- The Major Paybacks
- Access to Huge Volume of Data
- Everything is Stored
- The ‘New Normal’
The concept of ‘data lakes’ has already created much hype in the past years. Though most professionals talk about it, only a few know the reason and importance behind the growing necessity of data lakes. As clear from most discussions, data lakes are the next step towards reading and interpreting customer behavior and getting meaningful insights.
These insights, however hard they might be to derive, help enterprises prepare competitive strategies. Therefore, business analytics count on data lakes to achieve enterprise goals.
In this article at Innovation Enterprise Channels, Gary Eastwood shares some of the significant ways that data lakes help business owners improve their market share and brand presence.
The Major Paybacks
Access to Huge Volume of Data
Today, data defines our future—’what we do’, ‘how we do’, and ‘why we do’. Data, in some form, impacts every aspect of human life. Right from online shopping, educational courses, business decisions, till healthcare information, data feeds our future moves. Data lakes, the collection of various data sources and types, have gained importance because of such human needs. So, businesses or competitors want to invest in data lakes to know more about their customer’s behavior rather than on the maintenance of siloed data.
Everything is Stored
Conventional data warehouses worked by classifying the needed information and eliminating the rest. This way, most enterprises lost access to data that could otherwise be useful in some other function or business opportunity. Contrarily, data lakes provide the ‘store everything’ feature at a cheaper cost. Business analytics can make use of data lakes to extract the relevant data, wherever applicable. This way, most entrepreneurs can outrun the big players in the marketplace.
The ‘New Normal’
Though some people are still debating the viability of data lakes, they have already taken up their place in business ecosystem. A recent report by McKinsey suggests that many companies are yet to see the true worth of data lakes only because they lack the best practices to handle data.
Channeling meaningful insights from data lakes is not an easy task. However, data lakes will continue to be more productive and useful with the right tools and guidance. To know more about the data lake challenges, visit the following link: https://channels.theinnovationenterprise.com/articles/why-data-lakes-are-important-for-business-analytics