Database development trends that drive ROI
One way we’re solving your business challenges is by keeping you informed. Today, we’re diving into the database development trends that drive ROI (and some are less obvious than you might expect).
The database development trends that drive ROI
When planning where to invest your IT spend, you really can’t go wrong with database development. Creating something unique to your business is IP that you can take to the bank and even just building integrations is a valuable asset. However, what about ROI? Well, there are several trends that are translating directly to revenue and cost savings:
Custom development
First, building on the above point; when you make something custom, it becomes an asset of your business. That bespoke technology is now something you own and may even be impossible or hard for competitors to replicate. That translates to increased shareholder or stakeholder value. And that’s not to mention the raw boost to conversions you can get by having things just work properly.
Graph databases
The way you build your data architecture can be a profit-driving asset too. Graph databases can help you model and query complex and interconnected data. This means you can get business-viable returns on the data you parse across social networks, recommendation systems, fraud detection and knowledge bases.
Cloud-native
Moving to the cloud can make your business more agile and responsive to market trends. Need to take production to a new town or country? It’s possible when you are no longer physically tied down. This gives you more fluidity and bargaining power for tax rates and the like.
Low-code or no-code
This innovation is just making the whole development cycle faster. With things like Knack, Airtable and Zoho Creator; we’re now able to democratise data access, empower non-technical users and compress development cycles while still getting premium output.
Serverless
Another profit generator via reduced costs is serverless databases. They let you access your data on-demand without needing provisioning or housing of servers. Amazon DynamoDB, Google Cloud Firestore and Azure SQL Database are leaders in this space and they let you automatically scale and never pay for more than what you need.
Multi-model
Need relational, document, key-value, graph and columnar all in one place? Multi-model databases can handle it all, prevent data silos and reduce complexity. That’s because they can store and query data in different formats, from different places and hold it all in one easy-to-use interface. That supercharges your business insights for more revenues.
Blockchain
Lastly, and possibly not yet fully realised are blockchain databases like BigchainDB, Fluree and OrbitDB. They distribute your data so it’s less easy to corrupt, hack or tamper with. And it’s all based on the same logic that powers crypto. As long as you don’t need ultra-fast speed, blockchain is one of the most secure ways to store data and give your stakeholders confidence and reassurance that they’ll back up with investment.
So, it’s clear that just within the database development space, there are a number of innovations that can lead to larger revenues via security, scalability, conversions and cost efficiency. If you’re ready to talk about what that might mean for your business, reach out today.
