Data is to technology what oil is to commodity, says Justin Loh, Singapore Country Director at Veritas, an international data management company. “As far back as 2006, data was coined as the new oil, underscoring its importance as one of the most valuable resources in the world,” he points out.
“Data is used by well-established businesses to boost customer retention and acquisition. Banks use it to manage risk, retailers to drive innovation, and so on. Akin to oil, data requires proper storage and management or risk turning it into a liability if left unchecked.”
Loh qualifies that with data, less could be more. “The digital economy is very much powered by data, or more accurately, by the actionable insights gleaned from them. However, processing the 2.5 quintillion bytes of data that is created every day is not easy. To add to that complexity, more new and stringent regulations are in place to safeguard data privacy, urging organizations to reassess their current data management practices.”
Justin Loh, Singapore Country Director, Veritas
“Today’s digital economy is very much powered by data, or more accurately, by the actionable insights gleaned from this treasure trove.”
- A STRATEGIC MINDSET
- ABSTRACTION IS KEY
- A RICH HERITAGE
- DATA-DRIVEN RECOVERY
A Strategic Mindset
A strategic mindset is critical for organizations to fully realize the benefits of data management, Loh suggests. This involves taking a long-term view of data, carefully considering how they will be managed throughout the business’ life cycle – including protection, classification, provisioning, analysis, and eventually expunging or archiving data.
A recent Veritas research, Value of Data, has come up with correlative figures on losses resulting from poor data management. Data that is not actively used falls into an invisible pit where it is stored passively in alarming numbers. “Globally, organizations hold on average 52 per cent Dark Data, 33 per cent Redundant, Obsolete, or Trivial (ROT), and 15 per cent of identifiable business critical data.”
Tackling dark data is not the only data management challenge businesses contend with, explains Loh. “In Singapore, businesses could be looking at a loss of up to US$2.66 million annually in their struggle with data management challenges. Employees lose approximately two hours each day searching for data, resulting in a 16 per cent drop in workforce efficiency.”
- A STRATEGIC MINDSET
- ABSTRACTION IS KEY
- A RICH HERITAGE
- DATA-DRIVEN RECOVERY
Abstraction is Key
Loh views abstraction as key to data management. “At Veritas, we believe that an integrated approach to data management is key to helping organizations navigate an increasingly complex digital landscape.” At the core of its proprietary services platform is a unified set of technologies designed to abstract the complexity of enterprise IT. To imagine how a platform can abstract complexity and improve our lives, consider how a smartphone abstracts the complexity associated with all its features and apps’ capabilities to deliver the outcomes that users require, Loh elaborates.
Data will continue to drive the growth of the digital economy, regardless of the space in which an organization operates. “The numbers revealed in our Value of Data study speak for itself; notably, 45 per cent of Singapore organizations are grappling with a loss of revenue opportunities, and 43 per cent expressed that they are unable to compete successfully in the market due to data management struggles – significantly higher than their global peers.”
“Data is the foundation of today’s digital era. Collecting, storing, analyzing and utilizing data will inspire innovation and in turn, drive businesses into the competitive future.”
Meanwhile, organizations that invest in proper data management are realizing benefits, with 70 per cent of respondents saying they have reduced costs, while over two-thirds say their employees are empowered to be more productive, Loh says.
“Data is the foundation of today’s digital era,”Loh emphasizes. “Collecting, storing, analyzing and utilizing data will inspire innovation and in turn, drive businesses into the competitive future. For organizations, the key objectives of data management will be met if they could achieve the business outcomes that matters most to them – highly available business applications, protected data, and insights that drive compliance and strategic decision-making.”
- A STRATEGIC MINDSET
- ABSTRACTION IS KEY
- A RICH HERITAGE
- DATA-DRIVEN RECOVERY
A Rich Heritage
Veritas Technologies has a rich heritage of over 30 years in the data center industry, providing innovations through each transformation phase – from on-premises to the cloud – abstracting IT complexity and simplifying data management for over 50,000 enterprises. In addition to the solution portfolio, it provides an expertise in bridging the gap between data management solutions and the know-how through the Veritas professional services from education to business critical, consulting, managed, and appliances.
“Traditionally, we see the protection portfolio contributing a considerable share to Singapore’s revenue stream. This portfolio continues to stay relevant with ongoing enhancements to our capabilities to address threats such as cybersecurity and ransomware attacks that will impact business operations.”
As organizations forge ahead with digital transformation, a greater emphasis is placed on keeping the digital business up and running, Loh explains. “This, coupled with the need to know with ease that business operations are running optimally and in compliance with regulations, is driving increased demand in our availability and insights portfolio.”
- A STRATEGIC MINDSET
- ABSTRACTION IS KEY
- A RICH HERITAGE
- DATA-DRIVEN RECOVERY
Data-Driven Recovery
“I believe that the recovery for businesses in the technology sector is none other than a data-driven one"
“The pandemic has catapulted several years of digital transformation into weeks for many companies but recovery stages will differ across sectors,” Loh observes. “Transformation in sectors such as manufacturing, finance and ICT will see a quicker recovery. The outlook for sectors that are hardest hit by the pandemic, such as tourism and retail, will be less rosy, as these businesses continue to grapple with dependencies for recovery.
“I believe that the recovery for businesses in the technology sector is none other than a data-driven one. Technology firms who are already ahead of the digital curve should start thinking about how they want their post-pandemic recovery plans to look like,” he says. Research firm Mckinsey has laid out a 90-day plan, Loh cites. “It focuses on four efforts: refocusing and accelerating digital investments in response to evolving customer needs, using new data and AI to improve business operations, selectively modernizing technology capabilities to boost development velocity, and increasing organizational agility to deliver more quickly.” The speed of recovery is unique to each organization, but an organization can set themselves up for success if they plan for it.
“In the latest Fortitude Budget announced by the government, more than SG$500 million will be allocated to support local businesses in their digital transformation efforts. This includes facilitating companies in their adoption of e-payments, e-invoicing and more advanced digital tools.
“Digital transformation is no longer optional for organizations, regardless of size, that are looking to stay competitive and relevant. Though we are cognizant of the challenges, the road to recovery will be in a positive direction if businesses, large or small, are prepared to discard the old ways and embrace a strategic mindset for digital transformation,” he concludes.
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