What Is Modern Data Platform? Why Do Enterprises Need It?
Affine’ s Analytics Engineering Practices is kicking off a new series on “All You Need to Know About Modern Data Platforms.” Read the first episode of the series here.
What is a Modern Data Platform?
Legacy systems are outdated. Your business needs a modern data platform!
But first, what is a modern data platform? It is a future-proof modern data architecture focused on delivering high-quality business analytics for your ever-growing business undergoing transformation. It combines modern data warehousing, AI and ML, and real-time data ingesting and processing. Modern data platforms for enterprises are agile with workloads and yield rapid value from your data.
In short, modern data platforms deliver what organizations need to become data-driven and deliver value to their ever-changing customers. They help organizations become modern and future-proof. Modern data platforms process massive volumes of data and make data-led insights available at the click — of a button. They have a scalable storage system that ingests unprecedented volumes of data and meets the demands of the business in delivering customer insights and making efficient decisions. Statistics-driven analysis, efficient data processing, reliable prediction, and low-latency information delivery are other benchmarks for an efficient modern data platform.
Why do enterprises need modern data platforms?
Your customer is changing. They demand — always-on, always-connected service and settle for nothing less than speed, agility, and reliability. They want hyper-personalized experiences without compromising on their current SLAs.
Your business is changing as a result of the data-driven environment transforming businesses across industries. Organizations must embrace an insight-driven approach to meet the changing customer demands. It would be best to have a solution that gives you easy access to insights, especially one that provides swift ROI from technological and marketing interventions by breaking down data silos in your business.
Modern Data Platform accelerates the journey to data-centricity with the following features:
How to build your own or buy a Modern Data Platform?
It depends on your requirement and budget.
Needless to say, the cost of building an in-house modern data platform could be an expensive affair. In order to accelerate the data-centricity journey, businesses rely heavily on purchased platforms. For example, modern data platforms of the big three cloud providers equip their customers with a wide range of data analytics tools. It empowers them with the capability to analyze vast volumes of customer, business, and transactional data quickly, securely, and at a low cost. Companies must soon assess their data analytics capabilities and chart a course for transformation to a data-driven enterprise. Given the rapidly changing nature of technology and the marketplace, becoming more responsive to customers and market opportunities and greater agility is crucial.
Do you have a strategy for the Modern Data Platform?
Adopting a modern data analytics platform for enterprises will change everything — how your organization makes everyday business decisions.
Businesses need a cultural change to make the most of the modern data platform opportunity. They must reform and reinvent strategies and redesign operating models. Organizational structures need to be amended, roles need to be redefined, and resources need to be upskilled. Realigning existing data models for a better result and strategizing performance tracking to understand the core capabilities are also critical. Most importantly, it would be necessary to upskill your technical and business teams to make the most of the modern data platform and leverage it in everyday decision-making.
Investing in a modern data platform for business is no mean task. You need a technology partner who understands the space holistically and can deliver quick time to value. A partner like Affine’s Analytics Engineering Practices. Are you ready to begin your journey to true data centricity? We are here to help. Schedule a call today!
This is the first in a series of blogs that depicts “All That You Need to Know About Modern Data Platform”. The next blog will outline Modern Data Platforms vs. Legacy Systems.