Businesses grappling with regulatory and compliance requirements around archiving and long-term data retention has resulted in storage sprawl and the accompanying data silos. Could you explain to us why this is so?
Regulatory and compliance requirements typically require businesses to protect certain data from destruction for a specified length of time. According to a 2013 Financial Data Management Benchmarking Report[ii], dealing with regulatory data requirements and the subsequent data silos within the organisation is one of the main data management challenges faced by businesses today - specifically financial institutions. Coupled with increasing reliance on big data as a means of securing insights and generating business growth, organisations increasingly find themselves facing large volumes of stored and archived data.
This leads to storage sprawl, which leaves many companies grappling with the challenge of having to manage and share data within the organisation. Indeed, given that efforts to adhere to and satisfy financial regulations largely depend on high quality and accurate data for compliance, the need to manage such data sprawl has also inadvertently become a key barrier for businesses.
Businesses may believe that archiving and long-term data retention are solely for the purpose of meeting regulatory compliance standards. However, the reality is that while such data does require retention, there are many other types of common application data that can benefit from long-term data retention as well. Data is growing at a much faster rate than IT developments and the need to manage such extensive amounts of company information has created many new challenges for business and IT leaders. As such, it is essential for organisations to constantly seek innovative solutions so as to securely store and manage all this data.
Which sectors in Asia Pacific are most affected by this next-generation storage shift? Why?
The next-generation storage shift is applicable to all sectors in Asia Pacific as the use of applications and data is not a phenomenon that is specific to any industry. Leveraging on these avenues is a potential source of new business and growth opportunities, and is thus of significant importance across all verticals. The emergence of this new breed of storage systems, such as Oracle's ZS3 series, generally enables businesses to have faster time-to-insight and perform critical business functions at a much quicker rate - benefits which can be applied to multiple industries and sectors.
[i] IDC: APEJ Big Data Technology and Services 2012-2016 Forecast and Analysis. Source: http://www.idc.com/getdoc.jsp?containerId=AP2670106X
[ii] 2013 Financial Data Management Benchmarking Report. Source: http://fenergo.com/industry-knowledge/whitepapers/2013-financial-data-management-benchmarking-report.html
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