Monetize your data by creating Data Products: Harnessing the Potential of Batch and Real-time Insights 💼📊

 

1️⃣ A Data Lake is essential to gather data from various sources for successful data processing. This central repository provides unified access and sets the foundation for further processing.

2️⃣ Ingesting batch data on the Data Lake enables us to capture and store large volumes of data for analysis. This ensures a comprehensive understanding of historical trends and patterns.

3️⃣ Streaming real-time events through a data/event stream allows us to capture and process data as it happens, enabling timely decision-making and immediate response to critical events.

4️⃣ Leveraging the lambda architecture, we can push real-time events for later processing while performing real-time analytics on the stream. This hybrid approach ensures both real-time insights and comprehensive data processing.

5️⃣ Automated data pipelines should be implemented to extract, transform, and load data from the Data Lake without delay. These pipelines guarantee data accuracy and reliability, ensuring efficient data processing.

6️⃣ Processed data must then be transformed into curated products, meaning data is organised, structured, and enriched for maximum value and relevance. These curated products are the foundation for data-driven insights and decision-making.

7️⃣ Serve the data products using purpose-fit technology such as data warehouse, NoSQL, data streams, and object storage. This ensures efficient data delivery to various consumers, including applications, APIs, and business intelligence systems.

8️⃣ By consuming these data products, stakeholders can unlock the potential of their data. They can drive strategic decision-making, predictive analytics, and personalised experiences, enhancing efficiency, revenue growth, and competitive advantage.

credit to: Deepak Bhardwaj.

🔑 Key Benefits of Data Products 💰📈

✅ Monetize your data: Unleash the true potential of your data with Next Generation solutions and discover untapped business opportunities and revenue streams.

✅ Informed decision-making: Make data-driven decisions with curated data products and gain valuable insights that boost efficiency and productivity.

✅ Stay ahead of the competition: Identify emerging trends, customer preferences, and market opportunities to stay ahead and maintain a competitive edge.

✅ Personalized experiences: Customize experiences to meet individual customer needs using insights derived from data products.

✅ Operational efficiency: Maximize operational efficiency, reduce costs, and optimise processes by leveraging the power of data products.

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👋🏻 credit to: Deepak Bhardwaj.