Rising Tides Analytics Blog

Make Data-Driven Decisions While Saving Money with a Data Lake

Posted by Rising Tides on Jul 2, 2019 8:00:00 AM


Do you feel like your data is inaccessible? Have you given up on trying to glean insights from your sales, marketing, and/or financial data?

While it can feel daunting to access and interpret your business data, it doesn’t need to be. Your data is one of your business’ most valuable assets. It can help you make decisions that drive you toward your goals. However, your ability and ease in using your data are largely contingent on how it’s stored.

This blog will explore how using a data lake can make your data easier to access and save your team time and money when deriving valuable insights.

What is a data lake and how does it vary from a data warehouse?

Traditionally, businesses relied on accessing information stored in a data warehouse. The downfall of a data warehouse is that it pulls data from multiple sources each time you need to access it, requiring time and resources to reformat and reorganize the data to make it usable each time.

A data lake, on the other hand, consolidates all of your raw data into one place. Additionally, you’re able to see cross sections of data, allowing you to see a holistic view of your business’ information. When you have all your data stored in a data lake, you can then pull from it on demand and blend it with other data sources.

Due to the advancements in cloud technology, storage and computing resources are cheap. Instead of using costly on-premise storage solutions, with a data lake it’s easy to use cloud storage solutions that scale in a predictable fashion. With a data lake, there’s no need to heavily structure data, saving your business time and money.

A data lake can help provide an all-encompassing look at your data

Instead of having to interpret a difficult-to-understand data warehouse to find data, you are able to pull transactional data on demand from the lake. By eliminating siloed data marts for each line of business, you are able to create a holistic solution by merging all raw information in one place.

When using a data lake to view and interpret data, it also makes it easier to identify bad data, ensuring you’re viewing the most accurate insights, allowing you to make the best decisions.

Infrastructure can be a huge factor in how you use your data

Viewing and generating insights from your data isn’t impossible. How your data is stored can be the difference between how quickly and effectively you’re able to use your data to make business decisions. Without having to maintain and interpret a complicated and rigid data structure, your business is able to derive actionable, accurate information quickly.

Visiting one location to interpret all your business’ information makes it far faster to access.  Using this much faster method to ingest data makes it easier to create business value from it. When you spend less time looking for, cleaning, and compiling your information, your business can spend far more time understanding, utilizing, and creating a strategy for your data.

Do you use your data to make business decisions presently? Doing so can increase efficiencies and uncover opportunities for business growth. Grab this guide to get started.

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