There is a new technology every day with the ever-changing world that transforms the paradigm of work and how people conduct businesses. With such rapid changes, the systems sometimes become redundant and need fixes or patches to reduce the operation cost. In the world today, for anyone to thrive in their enterprises, it is essential to have a stable and reliable network. Without it, there can be severe consequences that will directly affect the business. One of these technologies is the data fabric. According to Allied Market research, the data fabric market is estimated to have a value of about eight hundred million dollars and is projected to reach about 4.5 billion dollars by the year 2026. The big question is, what is a data fabric?
This is an advanced data management tool that enables the management of extensive data simpler and convenient. It allows for consistent capabilities across different endpoints. It can reach from an on-premise environment to a cloud server to enable simplicity and acceleration. This creates network stability that gives a business a significant competitive advantage. It enables consistent data management framework which allows smooth access and distribution of data across different data environments.
Importance of data fabric to businesses
Is it essential for businesses to use data fabrics to leverage big data to boost their decision-making competencies and customer engagements? Some of the importance of this data management tool is;
- It is easier to share data with external and internal stakeholders through AIPs
- It improves data governance capabilities and enables real-time and batch processes in a different environment, machine learning-augmented automation, and more straightforward data preparation and quality.
- Data fabrics enable access to analytical and operational tools for product development, forecasting, and sales optimization to enhance customer engagement and compliance and improve the supply chain.
- It gives insight and assigns meaning to data.
- It gives room for modernization of existing systems as you will not have to replace what you have to use.
Application of Data Fabrics
Detection of fraudulent activities
With the traditional data detection system, it is hard to detect fraudulent activities due to the volume, variety, and velocity of data. With data fabrics, the detection of anomalies is automated. When detected, a fraudulent activity automatically triggers a counteraction. This minimizes losses and enhances regulatory compliance since fraud prevention is a significant priority for many enterprises.
Compliance and governance
Compliance management has become an essential task for many businesses, especially with the rise of stringent regulatory requirements for data governance and risk management. They give definitions for guidelines and control of governance processes for organizations and improves risk monitoring procedures. They also reduce potential penalties from the regulatory bodies and enhances brand reputation.
Sales and Marketing
The sales team has more profound insights into customer behavior and preferences through data mined from enabled devices, weblogs, etc. this is possible with the data fabrics as it ensures data integrity and integration. With such a tool, the sales team can develop strategies and prioritize what works best for the team and the enterprise to improve the return on investment.
In the coming year, data fabrics will gain more prominence as many people turn to this vital tool to improve their businesses and organizational data management system. However, it needs a deeper understanding of data, databases, and so many essential skills for it to work. Thus, it is sometimes essential to outsource such skills from a team of big data experts with high-quality IT capabilities and excellent supporting infrastructure. There will be a smooth sail of business with such a team without fear of data loss, fraud, or violation of data policies that may lead to massive lawsuits. It will also be essential for your brand, especially for a new business. Working with a good IT team will also allow you to understand and customize clients’ requirements through the data fabric.