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Unlock the transformative potential of data lake architecture in the finance sector by converting challenges into valuable benefits
Data lakes can store copious amounts of data and therefore it becomes necessary for BFSI Companies to have good management practices. In a blink of an eye, the data lakes become data swamps that are unusable.
The systems and data must be updated and necessary steps should be taken so that the data doesn’t go to waste.
Data Lakes are an ideal workload to be deployed in the cloud because the cloud provides performance, scalability, reliability, availability, a diverse set of analytic engines, and massive economies of scale.
Challenge 1: Data Governance
What Are Data Governance Challenges?
Data lakes collect data from multiple sources and pool it in a single location or a centralized repository, but this process makes the data exposed to have quality issues. Further, it creates problems because it leads to errors in results when data is stored for business operations.
If the data is inaccurate, the results will be erroneous, and the data lake will become a data swamp. To resolve this problem, more synchronization is required among data governance teams and data managers to maintain data quality.
According to Oracle’s research, 95% of businesses require data lakes to manage unstructured data.
How are Data Governance Issues Solved with a Data Lake?
Data governance refers to the overall management and control of an organization's data assets. It involves the establishment of policies, procedures, and frameworks to ensure the proper handling, quality, security, and compliance of data throughout its lifecycle.
Data governance encompasses activities such as defining data ownership, establishing data standards, implementing data quality controls, enforcing data privacy and security measures, and aligning data management practices with regulatory requirements.
The goal of data governance is to maximize the value of data, promote data-driven decision-making, and mitigate risks associated with data management.
Benefits
Effective data governance improves data quality and aids in decision making which leads to higher operational resiliency and a better financial position
In a governed environment data is commonly left in its raw form until needed for specific applications, so the preparation for the analysis process is shortened
Overall data management needs are also decreased by improving data accuracy, cleanliness, and consistency
Customer analytics aids in marketing and strong governance helps ensure that customer data is properly secured and not left exposed
Challenge 2: Meta-Data Management
What are Meta Data Management Challenges?
It is one of the most important parts of data lakes. Without metadata, data managers would have to use non-automated tools like Word and Excel. The absence of metadata makes it difficult to perform vital big data management functions like validating or verifying the data sources or implementing organizational standards.
Because of no metadata management, it becomes less reliable, hurting its value to the organization. To resolve this, an effective metadata management platform should be implemented. The process requires ingesting metadata information from source systems, which are typically a combination of structured and unstructured application systems into their centralized repository with automated ETL Tools.
How are Meta-Data Management Challenges Solved with a Data Lake?
Data lakes address metadata management issues by providing a centralized repository for storing and managing metadata. With the help of metadata management tools and practices, data lakes allow organizations to capture and store essential information about the data sources, data lineage, data definitions, and data transformations within the lake.
This comprehensive metadata management enables data discovery, understanding, and governance, facilitating effective data integration and analysis. By maintaining a well-organized and up-to-date metadata catalog, data lakes enhance data visibility, ensure data consistency, and enable efficient data exploration and utilization, thus resolving metadata management challenges in a data-driven environment.
The benefits
Fewer efforts and greater consistency across multiple sources of data because data can be reused appropriately
Retaining information across the organization to make it independent of a particular employee's knowledge
Greater efficiency gradually leads to faster product and project delivery
Challenge 3: Security Breaches
What Are Security Challenges?
Data lakes are open sources of knowledge that streamline analytics pipelines. However, its open nature makes it difficult to imply the security stages, and the rate at which data is fed into systems makes it difficult to regulate the data coming in.
To resolve this, data security should be a priority. For this, the focus should be on 4 areas- user authentication, user authorization, data-in-motion encryption, and data-at-rest encryption. If these are actively managed, the data lake is safe.
How are Security Challenges Solved with a Data Lake?
Data lakes can play a crucial role in addressing security breach issues by implementing robust security measures. With proper access controls, encryption, and authentication mechanisms, data lakes can ensure that sensitive data is protected against unauthorized access.
By centralizing data in a well-structured and controlled environment, data lakes provide enhanced visibility and auditing capabilities, enabling organizations to monitor data access and detect any suspicious activities.
Additionally, advanced security features such as data masking and anonymization techniques can be applied within data lakes to further safeguard sensitive information. With a comprehensive security framework in place, data lakes can help mitigate security breach risks and protect valuable data assets.
The Benefits
By retaining historical data in a centralized repository, data lakes perform analytics without worrying about data volume licensing costs
Data Lake is easy to deploy and manage and as the data grows, the Security Data Lake automatically scales and reallocates resources
Data Lake includes a comprehensive reporting module through which customers can leverage reports or build customized security reports
D2k Technologies proactively addresses challenges related to data lakes and provides a unified solution for all data applications. Learn more about cloud-based data lakes built by D2K Technologies.
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