Data lake: 7 tips to increase your company's earnings

A data lake is a large, centralized repository of data that increases a company's profits by promoting modern data analysis at scale to:

• identify opportunities,
• increase operational efficiency,
• improve customer experience,
• reduce costs, risks and fraud.

With the exponential increase in data generated every day, companies need to find effective ways to manage and extract value from this information . And an excellent solution for this is the data lake (DL).

This repository, which centralizes all of a company's raw data, allows the storage, management and analysis of big data, generating a positive impact on profits.

In this article, we detail in 7 tips how a DL can increase a company's profits and provide a competitive advantage .

What is a data lake?

This repository, which centralizes all of a company's raw data, allows the storage, management and analysis of big data, generating a positive impact on profits.

One of the big advantages of a data lake is its ability to bring together data from multiple sources, including sensors, IoT devices, application databases, ERP systems , and more.

Data is stored in its original format, without any processing or modeling. This makes DL an ideal solution for companies that need to manage large volumes of data from different sources.

Unlike a data warehouse (DW), which follows a defined, pre-defined schema model , a data lake is flexible and can be used for self-service analytics and data searches.

Why is a data lake important for companies?

With the large volume of data generated every day, it is essential that companies have a solution to manage and store this data efficiently. And a DL offers many advantages over other data management solutions , like data warehouses , for example. Look!

1. Flexibility

The data lake allows companies to store all types of data, regardless of size or format. This includes structured, unstructured, and semi-structured data . Companies can store data in its original format, without the need for modeling or preparation before storage. This makes DL an ideal solution for companies looking to explore new business opportunities.

2. Scalability

A data lake is scalable and can handle large volumes of data from multiple sources . Companies can easily add more data to DL as their storage needs increase. Additionally, the data lake can be scaled horizontally by adding more compute nodes to increase processing capacity.

3. Lower costs

Compared to other data management solutions , a DL can be a more cost-effective option . Businesses can store large volumes of data without having to pay for additional software licenses or expensive storage services. Additionally, the data lake can run on cloud infrastructure , which further reduces maintenance and management costs.

4. Self-service analytics

A data lake allows companies to offer self-service analytics to their users. With access to DL , users can explore and analyze data on their own without needing help from the IT department . This means users can get information quickly and make better, more informed decisions.

Now that you know the importance of a data lake for companies, check out how to use it to increase your profits .

How to use a data lake to increase your company's profits

Proper utilization of the data lake can help significantly increase profits in several ways. See what to do to achieve this goal!

1. Identify and collect all data relevant to your business, including sales data, marketing data, production data, financial data, customer data and any other available data sources.
2. Use data processing and artificial intelligence tools to analyze this data and extract valuable insights about customers, products, operations and the market.
3. Use these insights to identify business opportunities , such as new products and services, process improvements, promotions, and more efficient marketing campaigns.
4. Create business analytics and forecasting models based on collected data to predict future demand, evaluate the effectiveness of marketing initiatives, and predict operational costs.
5. Use the data lake to monitor the results of your initiatives and adjust your strategy in real time to maximize return on investment.
6. Through DL , identify fraud and reduce the financial and operational risks of the business.
7. After analyzing data from your data lake , improve the customer experience to increase sales through personalized recommendations, suggested promotions, and targeting quality service.

In short, a data lake is a large, centralized repository of data that increases a company's profits by promoting modern data analysis at scale to:

• identify opportunities,
• increase operational efficiency,
• improve customer experience,
• reduce costs, risks and fraud.

How to use a data lake in your company

Applying a data lake to your business operations is an important step towards gaining a competitive advantage in the market and ideally you can count on top professionals for this.

Contact Indicium by clicking here .

We are a data company in New York and Brazil, and we can help your company. 😉🚀