Business platform models are almost always connected and offered through a cloud platform. One core reason behind this reality is that the cloud provides access to services and data through many connected channels from within and outside the cloud infrastructure. In the last blog post on this topic, we explored the role of the cloud in the platform business model. In this post, we will take a closer look at the data.
As noted in the IBM IBV 2022 Global Outlook for Banking and Financial Markets report, a top finding included that transforming the core data environment drives efficiency and flexibility and leverages the collaborative use of deep analytics and AI at scale. This includes building an ethical framework around how data is captured, stored, and used. (1)
To this point, according to IBM’s Pavel Abdur-Rahman, Partner & Head of Trusted Data & AI, three megatrends are shaping the future of data: (2)
- Customer awareness
- Maturing corporations
- Regulatory bodies
These three megatrends are almost certainly behind several of the following points demonstrating the value of data in business and the reason behind the investments that accompany them:
- 86% of companies plan to increase their investments in DataOps. (3)
- The top 3 DataOps investment areas include analytics and self-service data access (40%), data virtualization (37%), and data preparation (32%) (4)
- 71% of 451 Research survey participants said they believe data will become more critical to their organization’s decision-making. (5)
Hoping to uncover game-changing value in the data without a formal data operations program in place could result in less than desirable outcomes. Organizations that are serious about transforming their business through data should embrace and invest in a formal DataOps model where many elements are aligned: (6)
- Data access
- Data integrity
- Data protection
- DataOps culture
- DataOps lifecycle
Poor data quality, difficulty managing data, lack of data integration, and solution costs are the top challenges cited in a report produced on the topic by Forrester. (7)
As one example where Taos helped a customer rework their data management and metrics infrastructure for streamlined oversight, the company is now on a path to optimize service performance, reduce customer response times, and have a faster turnaround on system alerts. The company is well-positioned for ongoing growth, with a data management system that can quickly scale with its needs. (8)
With Taos DataOps now, your organization can uncover new ideas and opportunities rooted in analytics and convert them to real financial and operational value as you build out and expand your platform business model.
To ensure your DataOps journey and Data Pipeline are in proper working order, your organization likely requires the expertise of a data architect and data engineer to optimally use native services to run, maintain, and evolve dozens or hundreds of Data Pipelines throughout the ongoing DataOps journey.
Continuing on this journey to employ a platform business model, we will post one more blog in this series to cover the apps that connect the cloud and the data to partners, customers, and employees. Read the final posts to get the bigger picture of what it takes to bring your organization’s platform business model to life.
1 – 2022 Global Outlook for Banking and Financial Markets, IBM Institute for Business Value, February 2022
2 – Three mega-trends shaping the data economy, IBM, May 2022
3, 4 – DataOps Unlocks the Value of Data, 451 Research, January 2020
5 – DataOps Dilemma: Survey Reveals Gap in the Data Supply Chain, S&P Global Marketing Intelligence, August 2021
6 – Unearthing Transformational Business Value With a Modern DataOps Practice, Taos, April 2022
7 – Personalization Demystified: Enchant Your Customers By Going From Good to Great, A Forrester Consulting Thought Leadership Paper commissioned by IBM, February 2020.
8 – Case Studies: Reworking Data Management and Metrics Infrastructure for Streamlined Oversight, Taos, May 2022.
9 – Case Studies: A Cloud-Based Foundation for Powerful Data Management, Taos, May 2022 S&P Global Market Intelligence, August 2021