The old business adage “you have to spend money to make money” rings true for many companies in the age of Big Data.
In the financial services industry, Big Data is helping companies drive operational efficiencies, uncover customer insight, and stay on top of market dynamics. However, to fully capitalize on all of the possibilities that data has to offer, businesses must be prepared to make substantial investments in technologies that help them collect, manage, and store large volumes of digital data.
Financial customers, employees, and business processes continue to generate data at a rate that is quickly outpacing available storage capacities. Existing storage infrastructures are being stretched to their limits, and new technologies are needed to bring data storage back to a more efficient and economical level. Many financial services firms, particularly smaller ones, can struggle to absorb the cost of upgrading and expanding their storage architectures.
Total cost of ownership (TCO) is often used to evaluate the economics of IT assets over their lifecycle, and solutions that deliver low TCO can help justify a large capital investment. When evaluating TCO of a storage investment, it’s important to account for not only upfront acquisition costs (hardware, software, deployment, training, etc.), but also ongoing expenses that will accumulate over the life of the investment (data center space, service or maintenance contracts, energy consumption, and IT staff).
Here are a few best practices that can help financial services firms simply and save to transform the TCO of their storage investments:
- Leverage your existing storage architecture. It’s a fact that many businesses are still using legacy technologies because they were at one time very large investments for them, and they want to leverage those systems for as long as possible. Building new applications and systems onto existing infrastructures can drive IT transformation while also extending the life of technologies that are already in place.
- Select technologies that are simple, flexible, and easy to use. Systems that virtually run themselves release IT departments from constant in-house management, allowing them to focus their efforts elsewhere. Storage architectures which leverage a single repository to house all data resources eliminate information siloes and allow staff to manage the totality of the business’s data using one unified platform.
- Above all, seek scalability. Solutions that can seamlessly scale on-demand are more capable of supporting future data expansion and positioning your enterprise for growth. Limitless storage capabilities will also help circumvent time-consuming data migrations, and allow in-place upgrades to take place as data volumes grow and technologies change.
- Pack more storage into less space. Modern storage solutions are designed for servers with a dense form factor that cram more storage into less floor space and require less energy consumption. This can be particularly helpful when paying exorbitant rental fees for data center space, enabling you to invest in less hardware while still gaining the same amount of storage power.
Software-defined storage and archival solutions can deliver efficient data storage and deliver massive scalability while lowering costs by 50-70%. An intelligent archiving solution can help financial organizations simplify their storage architectures, reduce storage costs, and realize quicker time-to-value for their capital investments.
The costs of storing growing data volumes are quickly exceeding current budgets, and placing pressure on IT departments to implement new storage techniques that will both help the business grow and achieve breakthrough IT economics. New storage technologies can help financial services organizations intelligently manage their data assets, dramatically reduce TCO of their storage investments, and support ever-expanding data volumes.