Manage Monetize and Protect your Data during Covid19 times

Updated On : March 2021 | By Amrita Goyal

According to a journal published in Psychology Today on average, it takes almost 66 days for a behavior to become automatic. If that’s true, that’s good news for business leaders who have spent the past 13 months running their companies in ways no one could have imagined. The COVID-19 pandemic is a speed breaker in business and a launching pad for organizations to become digital-centric, virtual, and agile—and to do it all at a breakneck speed.

In the new era of intelligence, organizations are relying more on Data-driven decisions. “The road to recovery is paved with data,” Smaje says. Data is helping to make better and faster decisions.

Hold on! The fruit of everything good in life comes with some challenges.

On one hand, organizations are using the power of data to transform their businesses by creating meaningful insights which help them in better decision making, but on the other hand, organizations are facing few challenges which are as follows

• Volume of Data
  The surpassing volume of data produced by the organizations is growing exponentially.
• Data Security
  Organization is more apt to data loss, Data leakage, Theft, and compromise.
• Data Access
  There are no defined role-based filters to who can access the data who cannot.
• Increased cost of storage
  As the volume of data is growing cost of storage is also increasing.
• Regulatory environment
  Regulatory frameworks are progressing each day and becoming firmer.

This Hits the spot - Data Archiving - Retrieval Solution.

What is Data Archiving & Retrieving?

Data archiving is the practice of identifying data that is no longer active and migrate it from the current systems into long-term storage systems. Archival data is stored so that at any time it can be brought back into service.

Let me tell you Data Archiving is often mentioned in sync with Data backup but they offer a solution to different storage needs.

Data Backup system protects the active and inactive data, which has the facility to restore lost, corrupted data from a source in time.

Whereas, Data Archiving protects the inactive data. It stores the historical data and can be retrieved across a period time based on specific search parameters.

In Archiving process, the data is moved from the production system (Primary storage) to the long-term storage (Secondary storage), this has the benefit of reclaiming the primary storage for other purposes.

• Production system will run faster and more efficiently.
• It enables efficiency capturing of data and index the data irrespective of how it was stored in the production system, which makes it easy to retrieve the data with specific search parameters.
• It can ease the backup process as the organization will not waste time backing up the historical data.
• It ensures the organization complies with the mandated regulatory requirements.
• It enhances more productivity as the IT team has to spend less time on managing the software and infrastructure for onsite storage.
• Reduced Storage costs by controlling data growth in the production systems and retiring unstructured data to a less expensive uniform centralized database. Data Access can be defined based on roles and other parameters.

Data Archival & Retrieval solution is majorly required by banks and financial institutions as they immensely large volume of historical data.

Nelito's FinDART solution is a web-based three-tier customizable Data Archival and Reporting solution that uses Nelito's proprietary Extract, Transform, and Load (ETL) Tools.

Key Features of FinDART Solutions