Regeneron isn’t the only company looking to get more value 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 taking advantage of their data. According to IDC research, 83% of CEOs want their organizations to be more data-driven, but struggle with the cultural and technological changes needed to execute 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 improve the value generated by their accumulated data, according to Matt Aslett, director of research at Ventana Research.
“Data lakehouse” is the 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, flexibility, 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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