Data is an organization’s most valuable asset. It is also a company’s most expensive and difficult to manage asset, with the average company gathering about 25 years of data by the time it reaches $1B in annual revenue. To stay competitive in today’s fast-paced world, companies must be able to quickly access the right data at any given time. But this can be difficult if that data is stored across multiple sources. That’s where Data Modernization comes in! Read on to learn how Data Modernization helps you streamline your data to save you time, money, and resources.

What is Data Modernization?

Data Modernization is a term that describes how companies can modernize their legacy systems to make them easier to use. In simple terms, it is migrating or moving data from legacy databases to modern cloud databases. This means that you aren’t restricted to just creating a single version of your system, but instead creating different versions of the same system to meet different needs. Data Modernization is critical for enterprises that need to store unstructured data like audio notes, social media comments, images, or even clinical notes.

When you modernize your legacy system, you simplify the way people work with it, allowing them to access the data that they need from different departments more efficiently, without needing to jump through too many hoops. Additionally, Data Modernization offers significant advantages in terms of cost and time when compared to the data management systems used earlier. When you have this capability, you can improve the quality of your customer service as well. So, then what are the benefits of Data Modernization?

The benefits of Data Modernization

Like we said before, data is the most valuable asset for an organization. In other words, the data you possess fuels your company’s growth. For any growth-focused organization, ensuring that their data infrastructure, management, and usage are properly streamlined would lead to achieving the set goals. This is where Data Modernization can help you!

1. Streamline Data Processing

Your data drives the decisions your company makes. Analyzing the data you have accurately decides how spot on your predictions and forecasts will be. A common problem that enterprises face is when their existing data processing strategies are unable to meet your business needs and goals. This may be because of manual data entry, improper data cleansing, too many data silos, etc.

With a modernized data strategy in place, your team can collect, correlate, process, store, and use data more efficiently on a day-to-day basis.  By doing so, you make sure that your organization has consistent and properly structured data processes to fuel better decision-making, run campaigns, and help customers.

2. Embrace Cloud Benefits

According to a research article from Forbes, there are 2.5 quintillion bytes of data being created each day. Using legacy data architecture to capture such huge amounts of data in quick time, let alone processing it, is clearly challenging. Being able to adapt to digital trends that can easily ingest, process, and leverage all forms of relevant data is crucial to staying on top of your competitors.

Data Modernization with a legacy modernization platform like DataSwitch can alleviate such complexities. DataSwitch offers a no-code platform for rapid data modernization through which you can leverage data migrations and data transformations in modern data warehouses no matter the volume or structure of the data. 

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Modernizing data also enables enterprises to:

• Completely complete tax write-off of cloud infrastructure costs
• Leverage cloud service-level agreements (SLAs) to support database uptimes
• Take advantage of cloud-enabled solutions, like real-time data analytics, AI-driven customer insights, and marketing customization.

3. Improve Data Governance And Security

There were numerous high-profile data breaches over the last decade and the need for data governance and security is rising by the hour. In fact, this very criterium is what makes regulated segments such as the government and banking sectors hesitant to modernize their data. It is necessary to ensure that IT security is top-notch to hold up against cyber threats but also flexible to adapt to changing laws and regulations.

Here’s what proper data modernization can help your organization achieve in terms of data security:

• Better data security with encryption in transit and otherwise
• Real-time network security and monitoring services to proactively detect and reduce attacks and threats
• Improved data sovereignty requirements and reduced bandwidth requirements.

Effective data governance will ensure that your data is consistent, trustworthy, and does not get misused. ALTR, a no-code cloud-native platform for data-driven enterprises, provides robust data governance and data security-as-a-service. ALTR understands data consumption and mitigates the risk of storing and sharing data. With ALTR as an integrated partner service, DataSwitch is a trusted end-to-end platform that automates and accelerates the entire data transformation process.

Modernizing your data gives you a new advantage over your competitors. Let’s say you’re competing with another organization that’s undergoing Data Modernization. If you could put your previous vendor data together with their new, efficient systems, you can take their lead times down to weeks or even days.

To help you further, an AI/ML-based platform can help cut your time-to-market and increase your TCO, with no compromise on accuracy. DataSwitch can reduce the time-to-market by 50%, increase TCO by 60%, and increase accuracy up to 10x.

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