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Challenges in building a data-driven economy

Challenges in building a data-driven economy

Cloud has enabled significant cost savings and provided new opportunities to create mass storage archives every day for business enterprises. CoreIT, therefore, recommends that the adopting cloud based analytics can solve more real-time issues when a cognitive application is built on cloud as the economy of the future seems to be driven by data.

Here are a few ways to take advantage of a data-driven economy in various sectors in future.

Technology: To take full advantage of data, enterprise must adopt new technologies that are fast and predictable regardless of the amount of data, location or computing traffic. Thus a rise in cognitive business by shifting to cloud with intelligent is the solution for the future.

Making data transfer priority: A faster and more secure data transfer method has to be used by using technologies that specialize in high-speed transfer that enables the transformation of industries giving opportunities of global collaboration and speedy acquisitionof new projects. 

Faster Data sharing: Data sharing has the potential to improve care for individual patients in the health sector, for instance, by allowing a real-time second opinion from specialists irrespective of the location. Similarly in the banking and auto industry, faster data transfer will enable proper consultation and discharge of ideas and solutions while keeping the available data secure.

Competitive Edge: With faster data production and transfer, enterprises have to focus on moving data to the right place at the right time. Mastery in mining and movement of data will separate themselves from the rest of the herd and will have an informed view of the market.

CoreIT believes that a data-driven economy helps to gain insights more quickly, keeping them aligned with the needs of their customers and also provides a competitive edge for enterprises

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