The spectre of an impending economic downturn looms large, prompting business leaders to re-evaluate their strategic decisions, particularly regarding cloud transformation.

Simon Jelley, General Manager for SaaS Protection, Endpoint and Backup Exec at Veritas Technologies notes that despite the economic uncertainty, cloud migration remains a prevalent trend, with 60% of enterprise data already residing in the cloud.

However, the challenge lies in maintaining the cost benefits associated with the cloud, as evidenced by the fact that 94% of enterprises fail to stay within their cloud budgets.

To address this, businesses are encouraged to adopt a hybrid multicloud environment, necessitating careful data management strategies. Here are key steps organizations should take:

• Establish Data Visibility: Gain a comprehensive understanding of where your data resides, whether on-premises or in the public cloud.
• Enable Workload Migration/Portability: Facilitate seamless movement of workloads between on-premises infrastructure and various cloud service providers.
• Leverage Software-Defined Storage: Embrace agile and scalable storage solutions to accommodate the dynamic nature of multicloud environments.
• Prioritize Data Regulatory and Compliance Issues: Ensure compliance with data regulations across different cloud environments.
• Eliminate Data Protection Silos: Streamline data protection processes to avoid fragmentation and enhance overall security.

By implementing these measures, organizations can fortify their data management capabilities, ensure resilience and meet compliance objectives amid economic uncertainties.

Cybercrime: A Persistent Threat, Demands Proactive Measures

As cybercrime continues to evolve, organizations must adapt their data management strategies to withstand increasingly sophisticated attacks. Ransomware, in particular, remains a potent weapon for cybercriminals seeking to exploit the value of organizational data.

While addressing cyber resilience is crucial, Jelley also advocates for a proactive approach to reduce the risk of attacks. The focus is on increasing data visibility, and the suggested steps include:

• Create a Data Taxonomy or Classification System: Classify data based on sensitivity and importance to establish a clear understanding of information assets.
• Establish a Single Source of Truth (SSOT) Location: Designate centralized locations for each category of data to streamline management and control.
• Define and Implement Policies: Develop and enforce policies tailored to the specific requirements of identified data types.
• Continually Update and Maintain Data Taxonomy, SSOT, and Policies: Keep data management strategies agile and responsive to evolving cyber threats.

By adhering to these proactive measures, organizations can limit exposure and enhance their ability to recover in the event of a cyber attack, ultimately safeguarding their critical data.

Digitization 3.0: Unleashing the Power of Usable Data

Digitization has undergone significant phases, with the current era—Digitization 3.0—focusing on extracting maximum value from data while ensuring security, resiliency, and privacy. Jelley emphasizes the importance of contextualizing data to enhance its usability, paving the way for user experience-driven workflows. Building upon the foundation of the preceding trends, organizations can achieve this by:

• Consolidating Data Control: Utilize platforms capable of managing data across diverse environments, including on-premises, virtual, and multicloud.
• Map Uses and Users: Conduct a thorough analysis of existing tools and users to seamlessly transition to a consolidated platform.
• Implement Adequate Training: Ensure that teams are well-versed in utilizing the new consolidated platform to maximize its functionalities.

Digitization 3.0 represents a paradigm shift in data utilization, emphasizing the need for organizations to not only manage and protect their data but also harness its full potential to drive innovation and customer-centric experiences.

As businesses navigate the intricate landscape of data management in 2023, Simon Jelley’s insights shed light on the pivotal trends shaping the industry.

Economic uncertainty, cybercrime, and Digitization 3.0 collectively underscore the importance of proactive, adaptive data management strategies. By embracing data visibility, fortifying cybersecurity measures, and leveraging the power of contextualized data, organizations can not only weather the challenges of the present but also position themselves for success in the data-driven future.

Jelley reiterates the fundamental importance of caring about data—its management, protection, and the ability to address prevailing trends. In a world where information is a critical asset, businesses that prioritize effective data management will not only survive but thrive in the face of evolving challenges.

As we close out 2023, staying abreast of these trends and implementing strategic data management practices will be integral to achieving long-term success in a data-centric business landscape.