coming up with decisions regarding such an influx of data are not rare occurrences; they are a daily burden for 61% of participants.
Chris Chelliah, senior vice president, technology and customer strategy at Oracle Japan and Asia Pacific, explained, “As businesses expand to serve customers in new ways, the number of data inputs required to get the full picture expands too. Business leaders that make critical decisions ignore that data at their own risk.”
While data is a significant tool, it also offers some challenges. Thirty-three percent of the respondents admitted to being unsure about which facts or sources to trust. Even more concerning is the discovery that 71% have completely abandoned a choice at some point because of the sheer volume of data. This should be taken seriously since it could lead to missed opportunities and excessive spending.
Recognizing these challenges is the beginning of finding solutions for them. Companies must have complete trust in their data. Oracle's autonomous data warehouse solves this by providing not only data but also a dependable, always-available data assistant enhanced with machine learning and analytics. Forth Smart, a Thai FinTech firm, is a perfect illustration of how Oracle technology was used to streamline operations.
Cloud computing solutions like Amazon Web Services, Azure and Google Cloud can also provide scalable solutions that can adapt to changing data needs. Organizations may manage the flood of data more efficiently and effectively by using such platforms.
Data lakes and warehouses serve as central repositories for storing and managing massive volumes of organized and unstructured data. A data lake allows enterprises to store raw, unprocessed data, whereas a data warehouse is intended for analytics and reporting. Combining the two enables companies to take a holistic approach to data storage, ensuring accessibility and efficiency. Storage costs, however, might become more prohibitive as data continues to grow. By putting data in a more compact format, compression techniques minimize physical storage needs. This could also eliminate redundant copies of data, saving storage capacity even further. These approaches not only cut expenses but also speed up data retrieval.
Data security and compliance should also be considered when managing large amounts of data because big data often contains sensitive information. Encryption, both in transit and at rest, guarantees that data stays private. Access restrictions and user authentication procedures provide an additional degree of security by restricting access to only authorized individuals. It is equally important to have a strong data governance architecture to ensure compliance with industry requirements and corporate rules. This involves identifying data ownership, putting in place data quality standards and keeping a clear audit trail. Adhering to these standards not only reduces regulatory risks but also promotes a culture of responsible data handling.
Effectively managing the challenges of having big data may differ from company to company. Organizations must take a strategic approach that is geared to their particular demands and growth paths. Companies that proactively address these difficulties will not only benefit from the potential of big data for informed decision-making but will also propel themselves as leaders in the data-driven future.