The new decade sees more devices generating more data every hour. And judging by the current situation around the world due to the pandemic, there will be more data produced as we become more dependent on technology to get things done. Since the COVID-19 pandemic, there has been an increase in e-commerce trade. Be it online shopping, trading or even business operations and meetings, everything is now fully dependent on technology.
To ensure the demands of consumers can be met, businesses need to be able to manage and process the data fast and efficiently. According to Geoff Soon, Managing Director, South Asia, Snowflake, many organisations today are responding to some of the most rapidly changing market conditions since their inception. Underpinning, this is an increasing demand for systems that allow rapid decision making, based on a diverse set of internal and external data sources.
Geoff added that the most common challenges many organisations will have are that they simply won't have the systems or budgets in place to rapidly onboard new data sources, nor will they have the capacity to run new models and simulations on top of maintaining their current business operations. The common theme across organisations is the need for change. Legacy data warehouses were long-term, expensive commitments based on technology that was designed when data was simpler and fewer people were needed to access the database.
As the demand for real-time insights increases, much of the critical data needed to make business decisions comes in various forms, creating challenges in loading, transforming and integrating structured and semi-structured data and takes more time.
To meet this need for data in real-time, Geoff said that companies have had to undergo a complete restructuring and to reinvent their data warehouse architecture. Technology has been critical in solving this issue by enabling companies to predict future data needs and take into account factors such as time of year, geographic differences, and special events. The cloud has been driving the evolution of modern data warehousing, as additional access to near-infinite, low-cost storage has help enterprises scale capacity up or down as needed.
"We attribute our growth to the dramatic decrease across the region in barriers to entry for organisations of all sizes to implement analytics capabilities. The combination of a simple SaaS offering with the value and flexibility of our pricing model, and near-infinite scaling capabilities of our platform, means that customers can have the Snowflake platform evolve with their business."
Geoff explained that this gives them a considerable advantage compared to more restrictive conventional data warehouses. Users with a multi-cloud strategy have a common, cloud-built data warehouse platform that allows data to be cloned for analysis without affecting the original data set. What they get is a consistent experience across multiple cloud environments, enabling them to maximise business value.
Even before the region went into lockdown due to the pandemic, Snowflake has seen an increased demand for their solutions. The push for digital transformation is now ever so more important and post COVID-19 will see many traditional organisations across the region wanting to accelerate their journey.
"Since we began operations in Singapore in late 2018, our solutions have already become available on AWS and Azure, which has enabled us to cater to the demand in the market. Southeast Asia is an exciting region for us, as we currently work with organisations across a spectrum of industries including transportation, retail, telecommunications and finance. "
While topics like data analytics and data warehouse may sometimes get very technical, businesses who are not very tech-savvy are now beginning to see the importance of data analytics and data warehouse.
"Snowflake's platform is simple to use regardless of the user's technical expertise, which makes data more accessible to the whole organisation for analysis, sharing and decision making. Company leaders are focused on deriving key insights from their growing volumes of data and operating across multi-cloud environments with speed and efficiency will prove advantageous to those who invest in these capabilities now."