CIOs Challenged by Big Data Costs

 
 
By Dennis McCafferty  |  Posted 05-15-2014 Email
 
 
 
 
 
 
 
 
 
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    Fast Track
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    Fast Track

    60% of CIOs say their data will outpace their company's storage solution in 12 months.
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    Keeper League
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    Keeper League

    46% retain data for six to 10 years due to regulation and compliance.
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    Information Overload
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    Information Overload

    37% are storing between 500,000 and 1 million gigabytes of data. An additional 19% are storing 1 million to 499 million gigabytes of data.
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    Grand Plan
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    Grand Plan

    47% anticipate storing one petabyte to one exabyte of data in two years, up from 34% today.
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    Price Quote
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    Price Quote

    One of three pay between 21 cents to 30 cents per gigabyte a month. Translation: it would cost a company $3.12 million per year to store 500,000 gigabytes at an average cost of 26 cents per gigabyte per month.
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    Tough Call
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    Tough Call

    46% say they'll have to get selective about which data they keep if their budgets remain unchanged.
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    Out of Reach
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    Out of Reach

    Three of four say they can access only 50% or less of their data within 30 seconds.
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    Loose Arrangements
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    Loose Arrangements

    73% say up to one-half of their data will be unstructured within two years.
 

Big data is emerging as a big budget headache for tech departments, according to a recent survey from Storiant (formerly known as SageCloud). The majority of CIOs are responsible for the storage of at least 500,000 gigabytes of data. What's more, the number of companies that will store one petabyte to one exabyte of data will grow significantly within two years. (To put these figures in perspective, it takes only two petabytes to house everything that exists in all of the academic research libraries in the U.S.) The bottom-line news? The cost of data storage is resulting in an annual seven-figure bill even for organizations that are at the low end of those numbers. For all of the expense, you'd think CIOs would have easy, instant access to all of their data, but that's not the case, findings show. "Storage costs for growing data needs are getting out of control," says Jeff Flowers, founder and CEO of Storiant. "As currently architected, today's storage solutions aren't capable of handling the new kinds of data that businesses are storing and analyzing for strategic purposes. [This] highlights a costly reality for those looking to leverage big data for competitive advantage. However, it also emphasizes an opportunity for tectonic-size shifts in the storage industry—which we are already starting to see." A total of 100 U.S. CIOs participated in the research. For more about the survey, click here.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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