As modern technology has improved and businesses have become capable of completing business tasks more quickly and effectively than ever, chief information officers have become much more involved in the day-to-day operations of their businesses. No longer are CIOs simply expected to set up new computers and help employees with troubleshooting tasks – their roles have moved far beyond that preliminary stage, and they’re expected to bring clear visions for how technology can transform their companies.
With the rise of big data in the business world today, the possibilities are beginning to crystallize. Companies now have the ability to collect massive amounts of information, not only about their own customers but also about competing businesses and the greater economic factors that affect them. Using that information, they can make better decisions about their futures.
According to The Guardian, the market for big data has grown tremendously in recent years. The news source recently reported the results of a study from International Data Corporation finding that the data market is in the midst of growing from $3.2 billion in total value in 2010 to $16.9 billion by 2015. As countless businesses realize how effective data can be for improving their operations, demand is increasing, and so too are prices.
With all this growth in big data, though, comes a need for improved office technology. How will companies store all the information they’re collecting? How will they secure it? What will they do with it? Savvy CIOs are full of good ideas, but they need more resources to follow through on them.
Scalable storage space
CIOs have many reasons for turning to cloud computing services – cost and ease of use are two major ones. Another reason is that cloud solutions tend to be scalable, meaning companies can spend the exact amount required to purchase the amount of space they need.
Companies’ needs for cloud storage change when their stockpiles of data become greater or smaller. If a CIO makes the move to mine or purchase a new cluster of information, the company may need more cloud space, but conversely, if a business decides to purge info that’s outdated and useless, more space might be a possibility. In either event, scalable storage space is an innovation that helps CIOs manage their companies’ data in the most cost-effective way possible.
The other interesting development in cloud computing is the dichotomy between public cloud solutions and private ones. Public clouds are affordable, easy to use and tend to expedite the sharing of information among corporate employees. Private clouds lack these benefits relative to public ones, but they make up for their deficiencies with added security.
Which is better? Thanks to the advent of the hybrid cloud, companies no longer have to choose. Sleek, adaptable cloud solutions help businesses put classified information into private storage spaces while also making public information more readily available. It’s the best of both worlds.
As data becomes more prominent in the business world, companies must show a willingness to invest in analytical tools that will help them crunch numbers and find meaningful conclusions. Dan Vesset, vice president of business analytics solutions at IDC, said in a recent news release that this is a work in progress.
“There are big data opportunities for both large IT vendors and startups,” Vesset said. “Major IT vendors are offering both database solutions and configurations supporting big data by evolving their own products as well as by acquisition. At the same time, more than half a billion dollars in venture capital has been invested in new big data technology.”
Data is more prominent than ever, but with that growth becomes a burden for modern CIOs. Technology must evolve to meet the changing demands of business.