What is a data ecosystem?
A data ecosystem refers to a combination of enterprise infrastructure and applications that is utilized to aggregate and analyze information. It enables organizations to better understand their customers and craft superior marketing, pricing and operations strategies.
A modern big data ecosystem, sometimes referred to as a “technology stack,” contains three fundamental elements: a responsive data architecture, delivery at scale and AI-driven intelligent data management.
What are the business benefits of a modern data ecosystem?
A cloud-first, AI-driven modern data ecosystem enables an organization to generate maximum business value from its unique data assets. Among the specific business benefits of data ecosystems are:
- Higher returns. Businesses can generate higher returns with more effective monetization of data and by unlocking value in legacy data stores.
- Cost savings. Organizations can reduce capital expenses and contain data warehouse costs by transitioning to the cloud—rationalizing and simplifying the data landscape.
- Speed to market and to value. Faster insights through AI-enabled data engineering can reduce time to market.
- Customer engagement. With a modern data ecosystem, businesses can better understand customer and market behavior and use it to enhance their product or service offerings to better meet changing consumer needs and preferences.
- Process improvement. Analyzing big data sets in a modern data ecosystem can optimize and improve internal operations, such as supply chain management and inventory management.