Take the Necessary Steps to Organise and Store Big Data Correctly
18 June 2017
2016 was a milestone year for big data and 2017 will show continued growth in this area as more organisations store, process, and extract value from data of all forms and sizes. Today, there are about 3.2 zettabytes of big data out there in the cybersphere and, amazingly, that number is expected to grow to 40 zettabytes before 2020 (https://it1.com/big-data-explosion-top-tips-for-data-management). CFOs must now, more than ever, shift from simply being a financial steward to a committed growth driver in order to keep up with trends in big data and ever-evolving technology. Read ahead to take a look at the 5 tips we gathered for CEOs to prepare for the data explosion in 2017 and discover the steps you can take to navigate these new technological waters.
- Strengthen the relationship between CFO and CIO.
The relationship between the CFO and CIO will grow in importance as the new age of data gains traction, as the CFO cannot do everything autonomously and needs access to the resources and functions that are currently shrinking. The CIO must provide the necessary insight and help form a greater competitive advantage as the CFO continues to act as the main thought-leader. A way to attain this result is to open the door to innovative technology in the form of a data-led service platform.
- Commit to digital transformation on a massive scale.
Over the next two to four years, companies will have to devote their energies to capitalising on the convergence of social, cloud, mobility, data analytics, and security to engage an increasingly tech-savvy workforce and customer base. About 72% of CEOs said it is “critical” or “very important” for an organisation to implement a digital business model (http://www.techrepublic.com/article/72-of-cxos-committed-to-digital-transformation-only-15-believe-they-can-do-it/). It is important to consider introducing sophisticated software to automate certain activities in the workplace and enable high-wage, high-skilled workers to significantly reduce mundane tasks and spend their valuable time on other projects.
- Know the information your company currently stores and organise it.
Figure out what kind of big data your company has and make sure it is adequately organised. It is crucial to know the types of big data your firm carries, where it is stored, and how it is used by all employees, providing a benchmark for the protection measures needed to secure the information. Without a properly measured system where you can find all of the information in one place, unnecessary data could appear in different locations that is virtually impossible to keep track of. Additionally, ensure that you keep your raw data clean; consistently verify that each team contributing to or overseeing the collection of data maintains it and has confidence in its accuracy.
- Implement data protection to keep your big data safe.
Once all of your data is categorised and easily managed, you can introduce safeguards to ensure security of all of your information. The CFO must be able to oversee this data easily and ensure that only authorized groups are able to access and use it. Techniques such as attribute-based encryption may be necessary to fully protect crucial information and apply access controls.
- Stay informed about big data trends throughout the next 5 years.
Now is a time of great change in the digital world and, as the main financial authority at a company, you must stay ahead of the game by staying informed. There are many ways to gather useful, updated information on these trends, including web articles and studies.
Massive increases in data create opportunities to gain new insights and improve business, but also need new organisation methods and techniques. The volume, velocity, and variety of the information floating around is unprecedented and the financial leaders of companies need to know what to expect. By following these steps and becoming continuously informed on the trends in big data, you can prepare yourself for the future data explosion.
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