As companies pivot to embrace the reality of the Big Data Generation, more and more companies are having important discussions on the topic of keeping up with the data coming into their company’s possession; looking for solutions that allow them to analyze terabytes of data and gain valuable insights ahead of their competition. How do companies compensate for the ever expanding amount of data coming in for analysis?
Invest in Servers and Software
The obvious solution is to purchase additional servers and invest in more efficient data analysis software. The unfortunate side-effect of this solution is the need for a more robust IT department to support the growing infrastructure of your company’s hardware stack. The additional staff means expensive benefit packages, recruitment efforts and ongoing employee support. The maintenance of your hardware, and the increasing rate of obsolescence is another difficult process to compensate for. Servers have hard disks that fail, processors that short-circuit and expensive climate control requirements. Owning hardware increases your company’s short-term and long-term overhead.
Lease Servers and Computing Power
The more cost-effective solution that minimizes the headaches of managing an internal data center is to lease computing power from a large supplier. This scalable solution is attractive because the amount of computing power your company needs will likely grow over time. Instead of paying for hardware that becomes obsolete within a few data cycles, rent from an outside contractor and take advantage of their managed support. Skip the HR nightmare of recruiting talented IT managers. Save money on benefit packages and instead invest that money back in the areas that impact your business the most.
Financially Supporting Your Company’s Expansion
In the era of Big Data, many companies are finding they’re having to devote a much larger amount of capital and resources to the management and analysis of their data than they initially planned for when building their business. To make the scalable decisions necessary to keep up with the competition, smaller businesses have increasingly relied on outside sources of funding. This could mean a bank loan or an additional round of funding from venture-capitalist firms.
Utilizing IVA’s to Prepare Companies for Investment and Loans
The partners of a business are held to an incredibly high standard by investors and lenders. Unresolved issues on your credit file can result in a loss of valuable loans and investment to manage your expansion in big data analysis. One solution to minimize the impact of past financial difficulties is the use of IVA’s. The primary function of an IVA is to consolidate existing debt burdens into an affordable, fixed monthly payment. The quick resolution of outstanding financial obligations is key to qualifying for future financial investments and loans.
Do Nothing?
For some companies, it appears that their reaction to the explosion of big data is similar to a deer’s stunned look into the headlights of an oncoming car. While companies may initially be frozen in discussion and theory, the competition is using the opportunity to jump ahead of the innovation curve. Understanding what’s coming around the corner, based on the data already available at your fingertips, is critical to mastering the future market.
