Ever tried finding a needle in the heap? Finding data ingested in the data lake without predictive analytics is a similar exercise. Data lakes solutions are designed for storing giant data sets. However, what if you cannot access the data when you need it the most?
The interesting thing about data is that it delivers maximum value when processed. That is why analyzing data is crucial.
What is a Data Lake?
Before understanding the importance of predictive analytics for a data lake, let us glance at what is the data lake.
- The data lake is a data repository that can host voluminous data using cloud or big data technologies.
- It can store data in any file or format—for example, structured, unstructured and semi-structured.
- It can store processed and unprocessed data without pre-processing.
- Users can derive insights from the data lake using predictive analytics, data science, AI and Machine Learning techniques.
What is Predictive Analytics?
Predictive analytics is a technique that uses statistics and modeling to make accurate predictions about future trends, outcomes and performance. It uses current and historical data patterns for accurate predictions.
- Predictive analytics is widely used in sectors like marketing, insurance, meteorology department, gaming, and investment to make informed decisions.
- Predictive analytics and machine learning are different techniques though they are confused with one another.
Magic happens when predictive analytics is applied to a vast amount of data stored on the data lake platform. Therefore, data lake provider often offers predictive analytics services so that the clients can make the most of the stored data.
How Does Predictive Analytics Work Wonders for Data Lake?
The users surf data to find answers to basic questions such as what, when, where and why. They can get the answers to what and when through predictive analytics.
For example, what fashion trend will gain momentum in the coming six months? Will XYZ political party’s influence likely to increase or decrease in the coming election? Predictive analytics can provide precise answers to these questions by studying current and historical data patterns.
Undoubtedly data lake solutions are the most sought-after solutions by marketing professionals. This is because the data helps companies make informed decisions and build robust and targeted marketing strategies to gain market shares.
With Predictive Analytics and Data Lake, Companies can:
- Maintain a record of historical events for reference. Experts use this data to study patterns.
- The data can also help companies learn from their mistakes. They can analyze failures and find their root cause. Data lake brings data from disparate devices together. That is why the data lake analysis is reliable and impactful.
- Exploiting historical data, predictive analytics can help companies build better business models to achieve desirable results. Granularity and history length are data lake’s biggest strengths. They work the best when the predictive analytics technique is applied.
A data lake is a highly beneficial technology for organizations that wish to use data to stay ahead of the competition. However, parking massive amounts of data in one place also means a greater security threat. The companies, therefore, should seek data lake security solutions while opting for a data lake. These solutions add layers of security to the stored data and ensure that the data is protected from malware, ransom attacks and cyberthreats.
NewEvol has established a firm reputation as an analytics service provider. Its core expertise is data ingestion, correlation, algorithm-based analytics, and data security. To summarise, NewEvol is a one-stop data lake solution for data storage and analytics related needs.