Is your organization looking to lower data storage costs while enhancing analytics? Data lakes offer a solution that reduces long-term storage expenses and improves data analysis and communication.
Even if your organization doesn’t need massive storage, a data lake is a valuable addition to your IT infrastructure, especially if you already have an Enterprise Data Warehouse (EDW). Let’s explore the significant benefits data lakes can bring to your IT landscape.
Expanded Storage Capacity
Data lakes allow enterprises to store all types of data in any format. In the past, storing all your data in a central repository wasn’t feasible due to cost and technical limitations. Data was often summarized, with detailed information deleted to save space. With a data lake, all detailed data can be stored indefinitely, enabling in-depth analysis without losing any fidelity. This comprehensive retention is cost-effective and empowers extensive data exploration.
Cost Efficiency
Previously, data storage and analytics solutions were costly and less sophisticated. Today, thanks to competitive cloud pricing, elastic compute and storage options, IT automation, and efficient resource utilization, storage and processing costs have significantly decreased. Although the initial investment in a data lake infrastructure may be higher than an EDW, the long-term savings are substantial. A smaller team can manage the growing data efficiently, leading to higher cost savings per byte as your data scales. Data lakes allow your technology to grow, not your team size.
Enhanced Data Integration and Omni-Channel Experience
Unlike traditional warehouses, data lakes can store all kinds of data, structured and unstructured. For years, unstructured data was stored separately and couldn’t be analyzed cohesively. Data lakes centralize all data formats, allowing for quick and cost-effective collection, processing, and analysis. They integrate internal, external, client, competitor, social, and business process data, enabling data engineers to extract critical metrics. This integration provides a clearer understanding of how decisions impact customers, suppliers, competitors, partners, and other stakeholders.
Today’s businesses compete for customer attention and dollars across multiple channels like search engine marketing, email, websites, blogs, and social media. Are you providing a seamless omni-channel experience for your customers?
An omni-channel strategy considers every platform, interaction point, and device a customer uses. It tracks the customer journey from the first touchpoint to purchase, ensuring a seamless experience across physical stores, online desktops, mobile devices, and phone interactions. Data lakes excel in capturing every detail of these interactions, enabling a comprehensive view of each customer. This level of detailed experience management can be extended to suppliers, partners, and other value chain players.
Conclusion
Data lakes offer immense value to your organization, from cost savings to enhanced customer experiences. In our next post, we’ll discuss how to pair data lakes with existing data warehouses for even greater benefits.
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