Regeneron isn’t the only company looking to get more value from its data. Despite the vast amount of data being collected and the amount of capital invested in data management solutions, business leaders are still not making use of their data. According to IDC research, 83% of CEOs want their organizations to become more data-driven, but they struggle with the cultural and technological changes needed to implement an effective data strategy.
In response, many organizations, including Regeneron, are turning to a new form of data architecture as a modern approach to data management. In fact, by 2024, more than three-quarters of current data lake users will invest in this type of hybrid “data lake home” architecture to increase the value they derive from their accumulated data, said Matt Aslett, director of research at Ventana Research. .
“Data lake” is a term for a modern, open data architecture that combines the performance and optimization of a data warehouse with the flexibility of a data lake. But achieving the speed, performance, agility, optimization and management promised by this technology also requires adopting best practices that prioritize corporate goals and support enterprise-wide collaboration.
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