Your business’s information is valuable. It can help you drive efficiencies, increase cost basis, and make better strategic business decisions. However, your business data can only be impactful if the right people have access to it. This makes the format and storage of your data imperative to its impact.
If not, keep reading to understand how changing the way your data is stored can get you the data access your organization needs.
Why does it matter?
It can be frustrating to not have access to your business’s data. When your data is in different places and not formatted correctly, it can be more time-consuming - and thus expensive - to make use of.
In 2017, TMMData and the Digital Analytics Association conducted a survey of data professionals at every level. As it turns out, nearly two in five (38.7%) data professionals are spending more than half of their workweek on tasks unrelated to actual analysis. Plus, 43.8% of managers reported that more than half of their team's time is spent collecting, integrating and preparing data rather than analyzing it.
In addition to struggling to use data, many data professionals struggle with even accessing their data. 43% of respondents named access as one of their top two analytics challenges. Nearly three in five respondents (56.9%) said it takes days or weeks to access all the data they need.
Instead of being able to make impactful business changes, is your organization wasting time and money attempting to access and make use of your data?
A forward-thinking solution for data storage.
The problem is that traditionally, data is stored in many places and systems, and is difficult to centralize and reconcile. With a data lake, however, the data you need is all in one place and not yet formatted. As a result, you can format your data however makes sense for your project and it’s easier to cross-reference with other data sets.
Since there’s no real structure in a data lake, it’s far easier and faster to make changes. This means your team can spend more time finding impactful insights and less time tweaking formatting.
How can using a data lake add value?
Your business’s data is powerful. You can derive extensive, impactful insights when your data is accessible and ready for analysis.
By evaluating your business’s information, your team is able to identify opportunities to drive efficiencies, increase cost basis, and power innovation within your organization.
Grab this resource to learn more about how the format and storage of your data can be the difference between useless spreadsheets and meaningful insights.