The Business And Technological Benefits Of Data Lakes
Big data and Data Lakes have been technological buzzwords for the past 7-8 years. And enough and more evidence suggest that its adoption has been an enormous success.
These days, businesses use data to define their internal business objectives and metrics. Plus, it takes care of the externals as well in terms of the relationship between the company and suppliers and customers, and more.
As it’s said, what needs to be managed need to be measured, and big data helps exactly with that as it takes advantage of the existing data and optimizes it for current operations.
However, here’s the thing: None of this data is rigid. Old data makes way for new. Meaning, while using data to drive the business forward, you need to be ready for new improvements and adjustments. This is where a Data Lake comes into the picture. Data Lakes offer agile analytics to measure you’re continually evolving the business.
Here, I listed some of the significant benefits of a Data Lake. But then, let’s start with a brief on Data Lakes and need for them before diving into the benefits part.
A data lake is a one-stop-shop of all your data – whether it’s structured, or unstructured that doesn’t matter. Simply put, you could store data in as is without worrying about the structuring part or running different kinds of analytics on them.
It has been observed that organizations that were able to generate business value from their data outdid their peers. According to the Aberdeen survey, the organization that implemented Data Lakes outperformed similar companies by almost 9%.
These organizations performed new types of analytics such as machine learning over log files, social media, and internet-connected devices stored in the data lake. This has enabled businesses to identify and implement opportunities, helping companies to grow faster, specifically, in terms of productivity, attracting and retaining customers, making informed decisions and more.
A data lake ensures that all the employees – irrespective of their designation – has access to data. This is called data democratization.
