Many UK businesses are facing macroeconomic challenges and are under pressure to save money. Despite this, organizations should be cautious about cutting back on investment in data technology and analysis, as it can be a crucial competitive advantage. According to PwC, 44% of businesses plan to modernize their data efforts in 2024, showing the growing importance of data analysis and artificial intelligence (AI) in gaining business advantages such as improved customer experiences and innovative products.
To navigate the economic landscape effectively, organizations need to focus on managing spending and increasing efficiency. The world is generating more data than ever, with an estimate of 181 zettabytes per year by 2025. Businesses need to leverage data insights and strategic cost management to stay competitive and capitalize on AI technology.
UK Country Manager, Snowflake.
Business value and transparency
Transparency in existing costs is crucial for data efficiency. Data administrators need to scrutinize workloads to identify valuable insights and make decisions on restructuring or retiring them. Understanding data lineage and selecting the right SaaS vendors can help control costs and optimize investments.
Predicting future costs
Once businesses understand current data costs, they can predict and manage future costs efficiently. Legacy data platforms with fixed pricing models can be inflexible, making it challenging to adjust costs during challenging times. Flexible pricing models and proactive budgeting can help businesses avoid overspending and maximize resources.
Tracking usage at multiple levels and utilizing data platforms in the cloud for cost visualization and control can help businesses make informed decisions and reduce operational costs.
Harnessing data, controlling costs
Organizations should not abandon efforts to harness data power, even in tough economic times. Moving to modern data platforms can improve transparency and cost planning. This shift can empower businesses to manage tech investments effectively and stay competitive in the current economic landscape.
Businesses should embrace modern data platforms to maximize cost efficiencies and control, rather than cutting back on data usage. This approach will help companies navigate challenges and move towards a data-driven future.
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