A new concept that 451 Research calls ‘the enterprise data bazaar’ is helping organizations use data to inform the direction and development of their businesses. The point of the enterprise data bazaar is to enable data producers and consumers to share information. Led by specialist tech vendors, this approach brings together data governance and self-service access to data by applying a single unified management layer rather than relying on data lakes. However, it requires service provider support to achieve success.
Big data and analytics have climbed to the top of the corporate agenda as organizations seek to become nimbler by applying data-driven decision-making techniques to the senior management toolkit. The promise is that the insights gained from big data and analytics will transform the way companies do business, delivering the kind of performance gains last seen in the
This positive momentum around big data has encouraged organizations to expand their business intelligence (BI) initiatives beyond traditional enterprise applications by embracing previously ignored data formats (including unstructured data such as video, audio
As a result, IT departments are being asked not just to store data in warehouses and data lakes, but to provide the infrastructure to perform analytics on it as well as to create the algorithms and models that agile business requires. However, enterprises that are delivering data to their business lines based on their investment in databases, data warehouses, analytics appliances and ETL tools are struggling to harness big data and advanced analytics because of the volume and types of data involved. More people in the organization want to use data immediately for one-off projects, regulatory auditing and ‘what if’ scenarios for data scientists. Many CIOs have invested in creating data lakes using Hadoop distributions, but continue to struggle to deliver the actionable data businesses want.
Developing an enterprise data marketplace or bazaar that uses a modern data management architecture for data that exists on a
This Technology & Business Insight report on the development of the Enterprise Data Bazaar
- The best approach for modern data management is to concentrate on building a governance layer on top of an existing data lake.
- The starting point of an enterprise data bazaar or marketplace.
- The evaluation and importance for organizations to have a chief data officer to champion a company-wide strategy for the capture, management
andsharing of data.
- And the differences between governance and security policies across data source systems create challenges for companies when it comes to auditing data in lakes. Particularly as requirements around personally identifiable information and the General Data Protection Regulation go into effect, the need for more easily audited data can be a catalyst for the data bazaar.