The rapid rise of big data – the information gathered from an enterprise's databases, text documents, emails, videos, social media and financial transactions, to name a few types – has resulted in organizations storing vast, ever-increasing amounts of data. Companies know that all of the data they generate could bring critical insights that will create value, growth and change. Because many of today's technologies used to process and manage big data are too expensive for smaller organizations' budgets, companies are searching for newer, inexpensive ways to store and process all the data they collect.
A newer technology, the data lake concept, is quickly catching on with big and small businesses alike as a cost-effective response for storing and processing diverse and large amounts of data. The data lake concept – also known as data lake, bit bucket, landing zone, staging area or enterprise data hub – is a storage repository that holds unlimited amounts of raw data in any format, schema and type until it is needed. Both raw and processed data in lakes wait for firms to explore and analyze it to gain insights, quickly turning the information into bigger opportunities. Data processing software will transform the data from its raw state to a finished product. A data lake is relatively cheaper than a cloud or a traditional form of data storage, and is more flexible and massively scalable.
Why management is important in the data lake project
Though still in its early stages of development, the data lake concept shows enormous potential for business analytics and fills an existing need. Because it is in its infancy and still evolving, it requires the people who use it to be highly skilled. As with traditional enterprise database systems, businesspeople who use and manage a data lake project must be capable of monitoring access control and encryption as well as the security of the data.
Because so much varied information can be stored in a lake, specialists are required who can identify, gather, extract, analyze and manage this raw data. This is why C-level executives are beginning to redefine senior management roles to include analytics and big data. Countless job opportunities are opening up in the growing market of data analytics and information management. According to IDG Enterprise's study, 2015 Big Data and Analytics, Insights into Initiatives and Strategies Driving Data Investments, organizations are looking to hire more business analysts (23 percent), data architects (23 percent), data analysts (20 percent), data visualizers (19 percent) and database programmers (18 percent). Graduates with an MBA in business analytics are prepared for careers in this high-growth field with the knowledge and skills to effectively manage, oversee and evaluate big data and analytics tools with a special emphasis on real-world applications.
An MBA in business analytics can offer challenging and rewarding work and can help a professional become a better decision-maker and problem-solver for any company. Whatever position or path a student or professional decides to take, earning an MBA in business analytics has big benefits. Those professionals with an MBA in business analytics can draw top salaries and move up faster into higher-level executive jobs.
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