While traditional data warehouses will remain an important tool for addressing business issues and unearthing insights, data democratization is becoming increasingly important.
Data management technology should allow users across the organization to access data and garner insights, no matter where data is ingested in a traditional data warehouse, says Raj Rathi, director of analytics for AdventEdge Analytics, a CUNA Strategic Services alliance provider.
He addressed the co-located CUNA Technology and CUNA Operations & Member Experience Council Conferences Thursday in Chicago.
“We should keep all the data in its raw format and decide how to use it later,” Rathi says.
He cites four “V’s” driving this shift:
“The only way to accommodate this is with a modern data management solution,” Rathi says.
While data warehouses provide standardization and data governance and security, and allow for complex transformation, data lakes add flexibility, agility, exploration, and fast delivery to that mix, he says.
Regardless of your approach to data management, “your data journey should start with strategy,” Rathi adds.
This “strategy-first” approach involves five steps:
“Start small with business problems, and move into strategy,” Rathi says. “Take a strategy-first approach—don’t boil the ocean.”
►Click here for more conference coverage from CUNA News, and get live updates on Twitter via @cumagazine, @CUNA_News, @CUNACouncils, and by using the #TechCouncil and #OMECouncil hashtags. Learn more about the CUNA Councils, a member-led professional society for credit union executives, at cunacouncils.org.