The Growing Importance of Data Access and Cloud Computing in the COVID-19 Crisis


The Growing Importance of Data Access and Cloud Computing in the COVID-19 Crisis

Table of Contents

  1. Rethink the data assembly line

  2. The Future is Cloud Data

It is becoming increasingly difficult to conduct business and innovate with data in the midst of a new COVID-19 virus epidemic. The process of extracting value from data is similar to the assembly line that manufactures cars in a flowing process, but in the office, the data assembly line has never been fully automated. Because the process has been a combination of automation and manual labor, many companies have been unable to smoothly transition their assembly lines to a remote work environment.

Complex manual processes are time-consuming and error-prone, especially when multiple people are involved. These challenges not only slow down the process of finding value, but also slow down the pace of innovation.

In order to adapt to new work environments and increasingly complex data demands, data will be forced to migrate to a more thorough digitization in the future.

Rethink the data assembly line

Organizations can increase efficiency by identifying and eliminating areas of manual labor that add little or no value. The vetted data assembly line can be broken down into six essential elements that are interchangeable and connected

  • Content: This is the most visible part of the data and includes primary data, derived data, third party data, and all data generated within the organization.

  • Quality: When processing hundreds of billions of data points, the quality of the data is critical. Organizations need to ensure that the data they are consuming is of high quality so that it does not need to be manually cleaned up at great expense when it is acquired.

  • Access: This refers to an organization's ability to easily retrieve data content regardless of its technology strategy and where it is deployed (in-house, cloud, data center) and maintain consistent performance regardless of the amount of data consumed.

  • Usability: Data comes in many forms. Each time a new form of data is introduced into an organization, developers need to write code, resulting in costly and time-consuming code. If the form of data is strictly aligned with industry standards, and the machine can understand the data and its associated relationships through metadata, then the machine can process the data without manual intervention.

  • Operating tools: Whether managing data processing, manipulating data, or performing analytical and quantitative tasks, there needs to be a combination of in-house and third-party tools that are not only well designed, but also do not disrupt the data assembly line or reduce efficiency.

  • Data services: This involves capturing and standardizing different types of data into a clearly understood model, so that downstream applications can access consistent, linked data.

In a world where remote work is the new normal and innovation is enabled by capturing large amounts of data, automation needs are growing at an accelerating rate. The successful combination of these six components can create a seamless and robust workflow that works regardless of location, ultimately creating value.

Companies that invest positively in this modern data supply chain will be able to respond more quickly to automation opportunities and leverage data science innovations to find novel solutions to their problems.

The Future is Cloud Data

Technology will continue to evolve incessantly. As more and more financial institutions accelerate their move to the cloud, accessibility of data in the cloud will become increasingly important. To support this, data needs to be invisible, ubiquitous, and easily accessible at the click of a button. This is referred to as cloud data.

Cloud computing relieves some of the burden of data centers, servers, and all the attendant administrative tasks. Similarly, cloud data allows machines to solve the problems of connecting, ingesting, cleaning up, managing, and loading data, potentially making such processes "invisible" in some way and dramatically increasing value creation. Cloud data will create tremendous value for the financial industry.

With the growing importance of instant native access to understandable data, it is up to each organization to not only invest in automation, but also to ensure that all processes are seamlessly interconnected, so that they can succeed in the new normal while making the most of their growing data dependency. It is up to each organization to make sure that all processes are seamlessly interconnected and that they can succeed in the new normal while making the most of their growing data dependency.