Many organizations are still not making the best data-driven decisions, due to complexities in the way it’s stored and analyzed, according to a new report from software companies Starburst and Red Hat.
The report states that analytics workloads and demands increased significantly during the pandemic, which has made data access even more critical for the majority of enterprises.
However, with the average organization using at least five distinct data storage platforms, many firms (37 percent) aren’t confident in their ability to access timely, relevant data for decision-making.
Developing a data pipeline is also considered time-intensive, taking more than a day to build (and in some cases up to two months). This is particularly problematic, the report claims, because “every second between querying data and gaining insight counts”.
Today’s enterprises have “significantly less time” to gain insight on their data before it’s outdated, the report states. Viability of business decisions comes down to a matter of milliseconds (according to 17 percent of respondents), with 39 percent of business decisions requiring latency of one second or less.
“Organizations have clear demands for faster and more comprehensive data access, but technical challenges still exist,” said Justin Borgman, CEO of Starburst. “It’s imperative that companies overcome these challenges because their customer experience, competitive advantage and growth depend on it.”
To overcome these challenges, the report states, businesses are turning towards multi-cloud flexibility, automation and modern analytical capabilities.