Data Marketplaces

Cost Effective Data Management

What exactly is a Data Marketplace and why is it important?

Organizations are gathering more and more data; from customer interactions to Internet of Things all pooling together in a Data Lake, Data Warehouse, or some central repository. Once the data is gathered, it’s important to have processes and tools in place to convert and curate the data into useful insights to help drive growth. This is where data marketplaces come into play.

A Data Marketplace is a subject-orientated database usually made up of a separate segment inside a Data Lake, which is relevant to a particular focus of a business such as marketing or risk management. Data Marketplaces are a popular choice for a couple of reasons. First, they speed up the time for departments to analyze and evaluate the information over typical data pulls from Data Warehouses. Secondly, they allow more fine-tuned security access to a company’s data; helping avoid catastrophic data breaches.

Data Marketplaces are a more efficient and cost-effective solution to managing your company’s data compared to traditional Data Warehousing techniques. Data reusability, centralized security, and pre-set consumption patterns, defined in Data Marketplace architectures, support more efficient data management. With increased business productivity and data-empowered employees, your business can live up to its full potential and benefit in the long-term.

Business leaders often become overwhelmed when they consider the lengthy implementation time and costly expense of developing (and maintaining) their own Data Warehouse platform, which is where a Data Marketplace becomes incredibly useful – it is cheaper, more efficient, and easier to maintain. It is a smart solution for progressive organizations looking to scale their data management operations.

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Examples of Data Marketplaces

Risk Data

The Risk Data Marketplaces are designed to automate and govern the collection and mapping of data to any risk and compliance data model, for use across any regulatory requirement.

Anti-Money Laundering

An AML Marketplace helps companies detect, monitor and report on suspicious activity in real-time, by streaming various transactional data, customer records, and other third-party data sources into Big Data environments automatically.

Customer 360

A Customer 360 Marketplace enables companies to gain a 360 degree view of their customers by combining historical customer data with streaming data sources, including click-stream and social media, as well as live marketing programs, to enable quicker, more effective analysis.

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