How Cloud Computing Can Maximize The Gold Mine In Your Data
In a webinar hosted by Vietcetera, Huynh Le Duy from FPT Software and Doron Shachar from Renova Cloud expound on the advantages of cloud computing and how to fully utilize the gold mine in their data.
Vietnam’s business ecosystem is moving and expanding faster than ever, with new technologies and business models sprouting nonstop. To stay on top of the game, businesses should apply technology to be flexible and move faster with interpreting data instead of doing it manually.
This is where moving data to the cloud becomes a crucial step. Adopting cloud infrastructure for data warehousing allows companies to turn their data into actionable insights, leading to growth in revenue.
In a webinar hosted by Vietcetera in June, guest speakers Huynh Le Duy from FPT Software and Doron Shachar from Renova Cloud expound on the advantages of cloud computing and how businesses — big and small — can fully utilize the gold mine in their data.
Your data is a gold mine.
Huynh Le Duy is a digital transformation consultant at FPT Software. With nearly two decades of experience in research and development, “A lot of advanced analytic platforms are run on the cloud, Duy said. “Once you migrate your data into a data platform resting on the cloud, it allows you a unified perspective of all your data and assets across various systems. You can spin up an analytics engine and visualization from there, which will help you look at patterns.”
Duy gave a solid example. One of FPT Software’s clients, a Japanese car distributor, had been doing business in relatively traditional ways. It has hundreds of showrooms across the globe, with annual sales of over 100,000 used cars at the retail level and over 90,000 at the wholesale level. But moving the vehicles around hundreds of stores was a “logistical nightmare.”
“FPT Software used this algorithm that optimized the right movement, transportation, and groupings so that all the cars are in the right places at the right time with as minimal cost as possible. We saw the benefits of up to 80% reduction in transportation cost.” he added.
Risks and limits?
There are risks to moving to the Cloud, of course. Data loss is among the most common reasons enterprises hesitate to migrate everything into an unknown space. When data is deleted or corrupted or becomes unreadable, the business falls — or at least a part of it.
“But the Cloud is more secure than keeping your data on-premise,” explained Doron Shachar, founder of Renova Cloud. Data leaking, he added, can happen in any situation or through any medium. It requires expertise and a strict internal procedure. “If you follow the best practice, securing your data is possible.”
Based on statistics, the odds of a company experiencing a data breach are as high as 1 in 4. And these breaches may go undetected for up to 140 days. And an average cost of a data breach is $3.62 million.“So securing your data is vital because that’s your competitive edge” said Huynh. This can be done when all your data are on one platform.
But there are no limits on what companies can do on Cloud, Doron agreed. Any Cloud platform has no limit in terms of storage capacity, which also gives enterprises room to grow exponentially.
With the Cloud making data available at the tip of the fingers, companies can focus on generating business, Duy said. Organizations with advanced analytics gained 33% of revenue growth. That’s your competitive edge. It allows you to get ahead of the game because you forecast sales, and you can do precise planning.
Furthermore, modernizing your data estate reduces costs. For a median Fortune 1000 company, a 10% increase in usability and accessibility to data means significant boosts in productivity in sales. Data usage translates to an increase of $2.01 billion in total revenue per year, while accessibility to data translates to an additional $65.67 million in net income per year.
To know more, watch the webinar here.
