Comments
IT Budgets Struggle With Data Growth, Survey Finds
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pudnhead
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pudnhead,
User Rank: Apprentice
8/26/2014 | 6:45:40 AM
It's more than just regs
Regulation and compliance is only part of the reason why data retention is growing. Yes, it is important to store data for regulatory purposes, but we are finding there is much more we can do with data we have the right tools to analyze it. It takes a while, and there are many bumps along the way, but don't let the data you have go to waste (and sit on a server somewhere). Use it!
Becca L
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Becca L,
User Rank: Author
8/25/2014 | 11:02:01 PM
Re: "Crown Jewels"
The way industry guys talk about data storage, the business benefit is like the light at the end of a long dark obstacle-ridden tunnel. They can see it, but it's a hard road ahead.
Becca L
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Becca L,
User Rank: Author
8/25/2014 | 10:57:51 PM
Re: Data, data everywhere
I'm definitely not the data expert but it would seem to me the answer is all of the above. companies are getting better at tiering the data and investing in more efficient storage units, but those savings that cant compete with the volume. At some point, they have to change their approach to data storage altogether to give regulators what they need and release pressure on IT budgets.
KBurger
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KBurger,
User Rank: Author
8/19/2014 | 3:47:24 PM
Re: "Crown Jewels"
I agree Jon, it's important that FIs view the data not in the context of regulatory requirements but as an opportunity to grow the business, gain competitive advantage and other good things. At the beginning of the article I was rolling my eyes, "Jeez, more complaining about regulation," so I was glad that the source recognizes that all this data is an incredible asset and that doing a good job of storying and managing it is not a burden but a benefit.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
8/19/2014 | 2:03:07 PM
"Crown Jewels"
I like the comment about data being the "crown jewels" for these organizations. That's been the case in financial services for a long time, but I would guess that soon that reality will hold true for companies in many other industries and they become more and more reliant on their customer data.
IvySchmerken
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IvySchmerken,
User Rank: Author
8/18/2014 | 12:03:26 PM
Re: Data, data everywhere
I am not an expert on this, but regulators want on-demand access to data which could cost more than data that is in long-term storage.  I wish that one of our data experts would weigh in on this point to clarify where the costs are rising. Is it the storage medium, the need for on-demand access or the exponential growth in amounts of data that need to be stored?
Byurcan
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Byurcan,
User Rank: Author
8/18/2014 | 11:55:50 AM
Re: Data, data everywhere
Yes, good point. Regulators want financial isntitutions to not only haave access to this data, but to be able to produce it quickly.
IvySchmerken
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IvySchmerken,
User Rank: Author
8/15/2014 | 12:07:04 PM
Re: Data, data everywhere
It's also a privacy issue and a regulatory mandate to save all of this data on customers. The hard part is not only storing it but making sure it can be retrieved in the event that a regulator knocks on the door. So I've heard data management executives talk about tiering their data so that priority data is immediately accessible on demand.

But yes, this massive growth in storage is consuming budget for the business side.
Byurcan
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Byurcan,
User Rank: Author
8/15/2014 | 9:34:48 AM
Data, data everywhere
As the sheer amount of data continues to grow, this will obviosuly only continue to become more of an issue. It's definitely not just an IT issue anymore.


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