Data Cost Reduction Without Risking Growth
Organisations are relying on data insights more than ever to deal with the Covid-19 pandemic’s fallout. However, with most companies in resiliency mode, how can an organisation harness and build it's data capability whilst managing it's data costs ?
The answer to this is to manage data more effectively. Industry experience shows us that applying greater data management discipline can yield 30-35% cost reductions - enabling you to do more for less. Many of these measures can be applied quickly including:
Value Driven Data Governance - without value driven data governance an organisation's data can be scattered across disparate silos with investigation and discovery required every time the data is used. Cloud-first approaches and even simple data inventories to know where data is stored and who owns it can drive significant cost reductions - reducing duplication of activity and wasted time locating data or fixing data quality issues
Streamline Data Consumption - 30-40% of an organisation's reports that are produced daily generate little or zero business value. Data intensive reports need to be mapped and prioritised which supports the elimination of redundant data usage and focus can be put on what data is truly critical for an organisation
Rationalising 3rd Party Data Procurement - credit risk, market data and other external data feeds are expensive. Mapping an inventory of an organisation's external data feeds to actual business usage will highlight which data sets can be de-prioritised to reduce costs. Often whole data sets as part of external feeds are not utilised or are duplicated
Data Architecture Simplification - many organisations have multiple data repositories in organisational silos storing data in different formats, making it costly to store, access and use. Simplifying the data architecture and establishing a single "golden source" of data will result in large cost savings and an step change improvement of how data can be exploited across your business
Harness Data To Reduce Costs In Other Functions - Organisations can drive cost savings not only by improving efficiency and performance within the data function but also through applying data analysis to identify potential cost savings in other parts of the business. AI, advanced analytics and analysis can be applied to data sets across functions to identify opportunities and trends to drive cost savings
Our team at Quaylogic have strong experience in mobilising and delivering data driven cost reduction programmes - and we can help you quickly identify the key data cost drivers for your organisation and define a prioritised set of data cost reduction initiatives to shape and mobilise a cost reduction programme. We can help you to both reduce data costs and make your data capability deliver greater business value in parallel.