Data Equals Opportunity
Digital businesses rely on data to drive compelling customer experiences, optimized business processes, and innovative new products. But arming your business with the trusted data you need to compete is a huge challenge due to today’s accelerating data demands and increasingly distributed data silos.
Can you afford to continue to wait?
Is now the time to do something? Or might you continue to get by with your current data management approaches? Let’s examine the cost of waiting:
- A 2016 Harvard Business Review (HBR) article entitled Bad Data Costs the U.S. $3 Trillion Per Year pointed out how bad data caused huge annual costs across the U.S., citing, “The reason bad data costs so much is that decision makers, managers, knowledge workers, data scientists, and others must accommodate it in their everyday work. And doing so is both time-consuming and expensive.”
- In their 2017 HBR article “What’s Your Data Strategy?,” authors Leandro DalleMule and Thomas H. Davenport highlighted other data costs including:
- Less than 50 percent of structured data used in decision making
- Greater than 70 percent of employees have access to data they shouldn’t
- Analysts spend 80 percent of their time searching for and preparing data with just 20 percent actually doing analysis
- A 2018 Smarter with Gartner blog titled How to Make a Business Case for Data Quality Improvement included this telling sentence, “Recent Gartner research has found that organizations believe poor data quality to be responsible for an average of $15 million per year in losses.”
Or is now the time to take action?
At TIBCO NOW Chicago, TIBCO CTO Nelson Petracek announced TIBCO’s latest product family, Unify, to help our customers address these data challenges. With TIBCO’s Unify solutions, you can optimize your data value chain to more easily access, govern, and share all your data with greater consistency and control.
That’s a big claim. So let’s use this blog to dive a bit deeper on how TIBCO does it and what kinds of benefits you could achieve.
Key Components of the Unify Portfolio
TIBCO has assembled three best-in-class software products to help you address your data challenges.
- Unify your data with TIBCO® Data Virtualization: Create one “virtual” place to go for consistent, secure, and governed datasets from across all your distributed data sources using data virtualization. Scale enterprise-wide with an agile data architecture that can support your analytics, data science, and operational users and use cases.
- Unify your master, reference and metadata with TIBCO EBX™: Share, manage, and govern all your key data assets, including master data, reference data, and metadata with a single multi-domain master data management solution designed for business users.
- Unify your network relationships with TIBCO® Graph Database: Drive new insights and opportunities with a graph database that unlocks the power of networked data relationships.
How can you benefit from unifying your data?
You can use these products independently or in conjunction with each other to derive multiple benefits, such as:
- Data you can trust: Deliver consistent, IT-curated data that conforms to your enterprise data model and standards. With master data management, lineage, security, and transaction logging, you get data you can trust.
- Any data you need, when and how you need it: Remove data bottlenecks, enable consistency, and reuse regardless of source. Deliver business-friendly data on demand for your myriad of uses and users.
- Optimized data value chain: Collaborate effectively at every step of your data value chain from requirements and design through development and deployment across both your business and IT organizations.
- Breakthrough speed and savings: Respond faster to ever-changing data requirements. Integrate data virtually five to ten times faster with far lower data engineering costs than traditional physical data integration.
- Less time searching for data: Reduce the time your business users spend searching for and preparing data, so they can spend more time analyzing it. Simplify business user data access via an intuitive, self-service directory.
- Larger analytic workloads: Support your most challenging analytics workloads with greater speed and processing power. Mix and match data streams and data-at-rest to get the full picture.
Ready, set, go!
There is no need to continue to feel the pain of trying to compete in the market using data you cannot trust. The time to take action is now. You can start with any of the products identified above and add the others when you are ready to take the next step.
To stay abreast of the latest developments in TIBCO’s Unify portfolio, join us on September 25-26th at TIBCO NOW London, where my colleagues, Stephen Archut and Conrad Chuang, will present on Data Management: Agile Data Management Means Better Analytics.
Hope to see you there!