The goal of data modernization is to re-architect the data estate from siloed, federated repositories serving few into an integrated, accessible data architecture that business and technology teams can then use to build meaningful, actionable insights that deliver results.
The growth of data is universal. Our study found that a firm’s industry and size drive unique complications for leadership, objectives, and implementation priorities. Our insights show the top three opportunities for data modernization are reducing data management costs, providing better employee experiences, and improving supply and logistics.
Getting to these outcomes is a challenge, and success depends on cross-functional leaders being aligned when answering, “What is our data going to be used for?” They can only develop a clear vision to modernize data, develop talent, enlist partnerships, and justify the investment through a shared understanding of where they are going.
HFS Research, in partnership with Sonata Software, conducted a study to collect insights from 500 business and technology executives in North America and Western Europe by outlining a framework of questions and engagement steps these leaders must consider as they modernize data, re-architect applications, and move a greater number of workloads to hybrid and cloud-native operating models. We tested and documented the challenges, opportunities, and guiding principles many technology and business leaders follow to achieve a trusted data-driven platform.
HFS Horizons Summit-NYC—Unleash the Next Horizon for Your Company Through Data Modernization
To be successful in your data modernization journey, you must align your business and technology leaders around solving your data based on outcomes. Begin by asking, “What insights does the company need at each role level to ensure alignment?” Then assess where you are in the journey and how your software and services partners can co-create a solution.
So, to better understand organizations’ progress on their data management journey and their perception of data quality, our paper authors Joel Martin, Executive Research Leader and Kumar Nikhil Bhaskar, Senior Analyst in partnership with Sonata Software, surveyed 500 senior executives across enterprises generating between $1 billion and $8 billion in annual revenue across all major industries. This study was conducted in North American and Western European countries in Q2 2023. The data insights were supplemented with HFS’ ongoing data modernization research and interviews with the Sonata Software leadership team to understand how enterprises organize their data efforts, the maturity of data modernization initiatives, and their successes and challenges.
Joel Martin, Executive Research Leader
Joel is the Executive Research Leader in charge of emerging technology strategies at HFS. He directly looks after applications and data modernization research, low code, and SaaS. In addition to working closely with technology and business advisory firms, he works with leaders in managed services, database software, and leading SaaS vendors, such as Microsoft, Oracle, ServiceNow, and Salesforce. Learn more about Joel.
Kumar Nikhil Bhaskar, Senior Analyst
Kumar Nikhil is a seasoned research professional delivering excellence in strategic consulting and innovation through technology and business insights. At HFS, he works closely with practice leaders to deliver valuable insights for his clients, particularly in the BFSI sector. He is also an ESG enthusiast and has more than 10 years of research, pre-sales, and competitive intelligence experience in several technical domains. Learn more about Nikhil.
With its Quant Systems acquisition, Sonata Software expands its modernization and digital engineering capabilities for banking, financial services, and insurance (BFSI) and healthcare and life sciences (HLS) enterprise clients.
Sonata Software’s performance in the study and HFS’ views of its strengths and development opportunities for data modernization services capabilities
Microsoft Fabric and Sonata’s Lightning Build are attempting to ease the challenges of data for the enterprise.
If you don't have an account, Register here |
With the exception of our Horizons reports, most of our research is available for free on our website. Sign up for a free account and start realizing the power of insights now.
Our premium subscription gives enterprise clients access to our complete library of proprietary research, direct access to our industry analysts, and other benefits.
Contact us at [email protected] for more information on premium access.
If you are looking for help getting in touch with someone from HFS, please click the chat button to the bottom right of your screen to start a conversation with a member of our team.
