The widespread use of the internet has transformed the financial landscape, especially with the surge in online transactions. Databases play a crucial role in financial institutions, influencing their relationship with online transactions and improving operational efficiency.
In finance, leveraging databases enhances risk analysis and personalization of financial services. For instance, financial services can use databases to present more appropriate credit offers and provide more accurate investment advice to business owners.
Despite the enormous opportunities for profit, new challenges emerge as data complexity increases. This article outlines these challenges and offers practical solutions to overcome them.
10 Challenges of Managing Databases in the Financial Industry
To ensure efficient financial operations and services, small-scale financial industries may face several common challenges in managing databases, such as:
Limited Resource Availability
Small businesses often have limited resources, including budget, personnel, and technology infrastructure. This can be a bottleneck in managing and processing large data volumes.
Difficulty in Scalability
Rapid data growth can make it difficult to scale infrastructure efficiently, especially without a good scalability plan. This can cause performance degradation and an inability to handle rapid data growth.
Data Integration Difficulties
Data sources originating from multiple platforms and systems can be challenging to integrate, resulting in difficulties in gaining comprehensive visibility into enterprise data.
Security and Compliance
Financial companies have a high responsibility for data security and compliance. Managing sensitive financial data requires the implementation of strict security measures and compliance with applicable laws and regulations.
Effective Analysis
Analyzing databases to gain valuable insights can be difficult, especially without appropriate analysis tools or sufficient data analysis skills within the company.
Data Integrity and Quality
Ensuring the integrity and quality of data in a database can be a challenge. Bad or inaccurate data can lead to wrong decisions and impact customer trust.
Data Heterogeneity Management
Databases often include various types of data, including structured and unstructured data. Managing this heterogeneity and extracting value from multiple data sources can be complex.
Infrastructure Maintenance
Maintaining the infrastructure for storing, processing, and analyzing databases requires significant costs and time. Small businesses may find it difficult to perform such maintenance regularly.
Challenges in Data Governance
Setting data policies, managing data access, and ensuring compliance with data regulations require careful actions to prevent legal and reputational risks.
Human Resources and Skills
Managing databases requires special technical skills, and having human resources with these skills can be a challenge. Small businesses may struggle to compete with larger companies in recruiting this talent.
How to solve these problems? No need to worry, implementing SolarWinds Database Performance Analyzer is the right choice! This solution can help small business financial services maintain optimal performance in their database systems, detect problems that arise, and ensure that companies can provide financial services efficiently and reliably.
SolarWinds Database Performance Analyzer: Enhancing Cross-platform Database Management
SolarWinds Database Performance Analyzer (DBA) is a comprehensive solution designed to identify and resolve performance issues in cross-platform database environments. Leveraging advanced features, including ML-powered anomaly detection, DBA enables Database Administrators (DBAs) to proactively optimize databases and prevent potential problems from escalating.
Positive responses from DBA users:
"DPA is much easier to use and more effective than any other tool I have used."
"I can find the root cause of problems and solutions faster than before. This allows us to move on to other priorities, and more work gets done."
"Excellent performance monitoring and reporting tool with minimal impact on the database."
Key Features of SolarWinds Database Performance Analyzer (DPA)
SolarWinds Database Performance Analyzer (DPA) is tailored to assist the financial industry in monitoring and optimizing database performance. Some notable features include:
24/7 Monitoring
Continuous monitoring, both in real-time and historically, provides detailed analysis of database performance.
Quick Problem Identification
Swiftly identify the worst-performing applications, SQL queries, and tables.
Hybrid Monitoring
Monitor databases across multiple platforms, including virtual, physical, and cloud-based.
Root-Cause Analysis
Investigate problems to the root cause, from CPU and I/O issues to specific SQL statements.
Visualization of Waiting Time
Visualize waiting times for resources, blocking, host and VM resources, and more.
Anomaly Detection
Utilizes ML for anomaly detection that improves accuracy over time.
Blocking and Deadlock Analysis
In-depth analysis of blocking and deadlock situations, displaying the SQL blocking hierarchy.
VMware vSphere Integration
Performance and event monitoring for VMware vSphere environments.
SQL Query Search and Filter
Ability to search and filter individual SQL query statements.
Advantages of SolarWinds Database Performance Analyzer
Here are some of the main benefits of using SolarWinds Database Performance Analyzer:
Easy Installation
Fast deployment time with low overhead (1 percent or less) and can be installed on Windows or Linux servers in Azure or as an AWS subscription.
Comprehensive Resource Monitoring
Provides a complete overview of all database instance resources, from CPU to storage I/O.
Detailed SQL Textual Level Analysis
Dive down to the SQL text level for detailed analysis.
Custom Reports and Alerts
Create custom reports and receive automatic email alerts.
Integration and Automation
Integrates with DevOps automation routines via RESTful APIs.
End-to-End Scalability and Visibility
Integrates with SolarWinds Orion Platform, PerfStack, and AppStack for comprehensive visibility.
CyberArk Integration
Integrates with CyberArk Credential Management Vault for secure storage of credentials.
Optimize Your Company's Database Management with SolarWinds Database Performance Analyzer
It's time to leverage SolarWinds Database Performance Analyzer to simplify database management, experience a user-friendly interface, and access powerful features for comprehensive performance optimization.
As an authorized partner of SolarWinds, Virtus Technology Indonesia (VTI) is supported by a competent and certified IT team ready to help you optimize database management quickly and efficiently. Consolidate your needs with Virtus now! For further information, contact our team here.
Author: Ary Adianto
Content Writers CTI Group