Read to know why location technology and location data sets are indispensable weapons in any retailer’s artillery
Our new Predictive Analytics product launches in less than 2 weeks! As we approach this exciting milestone, we anxiously anticipate the loud ‘splash’ when LEADS (the codename for the product) finally hits the market. I use splash somewhat literally and quite purposefully, as we reside in the era of the “data lake.”
What is a Data Lake?
The buzz term data lake is progressively used to describe “a state in which all data resides in one environment and can be explored and interpreted without imposing a schema”. Martin Willcox of Teradata eloquently describes the data lake as promoting three big ideas:
- Captures data in a centralized Hadoop-based repository
- Stores data in a raw form
- Enables the breakdown of barriers that inhibit analytics
Picture yourself fishing in a small canoe in a vast open body of peaceful water. As you peer over the side of the canoe you can see clearly beneath the surface into a limitless sea. Within the waters you can see hundreds, if not thousands, of fish swimming carefree. Each fish is a different color and each fish carelessly brushes against your line. As each fish passes your fishing rod tremors, but it is not until the right fish decides to take the bait that you begin the experience of fighting for your prize.
New Insights are Coming from DMTI
Welcome to the data lake. Each fish is a new variable or piece of data you may or may not have seen before. This intelligence you have been exposed to will allow you to gain the valuable insight from a sea of information that is seemingly too difficult or disparate to collect yourself.
This is what LEADS will do. Stay Tuned!
Click here to see DMTI’s GIS Mapping software solution.