Data Lake Solutions for Industries

A lake in reality is a water body with billions of gallons worth of water stored in it without any proper designated use, the elements and water molecules in it are all the time free to roam around and are placed freely in this huge structure of water. The structural integrity or the security in a lake is not always guaranteed or firm, but the convenience and impact it gives to the organisms that depend on it to survive is absolutely critical. Lakes are the most widely available source of water in the world and thus the importance of lakes can be transcended to our digital concept of data lake, which has become just as important as any other digital concept in this 21st century.

Data Lake is a digital storage repository that is programed and designed to hold and even distribute any types of data that the user wishes for. Mostly abundant data types are structured, unstructured and semi-structured. This concept takes a big leap from the existing one called data warehouses, while both have their own set of benefits, data lake provides much more convenience and ease of access when compared to data warehouse.

Data Warehouses are designed to withhold only structured sets of data, so this is used mostly by the big companies that have continuous flow of repetitive data structure. Another feature which the Data Lake has over the data warehouse is the Schema-on read feature which the later misses out, data warehouse only has the capability of Schema-on write feature, thus the schema needs to be fixed even before the data is loaded into the database.

The schema factor makes most of the leading organizations choose data lake as they can use it for big data analysis for insightful information and advanced analytics. Data analytics and mining can be performed with this too as the precise predictive factor is given abundant importance in this fast-paced business world.

The question one might ask is why they would need a data lake at all for their business operations or data storage. The answer to this is simple and effective, as a leader among the digital services and product development, we would absolutely recommend you the Data Lake Consultancy and Development Services if your business does not have one right now, as we have seen a number of companies which benefit and transformed themselves after the successful implementation of data lake services.

Most companies use data lake for the reliability and efficiency it provides over the other options, as we have already mentioned how the fast-paced environment always demands something unique and impactful to have an edge over your competitor, data is the most basic unit for your business but one could unlock hundreds of new possibilities with the power of data analytics and data lake implementation.

One could store all the types of data in the data lake, regardless of the structure or volume, it would be kept in the same place and can easily be accessed on command from the data lake. Industries such as healthcare or a sale-oriented organization would have new patterns or set of data which they would want to store directly without any hassle in their storage, data lake design allows you to do it without the tangles of data strings when you try to access them.

There are many leading data lake sources, like AWS Data Lake or Azure Data Lake, these are the programs which provide precise data lake provisions. Interestingly, there is another storage layer which the data lake has if you opt for these solutions, that is Delta Lake, for added enhancement and security features. Fortunately, Sunflower Lab has all the experts and expertise in these tools and executions, we thrive through customer understanding and are already providing digital products to many known brands from over 30 industries.

Data Lake needs to have a proper architecture for the intended functions, without that it would be deemed inefficient. The architecture of the data lake would be designed according to the industry needs. Despite that, there are many general and common grounds which need to be covered if you are setting up the data lake architecture. The factors like ability to handle multi-clustered data, a proper metadata service to the storage and most importantly the architecture should be custom-made for the industry, with its special features and capabilities present for that specific field. 

Apart from these things, the next thing one should focus on while taking data lake solutions are the following four things.

We will now dive into one of the vital sectors in the world, that is healthcare and how data lake can be really making an impact upon them. As data lake architectures are designed to store raw data in it, this becomes a go-to option for any of the scientific organizations, especially medical care, even science research facilities or insurance organizations can leverage huge benefits from data lake storages. 

Medical Facilities can:

• Examine patient results
• Analyze in a predictive and prescriptive manner
• Disclosing previously locked-up data will enhance patient care.
• Analyze budget and expenditure efficiency

Data Lake Benefits for Life Insurance Organizations:

• Find waste, fraud, and abuse in insurance claims data
• In free text, look for charging opportunities
• The provision of a 360-degree perspective of patients

Research Institutes get data analytic advantages like: 

• Conduct drug, clinical trial, and durable medical equipment (DME) research and development
• Analyze information and test hypotheses
• Utilize genomic data to examine risk profiles

So, as we have seen, the medical sector has a big advantage due to the big data analytics through the data lake. These advantages are not at all limited to the organization, the patients also benefit a lot from this, this also reduces costs and gives you accurate data readings and prediction using real-time information. 

Retail Industry is another place where data lakes play a huge role, with many new customer data being constantly added into their set of information, it is critical that it is properly stored and analyzed for valuable insights. Retail giants like Amazon provide their own data lake platforms, do explore our AWS Data Lake Consultancy. Let us see some benefits with data lake in retail: 

• Get a good data quality with all 3C’s ticked off, that is Correctness, Completeness and Consistency.
• You will get a perfect web of data security and governance for your precious information. Decide who can read, write or share the information.
• Data lakes typically function as a central repository that combines data from numerous platforms, offer a variety of services like customer sentiment inquiry, market basket analysis, and much more. They enable it to be simpler to analyze customer behavior and enhance the customer experience.

One must also take the challenges into consideration, some recognized challenges for data lake implementation are: 

• The data privacy in the organization can be tricky to execute, the authorizations must be precise and focused, otherwise there is a chance for data breaches.
• Most retail organizations have several data sources and thus integrating them into a single data lake can be a little complex task for them.
• Proper skillsets and professionals are required to cement the reliability over data lakes otherwise it could increase the work of data scientists and other personnels.

Data lakes have therefore emerged as the new game-changer in the constantly developing retail terrain where insights based on data and tailored customer experience are growing crucial. We provide Databricks services, which have several established retail solutions. 

Financial Sector cannot be taken away from the impact of data lakes, with large volumes of information flowing through the firms every day, these raw data need to be processed for useful insights and decision making. The Data Lake supports complex analytics and data science at a scale by reinventing how you find and use data. It creates opportunities for discovering fresh insights that could fuel ingenuity and the development of new businesses. 

Some Data Lake Opportunities in Financial Sector: 

• Enhancing sector and Trade rotation
• Monitoring portfolios for decision making
• Sentiment analysis of market participants
• Minimizing credit risks
• Identifying sectors with ongoing crisis
• Detecting positive signals from Institutional funds

Sunflower Lab has been consistently creating digital products and providing valuable assistance in the technological field, with a diverse set of Work Portfolio, we are confident about the uncompromised quality of data lake services you will receive.

With the implementation of data security consulting and data lake architecture across many industries, there were many positive responses from these businesses. As an enterprise director or executive, you must be skeptical about these new data innovations until you see real-time results which are helping and pushing many of the companies forward. So let us look at some of the success stories.

One of the most significant current trends in data analytics solutions is data lake architecture. Organizations are turning to data lake architecture as a means to cut costs while still gaining insights from their data as a result of the rising necessity to store vast amounts of unstructured and semi-structured data. A scalable method of organizing various datasets and obtaining useful insights is made possible by data lakes.

In the market, data lake consultancy is another well-liked trend as businesses aim to make the most of their data lake abilities. Companies can make sure they are getting the most out of their data lake resources by utilizing the specific knowledge and expertise of experienced professionals. Data lake consultants can offer helpful advice in a variety of areas, including architecture development and execution strategy, data governance and security, and analytics strategy.

Likewise, as data lake structures have grown more complex, data lake management has grown in prominence. To preserve compliance with legal requirements like the GDPR and CCPA, businesses must make sure that their data is properly safeguarded and governed. Organizations can build a comprehensive data governance policy with the use of data lake management solutions, which also offer monitoring.

Your data lake needs can be connected to any of the platforms, be it Delta Lake, AWS Data Lake, Azure Data Lake or Databricks, we as a digital product developer and AI/ML Data experts have been continuously aiming to deliver the best products to simplify and streamline your business operations. Our process towards every client remains simple and effective, that is to create products which are catered to and tailored to fill voids specific to their organization.

At Sunflower Lab, you will be understood and given the best advice and solutions by our experienced developers and data scientists. So, why wait further to take your business to newer heights? Contact Us Now.