New technology is emerging every day, changing how we do things and rendering the existing systems redundant. Data fabric is an ideal example of such a technology. It is among the newest data management trends that are quickly gaining traction. It refers to a data management framework that allows seamless data access and sharing in a distributed data environment.
What Is Data Fabric?
At present, businesses must have access to large data varieties to help in decision-making and enhance business operations efficiencies. However, the data comes in structured and unstructured forms and forms such as texts, images, audio, and video.
Businesses are now retreating from the on-cloud environments in favor of hybrid environments. This presents challenges in managing and leveraging data stored in database management systems spread across different platforms. With time, the DMS loses its capability to provide an organization-wide view.
Through data fabric, the processed data is managed and stored quickly and efficiently. Due to its dynamic nature, data fabric is only effective in data reusability to meet different locations’ needs. For example, AI/ML processes play a significant role in augmenting the data engineering capabilities to tackle data modeling, refactoring, schema production, and data quality recognition challenges.
A data scientist can build expanding data-related alerts that are apt for a specified project. Data modelers, integrators, and administrators focus more on the data’s verification process and not remodeling.
The Benefits of Data Fabric to A Business
Data fabric helps businesses leverage big data, make decisions efficiently, engage customers more effectively, and boost business operations. Other ways companies can benefit from the implementation of a data fabric strategy include:
• It facilitates data access by internal and external applications that use the data for analysis and operations, such as forecasting, developing products, optimizing sales and marketing, boosting customer engagement, and optimizing supply chains.
• Through APIs, sharing of data between external and internal stakeholders becomes seamless.
• Manages multi-environments such as hybrid, on-premises cloud, and multi-cloud as a data source and data consumer
• Offers built-in data quality, data preparation, and data governance capabilities supported by machine learning augmented automation.
• It connects to any sauce of data through pre-packaged components and connectors, eradicating the need for coding
• It enables batch, real-time and big data use cases
Data Fabric Application
Data fabric is applicable in all data-related businesses. Whether healthcare, banking, finance, manufacturing, to eCommerce, all modern companies need data in their everyday functions. Here is a rundown of the critical areas’ data fabric is most relevant.
Sales and Marketing Management
Data fabric offers the sales and marketing team information derived from web-logs, embedded devices, and other sources through its integration capabilities. The information helps understand consumer patterns and behaviors regarding a particular product. It also helps devise marketing strategies with high return of investment (ROI) and outcomes.
Data comes in large volumes and variety, making it quite a challenge to manage for businesses. This is why fraud detection is crucial.
Data fabric automatically detects any form of data anomalies and trigger counter mechanisms to reduce any form of loss. It also ensures compliance, avoiding any regulatory issues.
Data Governance and Compliance
Due to strict regulatory demands, compliance management on data governance and risk management has become a key objective. Data fabric helps the relevant parties in a business devise controls and guidelines for the governance process, improving how an enterprise manages risk and monitors it through risk scorecards.
By ensuring compliance, the business saves on regulatory authorities’ penalties and protects the brand’s image and reputation.
Wrapping Up on Data Fabric
While data fabric promises numerous benefits, it’s essential to have a sound implementation strategy to deliver the expected results. Also, ensure that you have the right IT skills and supporting infrastructure. When applied correctly, it will significantly improve your growth curve.