How to Make Big Data Work for Business Efficiency: Moscow Summit on Business Sustainability
The Summit on Business Sustainability, which was held on May 16th in Moscow, was the first event in Russia under the new Syncsort brand. The experts of Syncsort discussed Big Data trends and major challenges to Big Data-driven business, such as rapid growth, confidence in the data a company collects, data compliance with regulatory requirements, effective resource management and more. Data has ceased to be just an addition for businesses and has become an essential part of the equation. Entrepreneurs must solve these challenges to be effective and sustainable and the market-leading solutions from Syncsort can help them to this point.
Ready for the Future: 4 Big Data Trends
“It’s a fact, that mankind has entered the era of the Fourth Industrial Revolution,” Dr. Tendü Yoğurtçu, Ph.D., CTO at Syncsort, stated as she started her speech. She pointed out four main trends which influence IT technology markets:
- development of cloud services
- Internet of Things (IoT) & streaming data
- data science & artificial intelligence (AI)
- data governance
Today, cloud services are used by even the most security-dependent industries such as banking and financial organizations. The cloud offers significant advantages: agility and time to market, increased scalability and data availability, on-demand investment, and pay-as-you-go. There are some problems too: IT governance and compliance, capacity management and planning, and limited portability between cloud providers. As a result, the hybrid use of cloud services and premise servers are becoming the standard.
Since 2013, the volume of streaming data between devices has increased by 5x. IoT gives business an opportunity to increase its efficiency, revenue, and reduce costs. At the same time entrepreneurs are faced with challenges like managing separate data recorded in unstandardized formats with the necessity to analyze it in real time.
Through AI solutions, businesses can manage churn and cross sell, analyze risk and fraud, predict propensity to purchase, and prevent deficiencies. Among the topical problems are realizing ROI, data preparation, availability & accessibility, and lack of the highly qualified data scientists.
Data governance is another trend which improves business efficiency with its benefits:
- regulatory compliance
- understandable data context
- providing accuracy, completeness, consistency, relevancy, timeliness and validity of data
However, the challenges are multi-platform, data volume and complexity, consistency of sources, and compliance demands.
“To solve these challenges companies need solutions, which focus on optimizing, assuring, integrating and advancing data anywhere, whether that is on premise, in the cloud, or both. And Syncsort creates such solutions,” Yoğurtçu said.
More details about Syncsort’s solutions for Big Data-driven business were presented by other speakers at the Summit.
Data safety is the main challenge
Regional Director Alexander Trekin introduced a new version of the software MIMIX Availability 9. It’s a cross-platform solution for business sustainability, which was entered the market on May 14. According to Syncsort’s annual survey, the majority of IT professionals consider security will be the most common IT initiative for the coming years.
MIMIX Availability 9 not only guarantees the disaster recovery of IT systems, when the loss of data has already occurred, but also enables to predict potential threats and avoid them. “Today, regulatory requirements for data protection are becoming more and more tight, so a multi-level security system now is not just a want, but a necessity for business,” Trekin shared with the audience.
“Don’t let your data turn to swamp”
Along with the importance of secure data, the data quality is also critical. The pollution of the data lake is a typical problem that organizations face. “Data flows into lakes from different sources, in different formats, and it often contains errors already at the input,” explained Ben Dunmore, the Syncsort Consultant on global solutions in the EMEA region. “As a result, companies lose profits. Our survey showed that 88% of executives suffered from conclusions based on incorrect data.”
To solve this problem, Dunmore presented Syncsort’s the Trillium Quality for Big Data, designed to integrate a large amount of diverse data, clean it up and bring it into a single standardized format.
“To prevent fires instead of extinguishing them”
Ian Upton, Syncsort’s Director of North EMEA, devoted his report to Syncsort’s Athene capacity management products, which create a 360-degree business portrait. Companies can estimate the amount of available resources, their service life, and model production process under the given conditions. “The maturity of the company is determined by how much it works for pre-emption in order to prevent fires instead of extinguishing them,” Upton pointed out. “At the same time, any business is always looking for the optimal balance between costs and revenues. An effective resource management system is the tool that enables this goal to be achieved.”
“Syncsort appreciates the past, works with the present, and prepares for the future.” This motto highlights the company’s commitment to preserve traditions and create innovations. The announcement of the new product, which is currently in development, became the proof of this statement.
All speakers and guests of the Summit agreed, that today “data makes the difference.” As a business’s sustainability and efficiency are determined by data quality and analyses, it’s a necessity for entrepreneurs to be up to date in the field of IT solutions. Summits such as this give IT specialists and business representatives a good opportunity to exchange their experience and get the latest news about industry.
Fore more, make sure to check out our webcast from Dr. Tendü Yoğurtçu on Data Quality and Lineage.