How to combat the rising cost of data?

“I never guess. It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts.”
I feel quite confident that in this era of big data the great detective Sherlock Holmes would have felt at home. Data, it has been said is at the foundation of all the trends that are happening today, from social media to mobile to cloud to gaming. In business, data retention and storage needs are growing and becoming more complex, which is leading to organisations to rethink their data policies and take a much more pro-active approach to information management systems.
For many organisations data storage and data retention has become one of the fastest-growing parts of their budget. The demand for storage has grown by more than 50% annually in recent years and as organisations continue to look expand the forms of information they look to use (video, images etc.) then data retention costs will continue to increase.
In many organisations, the information management system has grown so exponentially that it has a caused a common set of problems. New information applications, more complex business analytics and the need to meet regulatory requirements fuel demand for additional storage. Pharmaceutical companies, for example, are considering digital information storage options for all their imaging data such as MRI scans, a change that could hasten new products to market but double the data storage needs of these companies
This has left many businesses with the mystery of to combat the rising cost of data?
Minimise duplication of documents
Some organisations can back up information by making multiple copies, however this approach increases data retention and storage volumes dramatically as organisations keep too many copies of business data, which can be further complicated by extensive replication. It’s a good idea to archive and delete outdated or duplicated information.
Buying appropriate amount of data storage
There’s an argument that storage always needs to catch up with capacity, so having a little excess is not so bad. However, as previously mentioned data retention and data storage is contributing to an increasing percentage of IT budgets, the cost of maintaining excess capacity becomes an issue. As a general rule you should aim to use 80% or more of their available storage.
Strategic planning
While not always easy it is important to look to the future and strategically plan data consumption and the procurement hardware, software and data storage space.
Use a hybrid data storage system
[Need some copy on the advantages of the hybrid data storage system and how it helps with reducing the cost of data storage if possible please]

Trying resolve the rising cost of data is growing dilemma that’s facing many organisations irrespective of size and market. This is a problem that’s further exacerbated by the pace of technologic advancement and the cornucopia of data types that are becoming more complex as the envelope continues to be pushed. So when it comes to finding a solution there is no grand reveal, no quick fix, just an number of incremental improvements that should help your organisation to reduce your data storage costs. Or it a slightly more poetic manner, as Mr Holmes once stated:
“when you have eliminated the impossible, whatever remains, however improbable, must be the truth? “

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