The world today is producing and consuming information at an unprecedented speed. The Volume, Veracity and Velocity of data being generated every day is constantly pushing us to innovate on both technology as well as business fronts, or fade into obsolescence.
For most organizations, managing data involves a wide range of activities which can be categorized in three broad categories, viz. keeping the data updated, ensuring the quality of data is good, and analyzing this data to draw business insights. However, despite an increasing appreciation of the criticality of efficient Data Management, poor data management was costing organizations almost 13% of their revenues as per a survey in 2012.
In pretty much every study, survey or industry analysis that I look at, there is a clear and consistent undertone of unpreparedness, dissatisfaction and a lack of awareness expressed by industry executives around data management. Leaders across industries and verticals are struggling with the fact that they do not have the necessary expertise, tools or processes in place to manage the unprecedented increase in data that is being collected by their businesses.
While this poses an huge challenge to the industry, it also represents an opportunity for product and services vendors to reposition themselves as a strategic partner for their customers – by not just providing tools and technologies to handle and analyze data but by enabling the customers to understand their data requirements and journey end to end and ultimately derive value out of it.
During most of our brainstorming sessions with our customers, the one sentiment and pain point that keeps recurring and getting highlighted is the time it takes vendors to understand their requirements, identify appropriate solutions and deliver those solutions. How can this time be shortened? How can we address customer pain points immediately? While vendors do need that ‘time’ to understand the customer’s unique situations & problems and come up with solutions, customers simply do not have this luxury of ‘time’ to provide solutions. And neither does the customer’s customer.
The growth in the 3 Vs, combined with the criticality of time, signify that the surest way to success in the data-related areas is via platformization. A way where vendors are able to provide quickly customizable, framework-driven, scalable and robust solutions that can meet different customer requirements. And this is the approach that we believe is working for us with our customers today. All our services are based on this platform-driven approach that leverages many of our home-grown IPs like the UDMF, TAP, DQP, etc. enabling us to provide solutions well within cost and effort estimates.
The challenges that Data Management service providers face are unique and we believe that we must venture beyond the mere requirements of our contracts. Service providers need to provide a solution that connects Data and Business Value in a quick, measurable and transparent manner.