Optimizing Cost and Efficiency by Protecting Data in Financial Services
Investing in business data can be expensive, often costing several million dollars per year. In addition to maximizing your business value, cost optimization can reduce operating costs. By systematically applying proven techniques to analyze data, you can lower costs and prepare your business for the digital future.
Optimizing cost and efficiency can be achieved by identifying over-provisioned resources and reducing their utilization through a centralized control plane and data automation. In addition, the company offers unmatched flexibility in choosing performance tiers and provides checklists for administrators and engineers to reduce waste proactively and maximize usage.
Creating reports on cost optimization
Creating reports on cost optimization requires a combination of tools and techniques. Effective metadata management can streamline technical and business queries and reduce the amount of manual work required to analyze critical data. By following a data-driven approach, companies can automate processes for data gathering, standardize data, and share it easily. These practices ensure high-quality reports and reduce reporting costs.
Cost optimization programs must be aligned with business outcomes, ideally involving the CFO, the chief procurement officer, heads of business, and key technology leaders. This cross-functional effort requires a baseline that includes direct and indirect costs. In a nutshell, cost optimization should be focused on maximizing value creation while reducing operating costs. It can also help defend your credibility, integrity, and assets by protecting employee, customer and business data.
Identifying over-provisioned resources
Identifying over-provisioned IT resources requires a holistic view of usage and application usage patterns to ensure accurate cost-efficiency metrics. In addition, it is essential to monitor application performance to mitigate performance risk. In addition to monitoring, the right-sizing process can be performed in multiple steps and continue to identify performance issues. For example, starting with the top-consuming workloads will allow you to identify the resources causing the highest costs and reduce utilization.
Separating high-priority data from low-priority data
Data storage is costly, and many companies have found that separating high and low-priority data helps protect data while maximizing cost and efficiency. Data is classified as sensitive or classified if it poses a risk to privacy, security, and compliance with leading data protection regulations. For example, 87% of Americans can be identified by date of birth, gender, and ZIP code, and a breach of that data could also compromise other personal information.
Organizations should use a classification schema to effectively protect sensitive data by determining what types of data are protected and which are not. This schema should describe the types of data, risks of compromise, and guidelines for handling different data types. Most organizations use four classification levels to classify their data. For example, public information is generally free and available for viewing, while private information is strictly internal and has limited security requirements. Unauthorized disclosure of internal data could result in short-term embarrassment or even loss of competitive advantage.
Improving business and technical queries
Effective rules management can improve business and technical queries by making them simpler. These rules should be written in plain language to make them easy for non-technical users. They should also be linked to the entity responsible for a given constraint. When creating a rule, you can use process metrics and simulations to understand how changes affect the system.
Integrity
Data integrity is an important part of the data management process. Reliable and high-quality data can help you make better decisions and improve your business's performance. With real-time data at your fingertips, you can monitor the performance and efficiency of your business.
Integrity can enhance the credibility of your company and protect its reputation. It can also improve employee satisfaction, a crucial aspect of any business. Employees are more satisfied when their supervisors are trustworthy, which can lead to a healthier and more productive workplace. In addition to employees, investors and vendors need to trust your business, so it's important to practice professional integrity. When people trust you, they will be more willing to do business with you.
Integrity allows you to concentrate on other important things. Instead of wasting time covering up bad practices, you can focus on the important things that matter most to your business. Integrity also enables you to foster an environment where people are motivated to do their best and do their job well.
Availability
Data availability refers to the ease of access to information by authenticated users and is usually synonymous with reliability and confidentiality. While availability is important for many purposes, numerous risks can negatively impact it. These include network downtime, malicious issues, and unscheduled software downtime. These issues can prevent access to critical information. Information security policies and controls help to address availability concerns.
