Regeneron isn’t the only company eager to extract more value from its data. Despite the massive amounts of data they collect and the amount of capital they invest in data management solutions, business leaders still don’t get the most out of their data. According to IDC research, 83% of CEOs would like their organizations to be more data-driven, but 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 managing data. In fact, by 2024, more than three-quarters of existing data lake users will invest in this type of hybrid “data lake” architecture to enhance the value generated by their data backlog, according to Matt Aslett, research director at Ventana Research.
A “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 governance promised by this technology also requires embracing best practices that prioritize corporate goals and support enterprise-wide collaboration.
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