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The Power of Data Lakes: Unlocking Business Insights You Never Knew Existed

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Are you leveraging the full potential of your data? As analytics and big data become more commonplace, businesses need to find ways to extract valuable insights from their data.  

A data lake is a storage repository for raw data until it's needed. Unlike traditional databases, data lakes don't have rigid schemas imposed on them. This means users can easily add disparate sources of data. By storing information in its raw format, the data lake expands the types of insights that can be gleaned. At Mindex, we're experienced masters of the data lake - ready to help you unlock its full potential! 

In this blog post, we'll explore the power of data lakes and see what opportunities they can unlock for you!

What Is a Data Lake?  

Many businesses are now adopting data lakes because of their ability to store a wide range of data types in a single, centralized repository. Rather than needing to convert the data into a predefined schema (structure), users can store their data, including unstructured data (such as videos, text, and images), "as-is." From there, users across diverse groups within the business can run different types of analytics—from dashboards and visualizations to big data processing, real-time analysis, and machine learning to guide better informed decisions. 

Key Benefits of Data Lakes  

Data lakes are rapidly becoming the go-to option for storing big data. Businesses that want to leverage their large datasets and make their data more accessible should consider implementing a data lake. Here's a look at how a data lake can help your business: 

Data Lakes Help Optimize Data Analysis    

Data lakes allow businesses to store the sheer volume of their data in one place, including raw, detailed information from multiple sources. This enables you to gain business insights that would otherwise be impossible using traditional data storage solutions. Additionally, the ability to query specific aspects of the dataset in real-time makes it easier to analyze complex patterns and find previously hidden correlations.  

Our customer, a Global Diagnostic Solutions company, needed a better way to manage and analyze their machine data. We recommended a data lake on Amazon S3 to replace their raw data logging Microsoft SQL Server database. And it worked! Now, they can analyze machine data in less time - which has helped them maintain and repair their equipment more quickly and effectively. Read our customer success story!  

Data Lakes Provide Easy Accessibility

According to Forbes, by making 10% more data accessible, a typical Fortune 1000 company will see an increase of $65 million in net income. That's right, $65 million. Imagine the possibilities for your business!  

With a traditional database, users are limited by the constraints of the system or interface they use to access the stored data. However, a major benefit of a data lake is that there's no need for specialized software tools, as everything is stored in its original format and is directly accessible by authorized users for real-time insights. These access rights make it easier for business users within a company to access the same datasets and collaborate more effectively on projects involving big data.  

Data Lakes Support Governance & Compliance

When it comes to managing hundreds (or even thousands) of disparate datasets with varying levels of privacy compliance requirements across regions and jurisdictions, existing governance models aren't up to the task anymore - this is where a well-implemented data lake architecture can help. A properly governed and compliant environment gives businesses peace of mind when complying with relevant laws or regulations that might otherwise be too costly or difficult to manage due to a lack of visibility into what's being stored in corporate databases.   

Interesting in learning more about mastering your data lake governance? Our blog highlights five key challenges you should know about! 

Data Lakes Facilitate Automation

By harvesting terabytes of enterprise data from various sources into a single repository, businesses can use machine learning solutions to automate tasks such as inventory replenishment and fraud detection. By continually analyzing structured, semi-structured, and unstructured datasets with automated processes, businesses can eliminate manual operation errors and reduce costs associated with human labor at scale.

Are you ready to reap the benefits of a data lake?

Data lakes provide organizations with enormous benefits when finding meaningful insights from data. Our team can help you build a secure data lake to speed up your analytics efforts and protect your company's valuable data. Visit our data lakes solutions webpage today to learn more about how we can help you harness the power of your data!  

 

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