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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Jessica Weisman-Pitts

    Posted on October 29, 2021

    Featured image for article about Top Stories

    By Todd Ruff, VP Corporate Marketing, Panasas

    From rendering the latest horror film, to sequencing the genome of Frankenstein’s monster, or carrying out simulations to make airplanes as streamlined as a ghost through a wall, HPC IT environments are the driving force behind a growing number of industries and use cases. According to the World Economic Forum, by 2025 an estimated 463 exabytes of data will be created on a daily basis. Organisations of all shapes and sizes, from governments to banks to automotive manufacturers, are taking advantage of this ever-growing mountain of data to make quicker and better-informed decisions. Indeed, the global HPC memory market is growing at an average rate of seven percent and is expected to reach seven billion US dollars by 2023.

    However, there is a dark side to this market: the majority of HPC storage solutions are shrouded in complexity, unreliability and frighteningly high costs. A global study by Hyperion Research highlights three ways in which organisations can become ensnared in a hair-raisingly high total cost of ownership.

    1) The alarming cost of HPC storage staffing

    Employees represent a monstrous cost factor for HPC storage; 18 percent of HPC storage installations each require four or more people to manage it, while almost 14 percent had expenditures of $500,000 or more for HPC storage staff. For 38 percent of organisations, recruiting and training storage professionals alone was the most difficult operational aspect of HPC storage.

    2) Installation and maintenance nightmares

    Organisations are also haunted by complicated installation and maintenance tasks. Just six percent of organisations had their new HPC storage rigs up and running within a day, while 28 percent were still installing after a week. And the gremlins and goblins do not disappear once the storage system is up and running. Almost half had to tune and retune systems monthly, with four percent retuning weekly (and two percent even daily!).

    3) Spine-chilling outages

    Last but certainly not least, the most petrifying of HPC horrors: outages. One third of organisations suffered monthly failures, and eight percent weekly outages. Forty-one percent revealed that recovery took two days or longer. The expense of just a single day’s outage is blood-curdling: depending on company size, a day’s outage can cost up to, or even over, $1 million.

    These entanglements of complex and unreliable storage trap organisations into a haunted house where they are victims of a shockingly high total cost of ownership, impacting their productivity and, ultimately, their bottom lines. As HPC storage installations increasingly tackle a broader range of use cases, the shortcomings of traditional approaches are becoming increasingly clear, and the hidden costs of HPC storage, such as staffing and outages, are harder to disguise or ignore.

    To avoid HPC storage costs spinning out of control, organisations must take a step back to re-evaluate their storage solutions and demand predictability, ease of use, and reliability from their technology providers to ensure that they have no skeletons hidden in their closets that may end up haunting the users later on.

    By Todd Ruff, VP Corporate Marketing, Panasas

    From rendering the latest horror film, to sequencing the genome of Frankenstein’s monster, or carrying out simulations to make airplanes as streamlined as a ghost through a wall, HPC IT environments are the driving force behind a growing number of industries and use cases. According to the World Economic Forum, by 2025 an estimated 463 exabytes of data will be created on a daily basis. Organisations of all shapes and sizes, from governments to banks to automotive manufacturers, are taking advantage of this ever-growing mountain of data to make quicker and better-informed decisions. Indeed, the global HPC memory market is growing at an average rate of seven percent and is expected to reach seven billion US dollars by 2023.

    However, there is a dark side to this market: the majority of HPC storage solutions are shrouded in complexity, unreliability and frighteningly high costs. A global study by Hyperion Research highlights three ways in which organisations can become ensnared in a hair-raisingly high total cost of ownership.

    1) The alarming cost of HPC storage staffing

    Employees represent a monstrous cost factor for HPC storage; 18 percent of HPC storage installations each require four or more people to manage it, while almost 14 percent had expenditures of $500,000 or more for HPC storage staff. For 38 percent of organisations, recruiting and training storage professionals alone was the most difficult operational aspect of HPC storage.

    2) Installation and maintenance nightmares

    Organisations are also haunted by complicated installation and maintenance tasks. Just six percent of organisations had their new HPC storage rigs up and running within a day, while 28 percent were still installing after a week. And the gremlins and goblins do not disappear once the storage system is up and running. Almost half had to tune and retune systems monthly, with four percent retuning weekly (and two percent even daily!).

    3) Spine-chilling outages

    Last but certainly not least, the most petrifying of HPC horrors: outages. One third of organisations suffered monthly failures, and eight percent weekly outages. Forty-one percent revealed that recovery took two days or longer. The expense of just a single day’s outage is blood-curdling: depending on company size, a day’s outage can cost up to, or even over, $1 million.

    These entanglements of complex and unreliable storage trap organisations into a haunted house where they are victims of a shockingly high total cost of ownership, impacting their productivity and, ultimately, their bottom lines. As HPC storage installations increasingly tackle a broader range of use cases, the shortcomings of traditional approaches are becoming increasingly clear, and the hidden costs of HPC storage, such as staffing and outages, are harder to disguise or ignore.

    To avoid HPC storage costs spinning out of control, organisations must take a step back to re-evaluate their storage solutions and demand predictability, ease of use, and reliability from their technology providers to ensure that they have no skeletons hidden in their closets that may end up haunting the users later on.

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