Harnessing Power of Data: Making sense of chaos with a comprehensive data strategy
By Mina Lim, Country Managing Director, Oracle Philippines Data tell important stories, and understanding those stories can positively impact a business’ bottom line, its operations and the experience of those they interact with. Research shows that there is a direct correlation between having a connected data strategy and the success of a company. Organizations that have seen significant revenue growth (20%+) in their organization over the last three years are more likely to have completed data protection initiatives, connected systems initiatives or intelligent automation initiatives than those organizations that have witnessed a decline in that same time. Companies today have built a voracious appetite for data and insights. They demand information at their fingertips, but face the growing complexities of data ingestion, data processing, data management, and data security. Here's where most companies find their dreams for agility come to a halt. Cracking the Code towards a Successful, Comprehensive Data Strategy Business and IT leaders can together untangle this challenging situation by finding the answer to the fundamental question: How can my company best harness the power of data in a way that easily delivers real-time, streamlined insights without compromising security? It all starts with having the right foundation in place – a solid, modern cloud infrastructure that is designed specifically for the enterprises of today. The opportunities that cloud creates are real and present today, providing the building blocks for companies to pioneer groundbreaking innovations and disrupt entire industries. Today, we’re already seeing organizations across various industries use AI for automatic forecasting without human intervention, to smart manufacturing utilizing real-time Internet-of-Things (IoT) data for equipment optimizations. In the Philippines, for example, Engineering Equipment, Inc. (EEI) Corporation, one of the leading construction company in the Philippines, decided to upgrade its on-premises Oracle E-Business Suite to the Oracle ERP Cloud to help bring greater visibility, transparency, and speed to its business, Key to the initiative was adopting Oracle Cloud’s Modern Best Practices to create more efficient and effective ways of working and achieving business goals. Today, with the support of Oracle ERP Cloud, EEI, is known not just for the high quality of services but also for their workforce’s competitiveness and excellence, is stronger and more confident of taking on massive projects. Much of that confidence stems from its ability to create greater visibility. Reports, for instance, which took weeks to produce now only require a few days, ensuring more frequent check-ins and opportunities for course correction. The second-generation of cloud enable highly complex workloads and mission-critical systems. They deliver better guarantees for security, continuity, control, and price performance. In addition, this provides access to innovations spanning autonomous database, AI, machine learning (ML), blockchain, IoT, and human interfaces. Ultimately, IT organizations will have the confidence and new capabilities to completely rely on the cloud for their mission-critical operations. Taking security up a notch In 2019, the World Economic Forum cited cyber-attacks and data theft as top global risks for organizations of all sizes. Cyber-attacks and data theft are no longer threats that affect only a small number of organizations but have become global concerns for organizations of all sizes, across all industries and in any region of the world. The threat actors are using more innovative techniques and automation than ever to attack our enterprises and steal sensitive data, almost always in ways that it can be monetized. It is critical that organizations more effectively address the risks from cyber-attacks. Cybersecurity failures and breaches have real impacts on their businesses, impacts that can often lead to the dismissal of the CEO or other top executives, especially those responsible for the security and technology infrastructure. Specifically, cybersecurity failings can lead to near-term impacts from service disruption in the form of revenue and bookings, such as if a point-of-sale system is unavailable, or the long-term business impacts of disruption and “move away effect” such as when automated systems of a retailer failover to another shipper during an outage and do not automatically switch back after service is restored. Breaches and security incidents also lead to diminished customer trust and tarnished company reputation, and can require cyber risk disclosures to shareholders that impact share price and the costs to remediate risk and breaches. There is also the increased compliance burden that may require more resources, time and energy proving that your business is compliant with regulatory mandates. Oracle has been building security into its technologies and protecting our customers’ sensitive data for decades. We have a long history of providing the utmost levels of security for customers who have chosen Oracle to securely manage their data and business-critical applications. Oracle technologies now have a focus on security across Oracle Cloud Infrastructure, Autonomous Database, SaaS applications as well as our on-premises infrastructure and applications. Oracle has had a long -term focus on security and this focus is highly important as our customers move to cloud, where we have an intense emphasis on security, pursuing a secure-by-design cloud for Oracle Cloud Infrastructure, and automating and integrating security into every layer of the cloud.