Figure out the dollar value of your information assets. Then you’ll know what the 'I' in CIO is really worth -- and how much to spend protecting it.
The article points out what is inherently obvious - that data has value. No company can run without it, yet what is it really worth? More and more CEOs are starting to ask their CIOs that question as they realize that data is an assset that can be expolited as a new revenue source.
information is a competitive asset to insure, secure and develop. And knowing its value means you'll have better answers when fellow members of the C-suite want to quantify the risks and rewards of creating new products and services from internal data..
Insurance data experts convene in IDMA annual meeting panel to underline big data opportunities and imperatives.
Investment and commitment to big data opportunities are table stakes for surviving modern risk markets. As opposed to single bets, it’s a process of balancing obligations and customer interests in an aggressively competitive way according to Heather Wilson of AIG and other IDMA panelists.
“What’s really exciting now with the explosion of data and evolutions of technology is how we can effectively leverage and explore the massive amount of data that we have and capture internally, structured and unstructured, along with the sea of third-party data out there, said Erik Roen,Travelers. For Roen, it’s a considerable upgrade of the old workforce/process/technology orientation to a more real-time view of operations.
How is technology evolving to provide enterprises with actionable data?
Margaret Breya, Executive VP and CMO, Informatica, reveals how technology is evolving to provide enterprises with actionable data in ciol.com. "If we look from our solutions perspective, it is the financial services including banking, insurance and capital markets that are definitely the high growth areas for us, as we have compelling solutions to move data very quickly and reliably."
Informatica is expanding its addressable market to include the midmarket, introducing an easy-to-use downloadable product as well as cloud offerings.
A study by Bloor Research put the failure rate for data migration projects at 38%.
The ability to manage migration and data quality becomes a lost art, and many users distrust the information coming from business systems they should rely upon.
The solution to this problem is a systemic approach to data integration that is led by key stakeholders. Several business objectives should be set prior to creating a strategy, approach, and purchasing key technologies. This includes:
Define the cost of risk in having substandard data quality.Define the cost of risk in not having data available to systems and humans in the business.Define the cost of lost strategic opportunities, such as moving into a new product line or acquiring a company.
The realities of working with mobile devices bring new complications to data quality efforts.
Data quality grows even more important as organizations add mobile initiatives because data standards, types, and quality differ across systems. According to an Experian 2014 State of Data Quality survey 40% of core customer contact data — name, address, job — erodes in a year. That equates to five per day in a database of 5,000 records.The Study goes on to state that 91% of companies suffer from common data quality issues, The bottom line is that companies need to shift away from a data quality process that requires a lot of manual intervention.
Customers are breaking up with Big Blue as it struggles to adapt to the cloud era
The megatrend is corporate America’s move to the cloud. It’s not just Amazon that IBM needs to worry about: In an August 2013 study of 15 cloud infrastructure providers, research firm Gartner (IT) rated IBM worst, behind Microsoft (MSFT), Rackspace (RAX), and Verizon (VZ).
Gartner creates new cloud category -- integration platform-as-a-service -- and starts tracking a new class of service providers.
The Gartner Report, magic Quadrant for Enterprise Integration Platform as a Service is its first in the iPaaS category. Two companies, Informatica and Dell Boomi were ranked in the center of the Leaders quadrant. Gartner predicted the emergence of hybrid platforms that make use of both on-premises integration and cloud services will help to resolve current tensions between the two camps.
New report from leading market researcher The Information Difference Ltd. entitled The Data Quality Landscape - Q1 2013. The new report provides insights into:
-- Market Leadership - Cited in the report as "a major player in data quality," Informatica is positioned in the top right quadrant of the vendor landscape.
-- Data Quality Trends - The report notes that "data quality has started to be subsumed within broader data management initiatives," and that "master data projects consume on average 30% of their budget on issues related to data quality."
-- High Quality Big Data - In December 2012 survey, The Information Difference "found that 80% of survey respondents felt that data quality was of 'key importance' to big data initiatives.
Data quality should not be considered a one-time standalone effort. It needs instead to be perpetual and pervasive, Because data quality is an on-going journey, organizations should select data quality vendors on the basis of technology breadth and depth, market influence and ability to put data quality at the heart of all data initiatives - from master data management to big data.
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