Digital balance also requires data security
The turn of the year is an invitation to rethink old structures and processes - and that also applies to IT departments. According to a new study by consulting firm PwC, almost three quarters of executives believe they are being overtaken by competitors in terms of innovation.
There will continue to be innovation hurdles to overcome in 2019: Many companies continue to worry about data security, data protection and compliance, as a holistic solution is lacking here. Elsewhere, their own legacy systems and processes prevent data from being used profitably. Exactly how and where the journey will go is difficult to predict. Basically, according to Delphix However, five major core areas are already emerging that will keep companies busy in 2019:
- Data security and availability
British Airways, Cathay Pacific and Ticketmaster already had to realize in 2018 that inadequate data security has serious consequences. This will not change in 2019. Enterprises' increasingly complex IT environments and applications are under more pressure every day: patches, enhancements and cloud migrations are constant stresses on IT teams and resources. Hackers also know that disrupting a business can be just as profitable as stealing data. Ransomware and malware have already demonstrated how they can cripple businesses and entire communities.
- Speed
In 2019, financial service providers and the banking sector will make important progress on their digital transformation journey. With fully digital, mobile-only banks like N26 growing in popularity, we are already seeing huge changes in the industry. Being flexible, available 24/7, and mobile-first while complying with regulations and data protection laws can be a difficult task. But this is exactly where the new generation of customers' expectations of financial services lie.
- Compliance
The extent of the new data security regulations is not yet fully foreseeable for companies. Since data is constantly exchanged between all areas of the company and with external service providers, simple external protection is not sufficient. Internal data flows must also be secured with the right technology. These technologies are key to holistic risk management for the entire data supply chain, so that even in the AI-based and quasi-real-time applications of the future, developers and data scientists can be confident that their processes will not compromise data privacy and compliance regulations.
- People and technology
People are interacting more and more directly and personally with their own technology, and this is giving rise to entirely new data sets and application areas, such as the Diagnosis of neurological diseases based on speech patterns. Companies need to access this data to improve their digital services and customer care. We strongly anticipate a rise in technology that will take personalization and automation to a whole new level.
- Data Scientist on the rise
In the area of agility, startups are already outperforming established companies with legacy applications. The introduction of data technologies and analytics in developing and emerging markets will create even more opportunities here and further improve the competitive conditions for data-driven companies. That's why a data science team should be at the top of companies' wish lists, along with the appropriate data management and virtualization tools. After all, anyone's analysis is only as good as the data being analyzed.
Digital balance
The goal for 2019 is clear: digital equilibrium. Companies need to be sure that their data is securely stored and their processes are automated around the clock. However, the road to get there is often bumpy and inherently difficult. It will take companies time and perseverance to achieve digital equilibrium, but the peace of mind and inherent benefits that come with a well thought-out data strategy are definitely worth it.
