In a special extended version of the Data Modernization Minute, episode 42, Janet Schijns explains why data modernization is crucial for organizations and how partners can assist in modernization efforts.
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Highlights
00:45 — By 2025, more than 200 zettabytes of data will be in cloud storage around the globe — an increase from the 4.4 zettabytes of data in cloud storage in 2019. The rise in data collection provides an opportunity for organizations to evaluate the use of their data.
01:10 — Data modernization requires moving data from a legacy database to a modern database. It’s crucial for organizations that need to store unstructured data such as images, audio messages, social media comments, or clinical notes.
01:53 — To modernize data, organizations must take the proper steps to build a seamless data environment that’s protected and usable across the enterprise environment. Janet believes that partners play an essential role in data modernization.
02:13 — Janet offers an example of how partners can assist with data modernization efforts. In healthcare, 30% of clinicians make data-driven decisions using a self-service tool. As a result, there are 12 million data-related diagnostic errors annually in the United States. How can partners help reduce the number of diagnostic errors? Janet lists three ways:
- Putting together a data process that overcomes data silos
- Democratizing the use of higher-quality data
- Using artificial intelligence (AI) and analytics to ensure the right decisions are proposed to clinicians
04:10 — On a simpler level, partners can also provide visibility into data migration impacts as well as reduce the cost and time spent by moving clean data to the cloud.
05:23 — The examples of partners as a way of modernizing data are not limited to specific industries, but can be applied to all vertical industries. Janet offers another example of data modernization, in combination with partners, in the retail industry.
05:34 — The average retailer has about a $13.3 million cost that is caused by poor data quality. 54% of surveyed retailers stated last year that they don’t have a single view of their customers across all channels. Janet suggests that the right partner can drive more personalized omnichannel experiences by ensuring data is accessible from a central point.
06:25 — Furthermore, partners in the retail industry can help create data modernization practices in a way that translates the data into powerful, actionable insights, which will help optimize decision-making.
06:57 — Janet lists other initiatives that partners assist in, including:
- Security breaches
- Building customer trust and loyalty
- Maintaining compliance
- Accelerate data migration
- Create an enterprise-wide data catalog
- Eliminate data duplication
08:43 — Partners are a crucial factor in data modernization, as they play an important role in securing collected data. For businesses looking to modernize their data, Janet encourages turning to a partner strategy.
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