Gain more Data Analytics budget by reducing existing Data Costs
Innovative global companies are finding novel ways of releasing extra Data Analytics budget; They are cutting Data Infrastructure costs with no loss of function. Here are some ways they are doing it:
Cutting Third Party Data Spend
- Does the business really need all the 3rd party data sources it is spending money on?
- Does everyone team/individual using a real time data feed actually need it?
- What can be cut, what isn’t need. Third party Data is expensive; Big companies are doing the audit and cutting what isn’t needed
Trimming Data Architecture
- Does your company suffer from an abundance of and fragmented Data Repositories? Most mature organisations do. Progressive organisations are taking a proactive approach by streamlining where necessary.
- Less critical historical data is being shifted to lower cost storage. Developing more modern lower cost cloud based storage rather than legacy repositories can dramatically reduce infrastrucre spend
Cut the Consumption of Data
- Gartner estimate that up to 40% of reports produced by companies are not used or duplicate. An Audit and streamline in this area is producing incredible cost savings
*** PS – Probably worth including the CFO in all these initiatives if you can. If they are aware of the cost savings more likely to let you have the budget back for new initiatives 😊