Data is growing by leaps and bounds, and organisations need to invest in new hardware, software, and skills if they want to keep up. According to Forbes, “worldwide revenues for big data and business analytics will grow from $130.1 billion in 2016 to more than $203 billion in 2020, at a compound annual growth rate (CAGR) of 11.7%.” By following data management strategies, companies can improve their daily operations and improve their decision-making processes. Data management is an essential strategy for companies, as it gives executives insight into what’s going on in the business, and help them move from insight to action. When it comes to SAP data management, things can be a bit more complex. If you want to reduce the size of existing SAP systems and decrease the cost and complexity of a SAP HANA conversion, then it’s important to understand how to overcome data growth challenges.
Here are some of the challenges around data:
Lack of data governance
With GDPR approaching and other strict data laws, companies need to have a strict understanding of data governance. However, many companies have no clear ownership of data and a fragmented governance around it. There needs to be a formal system of responsibility around data.
Confusion around data management
Data management should be seen as a holistic approach, instead of a technical activity. If your company doesn’t understand data management, you won’t be able to make informed decisions.
The proliferation of data will lead to increasing costs. Companies need to prepare for costs like hardware, administrative costs and the costs for acquiring skilled staff.
Data volumes and availability will impact business performance, as data will constantly have to backed up. As business needs differ for different organisations, there might be some difficulty in scheduling times to do backups.
Here’s how companies can overcome data growth challenges:
- Identify the right data
- Make sure you’re compliant
- Implement SAP Information Lifecycle Management
- Data archiving
- Data retention
- Data migration
- Data deletion
As SAP data management specialists, we provide data management solutions that deliver real business benefits, which will help you keep up with the ever-increasing growth of data. Our services includes data archiving, SAP ILM data retention management, and SAP Information Lifecycle Management decommissioning.