Data management and analytics have become crucial for businesses globally despite their expenses. Many companies have mentioned that downtime costs have become a concern regarding data innovation. Some digital experts have moved towards cloud strategy to reduce the downtime costs, while others have drifted towards automation. An unexpected rise in downtime costs has confused data managers. They do not know if they want to expand their data structure or update the existing ones. In his article for Database Trends and Application, Joe McKendrick shares his insights on downtime costs and how they can affect digital innovation.
Understanding the Downtime Costs
Data strategists are pretty aware of the problems they might face in the wake of data fatigue. In a survey conducted by Unisphere Research, 49% of the respondents said that ensuring data stability, patching, and fixing data issues are the costliest part of data operations. However, 40% of the participants stated that ensuring security consumes most of the budget.
To tackle the issue of safety and stabilizing data, several organizations are planning to consolidate databases. In addition, they are planning to adopt cloud-based services that will give more flexibility to their data structure.
Implementing the Solutions for Downtime Costs
Experts believe merging databases and data centers is an effective strategy to reduce downtime costs. The introduction of virtual and abstract data environments, infrastructure-as-a-service, and platform-as-a-service is becoming equally popular among companies. According to the Unisphere Research survey, 29% of organizations are looking for digital vendors that can take care of their entire digital operations. It is considered efficient to let go of the hassle and focus on traditional business operations. However, McKendrick states that there is another side to this approach. The IT sector is expected to witness a 79% rise in downtime costs in the coming year, which will automatically increase the digital expenses of the firms.
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