Data Lake for Powerful Data Management

SHARE THE ARTICLE ON

Data Lake for Powerful Data Management Data Management
Table of Contents

Introduction

The data lake is the next big thing in data management, and it could revolutionize how your business uses data. With the rise of big data and business intelligence, data management has become an increasingly complex task. Trying to manage every aspect of the company’s data effectively can be time-consuming and often leaves gaps in the data that can be extremely costly.

If you’re looking to improve a company’s data management, you may want to consider implementing a data lake strategy to help you simplify the process and more effectively collect the data that will be needed to make informed decisions about the business. But what exactly are data lakes? And how do they differ from other approaches to storing data?

In this article, let’s look at what is a data lake, what makes data lakes unique, and how they can help grow the business by providing better access to more up-to-date information about your business

Exploratory Research Guide

Conducting exploratory research seems tricky but an effective guide can help.

What is a data lake?

A data lake is a storage repository. It stores all types of data together in one location for easy retrieval, including structured and unstructured data. These lakes hold the organization’s collected raw data without labeling or structuring it in any way. It is ideal for storing data that isn’t ready to be analyzed yet or that doesn’t need to be analyzed right away. Data stored in these lakes can then be used for ad hoc analysis by firms.

Basically, companies can put data into the lake and retrieve it later without having to worry about storage space. A data lake is a big pool of raw information that you can use for a variety of business-driven purposes.

Why is data lake crucial to a company?

The data lake is crucial to businesses because it holds all company data in one place, no matter what type or how that data can be used. Companies are collecting massive amounts of data, but they aren’t quite sure what to do with all that data. As companies gather more and more information every day, it becomes difficult to access each piece quickly enough. 

If a firm has terabytes of information lying around, and scattered across multiple systems, finding an old report or accessing new information could be like looking for a needle in a haystack. A big part of the IT department’s time may be spent moving those files around so employees can find what they need when they need it. 

On the other hand, data lake makes accessing and using data much easier than having it spread out over multiple systems that aren’t connected. It also allows for future data needs to be easily accommodated as well as making sure that current data is always available for analysis.

Data lake vs data warehouse

A data warehouse can be thought of as a storeroom, and a data lake as an ocean. A data warehouse stores refined, distilled, or aggregated data, while a data lake contains raw, unrefined datasets. Consider the process of refining gold ore as an example. To make jewelry, you don’t need to refine all of it; just need enough to make rings and necklaces. And that’s what a data warehouse does, it takes the raw data and turns it into something useful. That’s why data warehouses are so effective for reporting, analytics, and decision-making. 

Whereas, the data lake is not an alternate type of data warehouse. It’s more of a storage and analysis model that provides access to massive amounts of structured and unstructured data in one place.These lakes can be used for analytics, machine learning, business intelligence, or as a backup repository for other systems. Data lakes are used for data analysis by data scientists. However, it should not be confused with a traditional data warehouse. Many organizations use a hybrid approach to get the most out of both.

Advantages of a data lake

The advantages of a data lake are plentiful, making it an essential part of most businesses’ overall data strategy. 

  • It can help bring new insights to the business, making it easier to spot trends and patterns in the data that might not be noticed before. 
  • It can keep information streamlined and organized, which makes it easier for the company to find exactly what they’re looking for when they need it. 
  • It can be used as an archive of all data, so if something changes or goes wrong with one of the systems, the organization still has access to any previous versions. 
  • It can also make it easier to share data between different departments within the organization, ensuring that everyone has access to everything they need. 
  • It can help prevent duplicate efforts across multiple teams by centralizing all company data in one place. 
  • It can provide an easy way to store backup copies of the data in case anything happens to the primary storage system.

Lastly, in today’s digital world, companies want to quickly access relevant information when they need it, and having a central repository makes it so much easier.

See Voxco survey software in action with a Free demo.

Challenges of a data lake

A data lake provides companies with unprecedented access to their data, but it comes with its own set of complications. When merging several data sources, data inconsistencies may still need to be resolved, or data integrity may get compromised. 

Another challenge is that data lakes make it difficult for businesses to keep track of who’s accessing what information and when they’re doing so. According to a report, 62 percent of employees have access to information they shouldn’t have. This puts the data governance policy in jeopardy. Without proper governance in place, the data lake can quickly become a quagmire that the firm will never be able to escape from.

Cloud data lakes

Cloud data lake is gaining popularity among enterprises because it offers many advantages over on-premises solutions. It is easier to implement, it helps to reduce costs and makes it easier to store large amounts of data without any time limits, and provides more value when integrated with other services. 

On the other hand, on-premise data lakes require a lot of space, are expensive, and take a long time to set up. Many organizations have started using cloud data lake as their primary storage for data analytics and are storing their data long-term without worrying about its security or accessibility.

Companies of all sizes have thousands of data points they’re collecting every day. The data lake is a platform that will house all of this data in one place, allowing them to go back later and do analysis on it after companies have generated the initial insights needed to make the business run effectively. With the avalanche of data, Data lakes can lead organizations to be profitable in the future if implemented now.

Read more

Hindol Basu 
GM, Voxco Intelligence

Webinar

How to Derive the ROI of a Customer Churn Model

30th November
11:00 AM ET