Regeneron isn’t the only company looking to get more out of its data. Despite the vast amounts of data they collect and the amount of capital they invest in data management solutions, business leaders are still not getting the most out of their data. According to an IDC study, 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” architecture to increase the value derived from their accumulated data, according to Matt Aslett, director of research at Ventana Research.
“Data lakehouse” 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, productivity, agility, optimization and control promised by this technology also requires applying best practices that prioritize corporate goals and support enterprise-wide collaboration.
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