Gold Mining – or how to get most out of your data
Large organizations around the world know that their ability to plan ahead and predict market trends relies on their ability to access relevant information pertaining to their business, their customers and their respective markets. With so much information being generated every day it can be difficult for businesses to accurately interrogate their data with meaningful queries to produce the desired projections.
Businesses normally store their data in functional silos such as traditional databases like SQL and Oracle systems, where it remains static and is not able to be cross referenced against other data sets. This is somewhat counter-productive as business environments start to rely more heavily on real time projections, and why more and more companies are beginning to look at Data Lakes as the solution to automate decision making and to drive innovation.
What Is a Data Lake?
A data lake is a solution that acts more like a repository, holding massive quantities of raw data in non-standardized, native formats until it is needed. You can think of it as being a flat storage architecture in many ways, and this lends itself well to the business of data analysis within big companies.
This is because as data sits in a non-standardized format, it can be molded and formatted into structures that are useful for specific queries, and then returned to its storage state once this has been completed. This methodology allows for many new and exciting angles of attack to be carried out on your data sets, and can be automated to allow for more dynamic and instant decision making on the part of the company’s executive structure.
With such immense data flexibility at their fingertips, decision makers are able to create and run custom queries against multiple data sets simultaneously, allowing for new and exciting projections to be revealed in ways that traditional data storage and queries can’t quite manage. This gives organizations a serious competitive edge over the opposition, and can help to strengthen their position in the market by using next generation analytics.
What Can a Data Lake Do for My Business?
If you own a business that has several disparate data stores that don’t necessarily correlate with one another, then using a Data Lake structure can help your business to break down the barriers of compartmentalization in your operation, and will help you to focus on key the attributes of your company. For many, this next generation analytics structure will help them to capture additional business in the form of new clients, and may help them gain greater insights about their existing customers.
With Data Lake topologies it suddenly becomes possible to track real time habits of your customers via their membership cards, customer accounts or rewards programs. Historical trends can help you to understand who your customer is, and trend projections will allow you to predict your customer’s needs that much more accurately. Customers may feel like they are being well attended to if you can leverage personalized campaigns that are aimed at them specifically, and Data Lakes, combined with advanced analytics will help you on your journey towards this goal.
Big Data, Massive Potential
Here at Consulteer, we understand your business’s data requirements, and where big data is needed to help bring your business projections to life. We have all of the necessary tools and skills to help you on your journey to understanding the complex world of mixed environmental analytics and versatile data architecture platforms. All of these technologies come together to provide you with a reporting suite of tools that will give you an immediate understanding of what is happening in your business, and can help you to automate your decision making, freeing your executive team up so that they can focus on running the company and keeping the gears turning.