Have you stopped to consider how much your business spends every year on data storage and warehousing? If not, you might be surprised by how much this process actually costs, both in terms of capital expenses and operational costs. We’d go so far as to say that you’re spending more than you need to.
It just makes sense to assume that businesses spend too much on data storage and warehousing, especially considering the ever-growing cache of data that your business accumulates and uses. While the cost of data storage has dramatically decreased over the past several years, the amount of data your business must store has likely outpaced this decrease. Due to enhancements in technology and larger file sizes, you might find yourself spending more on data storage than you would like to.
A large data infrastructure means that you have larger price tags. Ultimately, you wind up paying not just to host and store your data, but to back it up as well, just in case something horrible were to happen to it. You also need to pay to store those backups. The costs can multiply over time and become major problems for small businesses with more limited budgets.
Don’t just take our word for it; a study by Komprise, a provider of data management tools, also came to this conclusion. Their study found that 65 percent of organizations surveyed spend more than 30 percent of their IT budgets on data management and storage. 33 percent spend more than 35 percent on their IT budgets, and 31 percent spend more than 40 percent. These numbers show just how serious the situation is, so it’s up to you to use this information and make more educated decisions about your business’ data management and storage solutions.
For your business’ operational goals, this survey means that you should have three objectives: invest in analytics, reduce storage costs, and improve visibility. How does your business handle all of this? If you are falling behind, your organization could ultimately wind up spending far more on data storage as your need for it spirals out of control.
Thankfully, you don’t need all of the answers; that’s what you have us for!
Phantom Technology Solutions can help your business cut costs in regards to data management, processes, and operations through the use of managed IT services, industry-standard best practices, and data analytics. To learn more, reach out to us at (800) 338-4474.
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