Data Point of the Week #3 - How Much Data Should You Store?

Life is a balancing act. Every decision has a wide range of factors to consider in order to maintain a sense of balance, and what works for one person or company may not be the right choice for another.

The decision of how much data to store is something that confronts companies across all industries, and the answer will not be the same across the board. In some instances, it may be better to store all data pieces so you have them on hand to potentially glean insights down the road. This can help you discover answers to questions that you may not have even known you had! On the other hand, you may choose to store only what is valuable for your business at that time, versus keeping data that you can’t act on imminently or that you may feel is irrelevant. Of course, every decision is dependent on the criteria at hand.

So, what is the best direction to go with your big data? Before you decide on a big data strategy you must answer two questions: What decisions do you want to make? Do you have the data required to make these decisions? Only then can you get on the right path for making the most out of your data.

Know the Data You’re Working With

There are three types of data businesses can use: data in motion, data at rest and data in archive. The best way to determine the type of infrastructure needed to make big data work for your business is to determine where your business fits into this spectrum. Is your business dealing with real-time data or historical analysis? Or is it somewhere in between? For many companies, building an in-house solution to accommodate data that is overflowing its current infrastructure is not a viable option. Therefore, more and more organizations are turning toward the cloud for flexible infrastructure that creates the illusion of scale.

Still not sure how much data you should store for your business? There’s no right or wrong answer! Also, depending on your company’s goals over time, it may always be changing. The key is knowing your options and understanding that the choice is personal to your business. Take the time to assess your goals and current needs, and the rest will follow.

Have more questions? Check out Part 1 or Part 2 of our Data Point of the Week installments, or ask us directly @DataDirect_News!