Technology Record - Issue 27: Winter 2022

94 V I EWPO I NT Doing more with less L I S A S T EWAR T : T E RADATA Five ways in which leading organisations can maximise the value of their data with third-party data analytics “Data elasticity ensures organisations achieve economies of scale and keep costs low by only paying for the resources that they use” With businesses navigating economic uncertainty, supply chain disruptions, employee turnover and changing customer experience needs, “doing more with less” has become a familiar refrain. To answer this call, organisations are searching for efficiency gains and are turning to data to unlock cost savings. Harnessing the power of data is critical for faster innovation and increased productivity. The Forrester study, The Business Impact of Data Intelligent Management, found that data-driven businesses are 58 per cent more likely to beat their revenue goals than their non-datadriven counterparts. Teradata’s experience in delivering analytics for hundreds of the world’s largest enterprises provides us with a unique perspective on how top businesses unlock data insights to drive productivity, efficiency and growth. There are five ways that leading organisations maximise the value of their data to do more with less. Firstly, they can integrate their data without replicating it. Partial data sets give partial answers. Integrating information from various different data types and sets is critical to enabling fully-informed decision-making and gaining a 360-degree perspective of customers and the business. Data has become more and more important, and this is being understood by businesses worldwide. For example, Netherlands-based toy retailer Intertoys has been using Teradata’s solutions to integrate third-party data. When asked about his experience, Intertoys IT manager Robin Tichler said: “We’re able to use outside external data so that we can see patterns between trends and sales that we don’t normally see, such as the success of a sporting event or television show and the effect these activities have on product purchases”. Analytics platforms that use in-database processing can provide significant performance improvements and deeper insights over traditional analytics approaches by blending and analysing large data sets without moving them out of a database. The easy connection and analysis of data within low-cost object stores – rather than pulling data into a seperate environment – cost-effectively delivers on the promise of unified data intelligence. Secondly, organisations can query large data sets rapidly and cost effectively by performing ‘what-if ’ scenario analysis. This can be done via analytics platforms such as Teradata VantageCloud, which has protections in place to ensure predictable performance and prevent experimentation from impacting existing quality and workloads. Our analytics platform provides companies with the safety of knowing that they will only be charged with a low cost per query rather than accidentally spending $100,000 or more with a poorly constructed query against a large data set. Data needs to be made available everywhere to help inform organisations to make faster and better decisions. This includes all types of data such as internal and external data, and structured