Battling Rising Cloud Storage Costs With Industrial DataOps Solutions

Battling Rising Cloud Storage Costs With Industrial DataOps Solutions

Industrial firms are facing a pressing challenge: the amount of data generated by their operations is growing at an unprecedented rate, while cloud storage costs are also on the rise. Firms are becoming more connected, so the number of data streams is multiplying. Data are crucial for making informed decisions, so organizations must ensure that they can manage and store information effectively. In our recent global corporate survey, 84% of respondents stated that data storage is a crucial data management activity for their firms in 2023. Additionally, when evaluating asset management software applications, 80% of respondents consider it vital for software to be available in the cloud. Cloud storage costs have increased due to inflation, a phenomenon dubbed ‘CloudFlation’; the price of Google cloud storage has recently increased by 50%. DataOps solutions can help organizations manage burgeoning data volumes and reduce cloud storage costs effectively, ensuring that data storage is both affordable and efficient.

DataOps approaches automate data management processes – such as data ingestion, data cleaning, compression of raw data – and delivery, enabling organizations to handle larger volumes of data with greater efficiency. This can help firms manage data growth by implementing data governance policies that ensure information is only stored for as long as necessary. Additionally, DataOps optimizes data lakes by providing tools for cataloguing, lineage tracking, and discovery. By automating the archiving of infrequently used data, DataOps frees up valuable storage space, reducing the need for costly storage options. MaestroHub, a software development firm based in Istanbul, collates timeseries data and provides data cleaning capabilities, which ensures that only clean data are stored and that errors or inconsistencies are identified and corrected. This reduces costs associated with storing data in the cloud. GE Digital’s Proficy Historian platform for cloud data management features advanced compression and proprietary file-based storage, making it cost-effective to use. HighByte, a US-based industrial software development firm, offers its Intelligence Hub for data modelling and conditioning that is deployed at the edge, thus reducing both processing and storage costs.

As data generated by industrial firms continue to increase and cloud storage costs rise, it's essential that organizations manage and store their data efficiently. Implementing DataOps solutions, which automate data management processes and establish data governance policies, can enable firms to handle larger volumes of data with greater efficiency and optimize data lakes, reducing exorbitant storage costs. It's imperative for businesses to explore DataOps solutions to learn how they can benefit from implementing them.

For more information on industrial DataOps solutions and how to choose the best fit vendor, read the Verdantix report Smart Innovators: Industrial Data Management Solutions, which analyses 20 vendors’ data management capabilities.