The amount of data managed by the world’s enterprises is growing. According to one source, the total amount of data created, captured, copied and consumed globally was about 64.2 zettabytes in 2020 — equal to a trillion gigabytes.
Copyright: venturebeat.com – “How AI could help enterprises to reduce data storage costs”
Unsurprisingly, companies report that the cost of storing their data is also climbing. In a 2018 Enterprise Storage Forum survey, business leaders said that the high costs of operation, a lack of storage capacity, and aging equipment were among their top concerns.
The rising costs of storage have pushed many companies to adopt cloud options, which offer the advantage of low entry costs. But with costs inching up as more businesses move online — a Pepperdata report found that more than one-third of companies have cloud service budget overruns of up to 40% — IT leaders are exploring alternatives.
On the cloud side, a nascent crop of startups are applying AI to the problem of managing cloud spend. Vendors like Densify and Cast AI claim that their AI-powered platforms can recommend the best storage configuration for a companies’ workloads by taking into various requirements. Other technology providers have turned their attention to on-premises systems, creating algorithms that they claim can reduce storage costs either with hardware suggestions or novel file compression techniques.
“Data storage today suffers from several challenges: Storage deployments are often made up of a variety of different storage media such as memory, flash, disk drives and tapes. In addition, organizations run multiple storage arrays based on access protocols … or based on criticality of the workloads,” Gartner research VP Arun Chandrasekaran told VentureBeat via email. “The usage of AI has the potential to streamline data lifecycle management based on criticality, performance, security and costs requirements of data.”
During the pandemic, the pressure to digitize operations led a record number of companies to move to the cloud. According to a recent survey from O’Reilly, 90% of organizations were using cloud computing of some kind in 2021, while Flexera’s State of the Cloud Report shows that 35% of companies spent more than $12 million on cloud operations in 2021.[…]
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