The phenomenal growth of data shows no signs of slowing down, with the global data sphere expected to balloon to a mind-boggling 180 zettabytes by 2025. This surge poses a significant challenge for businesses, especially in comprehending and managing the unstructured data components saturating their digital landscape. It begs the question: how much of this data is truly necessary?
The current economic climate pushes companies to cut costs and operate more frugally.
For instance, a recent report revealed how a prominent e-commerce giant had to revise its annual budget due to the unforeseen surge in data storage expenses, leading to a significant downturn in their projected profits. Such instances highlight the critical impact of unmanaged data growth on businesses' bottom lines.
As more companies shift away from traditional on-premise IT infrastructure, opting instead for cloud-based solutions. The benefits of scalability, accessibility, and improved security are undeniable. However, the financial ramifications are equally striking. A striking revelation is that many enterprises are shelling out millions of dollars, with some even crossing the hundred-million-dollar mark, just to store their massive data volumes in the cloud. Take, for example, the case of one of the world's leading banks, which reportedly spends a staggering $400 million annually on storing a mere 400 petabytes of data. That's a million dollars for every petabyte!
When the cost of cloud storage is directly proportional to the volume of data stored, businesses face the critical task of minimizing their data repositories to include only what's necessary. This involves implementing strategies to weed out redundant, obsolete, or outdated data. By doing so, companies can significantly reduce their cloud expenditure and streamline their data management approach.
Moreover, the repercussions of retaining superfluous data extend beyond just financial strain. The larger the volume of data, the larger the potential attack surface for security breaches. Minimizing stored data to what's essential not only reduces costs but also acts as a proactive security measure, lessening the risk of data breaches and leaks.
Having a robust tool that offers complete visibility of their data universe enables businesses to make informed decisions about how to manage their data efficiently. It's all about discerning what's valuable and necessary and eliminating what isn't. Picture having a panoramic view of all your data sources, whether they're nestled on-premises, in the cloud, or within partner systems. This comprehensive visibility allows you to determine which assets need safeguarding, enabling swift implementation of file access monitoring, and which should be deleted or remediated. Locating forgotten or unknown files that may contain sensitive information becomes a breeze. With such a tool at your fingertips, you can meticulously organize and categorize every file, swiftly identifying and decluttering the unwanted data chaos.
The tool you rely on must be able to help you answer the following questions:
What portion of your data holds real business value?
How much of your stored data is actively utilized?
What percentage of your data has become redundant or obsolete?
How much of your data is outdated and no longer relevant?
What proportion of your data is needlessly duplicated?
Which data can be archived to a more cost-effective storage option?
Understanding the significance of these inquiries can lead to a more refined and economical approach to data management.
Now, let's delve into the nitty-gritty of cloud storage costs for different providers:
Amazon S3: $0.026 per GB/month
Azure: $0.0208 per GB/month
Google Cloud: $0.023 per GB/month
These figures underscore the importance of mindful data management practices in reducing unnecessary expenditures.
Data X-Ray can be your go-to solution for locating sensitive files that need safeguarding and reducing storage costs by identifying and eliminating data rot, data decay, and unwanted files that unnecessarily occupy space. By utilizing Data X-Ray, you can manage your unstructured data and optimise resources, ensuring a streamlined and cost-effective operational framework. With Data X-Ray, managing your unstructured data becomes a feasible process.
How Data X-Ray Works:
The breadth of Integration: Seamlessly connects to hundreds of unstructured data sources, whether on-premises or in the cloud. You can also establish connections to legacy systems using the Java SDK.
Easy Installation: Data X-Ray's user-friendly tech setup allows you to get up and running in no time. Install the software and start scanning your data estate, gaining valuable insights within hours.
Accurate Data Labeling: The auto-labeling and classification system, backed by cutting-edge ML classifiers, saves you significant time.
Predefined Annotator Packs: Data X-Ray's predefined packs operationalize compliance with regulations such as GDPR and CCPA.
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