Data is something that has really never been more accessible than right now. Technology developments have allowed businesses to collect, analyze and use data like never before—which is monumental in terms of how we are going to be able to progress as a collective.
But in order to keep up with the millions upon billions of data that is being generated, you need to be able to utilize the modern data stack. This will not only help you stay up to speed with the current trends but be able to actually positively transform your data into business success.
Why is a data stack so important? Just look at the recent study from Salesforce, where nearly 70% of decision-makers in the retail industry were actually unable to meet the demands of their consumers quickly or efficiently enough.
This is a stunning statistic, as it means there are so many lost opportunities. This is really where the modern data stack comes into play. From being able to help automate data pipelines to using business intelligence tools that can predict the needs of your consumers, we have rounded up all the benefits to consider when it comes to the modern data stack.
1. Make Your Data More Accessible
One of the biggest benefits that you can get from the modern data stack is that it simply makes your data more accessible. When you are able to do this, you can make the most of your databases, replicate applications and make your business, in general, more agile.
The modern data stack is able to let all departments access the database in a transparent way that makes analyzing it easier than ever. Even if someone is not proficient in coding or the tech world at all, they will be able to easily access, explore and use the data to the benefit of the company.
2. Close the Loops
One of the biggest hindrances when it comes to organizations and data is the ability to actually close the loop. But the modern data stack allows for actionable business intelligence. This means that the data is not just sitting there. It is instead being turned into action points that will further drive your business.
This can help generate efficient workflows and close the loop significantly on data pipelines. Plus, it is able to give you instant feedback on any predicted changes that are expected and helps your teams adjust accordingly when it comes to your products, services, and even solutions that are being offered.
3. Makes Data Equal
As already mentioned, the modern data stack makes data accessible to all. What we mean by this is that regardless of seniority level, everyone at the company will be able to get the data that they need. This in turn makes data management so much easier. Why create a difficult roadmap to navigate to get access to data when there are secure and efficient ways to get every person in the organization the data they need to do their own jobs successfully?
The modern data stack has accomplished a sophisticated way of democratizing data for the benefit of all. Because there is really no point of having data if it is not going to be fully capitalized on.
4. Enjoy Automation of Data
Perhaps one of the biggest benefits of the modern data stack is the fact that much of it integrates into AI and machine learning. This not only further enhances the analytics that can be performed, but can produce real-time data without requiring an immense amount of manpower.
Many companies are actually relying more and more on automated functions, so the ability to capitalize on the modern data stack in an automated way simply makes sense. Plus, doing this allows for analytics to become much more robust, strategies to be much more backed by data, and customer interaction to be seamless.
5. Speeds Up Productivity
The modern data stack is also able to really help speed up the work efficiency and output. This is largely because it is able to help create actionable insights from the get-go and get them to the right people for actionable tasks.
When you combine the efficiency of automation and the intelligence of the analytics from the modern data stack, you are going to by in large get more productivity throughout the business. This is because there will be fewer tasks at hand, more information available, and fewer roadblocks to have to deal with.
And with more productivity will ultimately come more success for the company.
Conclusion
The modern data stack has changed the game when it comes to the potential opportunities for an organization. Every business has data, but the modern data stack ensures that the data is used to its maximum potential. And when it is, the sky really is the limit for what is possible.