Data engineering is an excellent way for companies to develop data collection and management systems. These systems can convert raw data into valuable information and insights for data scientists to interpret and streamline business operations.
However, data engineering can pose a financial risk for organizations when not used correctly. When you fail to use data science, engineering, applied machine learning methods, etc., efficiently, they can cost you a lot of money.
Common factors contributing to data engineering costs are relationships management with data providers, various data subscriptions, data fees, compliance, and IT-related operations for data engineering and analysis. So, how to reel in data engineering costs? Here are a few tips and tricks to get the job done adequately.
Simplify Data Architecture
Companies can save time and money by streamlining and optimizing their data architectures. For example, data engineers must offload historical data to low-cost storage or develop systems with more space to handle large volumes of data. That way, your data engineering team can increase server utilization.
In addition, review your entire architecture and development portfolios and halt low-priority projects to decrease the cost of resources. Similarly, use application programming interfaces to put data and information buried within your legacy systems without designing custom workflows that can cost you a lot of money.
Streamline Data Consumption
Experts recommend keeping track of data services you use for your business operations, including data engineering. If you use multiple data services and some of them are redundant or underutilized, make sure you cancel them immediately to cut the additional costs and save money.
Besides, reconcile your data invoices, perform a solid review, and allocate costs appropriately. Generate detailed reports to make informed decisions and streamline the data budgeting and expense allocations.
Authenticate Data Usage
Review data spending with data engineers and end-users to identify redundant or downgraded services. When you initially procure a data set, you need all the data you offer because you don’t know how to use it.
However, when data engineers develop systems and become aware of the data usage, they know what data is essential based on usage patterns. Therefore, it is crucial to determine when, why, and how much data you need to streamline your data engineering processes. That way, you can reel in data engineering costs.
Optimize Data On-Boarding Process
Optimizing the data onboarding process requires knowing data engineers’ availability and how soon the team can start the development process. Besides, you need to analyze the actual time or duration required for the onboarding project.
That way, you can reduce data engineering costs. Besides, if you lack internal resources, you can hire third-party data engineers to get the job done. At the same time, you can ask your data provider for support and assistance. Moreover, develop a unified data analytics platform to ensure seamless data flow through the models and pipelines.