With technology fast-tracking our ability to understand customers better, modern businesses are relying on data more than ever to stay competitive. By leveraging data to identify the strengths and weaknesses of business processes, communicate market conditions, and improve strategies, businesses are unlocking tremendous potential in areas of innovation, growth, and productivity. However, while data can propel a business to success, it can also become counterproductive if not captured and used effectively. Around 95% of companies reported that their inability to understand and manage unstructured data is hindering their success.
This is where a data platform comes into play. In today’s hyper-competitive business ecosystem, data platforms can empower enterprises to gain a major edge over competitors with robust foundations for digital initiatives.
The importance of a modern data platform- Why your organization needs it today?
Data platforms or cloud-based data management solutions can help your organization collect, store, and organize all its data in a single place using an operational and management console. As a centralized repository for all data, these platforms refine and authenticate data, and support the expansion of advanced digital and analytics programs that extract business value.
A company’s core data platform can support sophisticated digital experiences like AI/ML-powered personalization and prompt decision-making in sensitive areas such as anti-fraud, risk assessment, and compliance.Modern cloud data platforms can helpmigrate enterprise data and data ecosystem from multiple silos, on-premises data centers, and data lakes to cross-cloud environments. This boosts the implementation of a strong data foundation, helping your business to source, structure, and inspect relevant data in record time, delivering enterprise-wide intelligence at lower costs. Not just your business, data platforms also help your users by collecting and storing their data, facilitating your enterprise to provide them with targeted solutions.
The data platform advantage for your business
Data platforms impact the complete lifecycle of data, from ingestion to reporting.They also support data sharing, AI/ML models, and collaboration in the process.Other functions include migration, cleansing, and storage of data. Although used for multiple reasons, their main purpose remains helping businesses to manage and understand their data.
Industry reports indicate that 93.9% of enterprisesplan to increase their investments in data this year.
Here’s how data platforms can help futuristic businesses:
- Storing the data in a single repository- Data platforms can help you to better organize your data by storing it at a single location. You can locate and access insights with ease, as this eliminates the need to explore, manage and unify multiple databases.
- Making improved sense of data- As enterprise data is often disjointed and resides in discrete silos, businesses can own multiple copies of identical data.This makes the process of insight generation ineffective, expensive, and inefficient. By combining the isolated data, data platforms can help your business put it together to see the larger picture. Once all the enterprise data is in the same place, data becomes more meaningful and interpretable and helps generate clearer insights.
- Enhancing the security of data- As data silos are not protected by any layer of security, without a data platform, enterprise data can be vulnerable to threats. Data platforms supported by next-generation technologies like AI/ML keep customers and businesses protected from security breaches. This is achieved through swift analysis of millions of incidents and identifying various types of threats, ranging from malware that exploits zero-day vulnerabilities to analyzing risky behavior that may cause the download of malicious codes or phishing attacks. Also, by storing the data at a single location, data platforms facilitate hassle-free auditing of data, ensuring its compliance with various security standards.
- Industrializing ad hoc and Excel analysis- Reliance on spreadsheets for complex analysis introduces scaling issueswith enterprise landscape as organizations often struggle to share data, implement large-scale data transformations, and utilize reuse and automation.With the tools provided by data platforms, you can collaborate and issue analytics.You can also check-in, commit and record analytics work similar to how software is recorded making it reusable and easy to automate and scale.
- Enabling future data utilization -Data platforms can enable your business to expand its analysis beyond historic reporting toward prescriptive and predictive analytics with the availability of data and tooling.
- Enabling personalization-Data platforms can unlock service personalization with data organization. Easy and swift reports help your business offer a more personalized experience to your customers, engage with them deeply, and unlock more avenues for growth.
Embark on your data journey with NSEIT
We at NSEIT can help you get started on your data platform transformation journey by leveraging our robust domain expertise and strong partnerships with industry leaders like Databricks and Snowflake. We can help build smart data platforms that enable you to break data siloes, unearth hidden information, streamline analytics, and simplify the data ecosystem, to generate unified and real-time insights.
To know more, set up a no-obligation virtual data discovery brainstorming session with our data SME today using the calendar below.
Authored By: Nakul Despande