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Regeneron isn’t the only company eager 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 making the most of their data. According to an IDC study, 83% of CEOs want their organizations to be more data driven, but struggle with the cultural and technological changes required to execute an effective data strategy.
In response, many organizations, including Regeneron, are moving to a new data architecture as a modern approach to data management. By 2024, more than three-quarters of today’s data lake users will invest in this type of hybrid “data lake” architecture to maximize the value of their stored data, according to Matt Aslett, researcher at Ventana Research. .
A “data lake” is a modern open data architecture that combines the performance and optimization of data storage with the flexibility of a data lake. But achieving the speed, performance, efficiency, optimization and management promised by this technology requires adopting best practices that prioritize enterprise goals and support enterprise-wide collaboration.
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This content was produced by Insights, the custom content arm of MIT Technology Review. It is not written by the MIT Technology Review editorial staff.
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