If any area of a midsize business could use the transformative magic of a fairy godmother in 2019, it’s data management. Increasing digitization of processes, machines, and human interactions is generating so much data that growing companies are running out of room to store it all. And with such a burdensome trend, growing companies are unable to access the insights they need to capture the attention of new and existing customers.
More and more, companies understand less about their customers and business. You would think it would go in the opposite direction with the rise of ubiquitous connectivity, access to cloud technology, generation of vast amounts of data, and interest in machine learning. But, unfortunately, it’s not. This situation is happening because massive volumes of data are dispersed across multiple clouds, applications, systems, and platforms.
Resolving this problem requires much more than the wave of a wand for more storage capacity and bigger servers. These wishes only address the symptoms of a much more significant challenge. Growing companies need to rethink their entire data management strategy before they drown themselves in data and miss out on the insights and tools they need to remain competitive.
Redesigning the tattered fabric of data management strategies
Business leaders always say that they expect three things from their data systems: reliable data that empowers employees, access to the latest analytics to amplify insights, and deep intelligence that delivers focused outcomes. But according to a recent IDC report, only 17% of midmarket businesses have an enterprise-wide data management strategy that ensures seamless data access, integration, and orchestration to expand digital capabilities.
Natalie Kern, senior business development manager at SAP, suggests that growing companies need to go beyond capturing, storing, and processing data. By extending their data management practices to operationalize their data, businesses can free up employees to focus on more intelligent, high-impact work and automate mundane processes. “So instead of handling Big Data, for example, they can analyze it in wise, intelligent ways,” she says.
In essence, data management needs to be a continuous foundation from which all business activities run. As strategic as it is fundamental, treating data as an asset allows businesses to accurately monitor and optimize performance, identify cost savings and revenue growth opportunities, and secure strong compliance with regulations and internal policies.
“Data is the place where answers to business-critical questions can be found. To take advantage of this capability, midmarket companies first need to have all their data in one place so they can quickly dig into those insights with ease and take action,” shares Ameet Hundekari, director of general business sales (EMEA South) at SAP.
Unifying trusted data to ensure operational optimization and compliance
Although subject to the same challenges as their larger competitors, midmarket companies tend to be more aggressive in resolving them. In fact, they continuously seek leading-edge competitive advantages to keep costs low, maintain compliance consistency, mitigate risks early on, respond to emerging opportunities quickly, and wow customers every time.
This is only possible with the right data management strategies that make trusted, actionable information readily available.
Hear more midmarket insights from the experts featured in this blog and many more in the podcast series “Let’s Talk Data” including:
- Accurate and Affordable Data Cleansing in the Cloud
- Data Warehousing for the Midmarket: Making Data More Accessible with Cloud Architecture Flexibility
- Top Ways Midmarket Companies Can Benefit from the SAP HANA Service and SAP Cloud Platform
- Architecture and Designs that Drive Implementation for the Midmarket
- Midmarket Data Management to Drive the Intelligent Enterprise