Organizations are in search of new ideas to remain relevant in today's data-driven world. Data is a key asset that can either make or break a go-to-market strategy and bring in the next big change. In this new normal e-commerce has benefitted the most and every business (big or small) is using platforms to get to the consumer with innovative products and services. What drives such behavior?
1. Better products and customer service
2. Increased reach to the market
3. Cost optimization
4. Quick turn around in cash flow
5. And many more.
All the above are data-driven for making informed decisions. Managing data is a key driver for organizations and vendors are hard-pressed to provide secured solutions to feed this hunger. There are various aspects of data from creation to deletion and identifying these aspects of Data Life Cycle Management is complex.
DLCM is nothing new and has been around for eons now. With AI / ML coming into play, the dimension of data management changes. The time required to churn huge data to make decisions has considerably shrunk, in line with the market requirements. Product life cycles are shrinking as consumer needs have increased and organizations have limited time to roll out new products to tend to the market needs. Products can be anything varying from FSI to Telco to Health Sciences to FMCG.
The industry is trending towards a Hybrid operation strategy when it comes to DLCM. Budgets are shrinking and organizations are looking at Service-Based Solutions in a consumption model to meet their requirements whilst managing their cash flow. Both On-Premise and Cloud-Based Deployments will co-exist as this move, towards a Service-Based Solution accelerates. Though the market is not ready for a full cloud-based adoption (excluding SME's), large organizations are approving this approach.
As Data Privacy and Security remain a key concern, Hybrid cloud strategy provides a bridge between On-premise and Full Cloud adoption and helps to manage the journey of data in a more adaptive way.
