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What is Data Lake? Technical and business benefits of Data Lakes

In the world of Big Data, the term ‘Data Lake’ has gained amazing popularity. It is basically a centralized location where you can easily store all your important data sets without worrying about their source and format. This storage repository is able to store a really large amount of data that can be of any format such as structured, semi-structured, unstructured, and so on. Today’s businesses are tending towards data lake services in order to keep their business data super-secure and easily accessible. Dataphoenix is going to share all the business and technological benefits that we can enjoy via data lakes in 2021 and in the near future.

Business benefits of Data Lakes

A data lake is properly able to make the stored data available to the entire organization. You may know that such a process is known as data democratisation. Senior executives will be able to get data-driven reports easily. Responsible departments will access the stored data and prepare reports after analyzing all data sets. We can say that fastest-growing businesses need to make decisions fast. They do not have the space to spend days and months just get some data-driven reports and make effective decisions. When companies need error-free and properly data-driven reports, they can easily take the help of Data lakes as it makes specific data accessible by responsible analyzers of an organization.

Technical benefits of Data Lakes

  1. Data storage in native format- with Data Lake, there is no need to do data modeling during the ingestion. We can do data modeling during finding or exploring data in order to satisfy the analytical requirements. Data lakes come with amazing flexibility so that businesses can easily get any business insight whenever requires.
  2. Scalability- scalability is one of the main requirements of a growing business. Any growing business should get the support of a scalable system so that with the growth it can get the required support. Data Lakes are amazing scalable and also inexpensive in comparison with other options available in the market such as Data Warehouse.
  3. Versatility- A Data Lake is able to store all types of data from various sources. So, you do not need to think about the data size and format while storing. It is able to store XML, store logs, multimedia, binary, sensor data, social data, chat, and so on.
  4. Schema flexibility- You may know that the previous schema requires the data to be in a specific format. But in OLTP, the data gets validate before the entry. And this causes obstruction while data analysis. Data Warehouse comes with the traditional schema setting but Data lakes do not follow the same. Here, you will be able to stay schema-free and you will not feel any obstruction while analyzing your business data. Here, you will be also able to decouple schema from data and it is really effective for data analysis.
  5. Supports many languages- If you are familiar with data warehouse you know that it is able to support only SQL. And this is simply insufficient when it comes to satisfying the requirements of advanced use cases. Data Lakes comes with lots of options and language support for data analytics.
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These are the best benefits of using Data Lakes when you need to deal with a large volume of data on a regular basis. Businesses that get lots of data on a regular basis and need to store them correctly, can try Data Lake services. In this way, they will be able to securely store data and access it according to the requirements.

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