A quick-witted approach to data-lake development can help firms float analytics programs more rapidly and start a data affable habit in the long run.
Fremont, CA: Growth in computer processing potential, cloud storage capability and management, and network connectivity are moving the current deluge of data in most organizations into a tidal flow. This ceaseless supply of data from a range of sources—including IoT devices, social media sites, sales systems, and internal collaboration systems—can make organizations feel overwhelmed at times. However, the deluge of data can also often overshadow the importance of the crucial information that goes unutilized. Hence, structuring the data as it flows in is important for organizations.
An example of how Netflix has used big data to understand what its customers want is a real winner, to not just go with assumptions but to make decisions based on customer data. Netflix was successfully able to determine and predict what its customers enjoy watching. According to the streaming brand, customer data is the fuel that fires the ‘suggestion machine’. Netflix shows us that knowing exactly what customers want is easy to understand if the companies just don’t go with the assumptions and make decisions based on data.
What organizations can do is store all the data in data lakes—storage repositories that can hold troves of data in native format until it is needed. The data lakes can be connected with external systems, which can categorize and organize the data, leveraging it to enhance both employee and customer experiences. Also, data lakes eliminate the need for data structuring at the time of intake, which can be done later at the time of unearthing and traversing data for analytics. Besides, data lakes provide unrivalled flexibility in sustenance of lower costs.
Today, an increasing number of organizations are exploring data lakes, hoping to pull in valuable data from information channels that are easily accessible regardless of the platform. By redefining systems, processes, and governance protocols, they are ushering in new data management capabilities. Owing to these efforts, a steady and prompt approach to the use of data lakes will certainly empower organizations to advance in the business landscape.