TechTarget by Jaideep Khanduja August 19, 2019
With the launch of next-generation data accuracy platform by Naveego, it has marked another landmark in the respective field. This NextGen data accuracy platform with self-service MDM and advanced security features shows Golden record across the comprehensive Enterprise data systems. In fact, this marks the launch of powerful Golden-Record-As-A-Service offering thus eliminating the need for costly IT resources. As a matter of fact, it results in 5x faster deployment and a humongous 80% cost savings over legacy solutions. In fact, in a short span of time Naveego has emerged as a leader in cloud-first distributed Data Accuracy solutions. With its recent launch of the next generation of its complete data accuracy platform Naveego has set itself at a much higher stand as compared to its counterparts in the market. It comes bundled with self-service Master Data Management (MDM) and Golden-Record-as-a-Service (GRaaS).
Rather, it has become a boon for non-technical business users to manage Technology in a much easier and more accurate manner. This powerful offering empowers non-technical executives in an organization to acquire the data that they may require for advanced analytics without any intervention of somebody from the IT department or needing any professional services. GRaaS has many more powerful benefits to help business see itself rise to new heights. For instance, it ensures that there exists a single version of data for all business verticals in an organization. They can easily bank on the same data for their respective analytics and reporting. Interestingly, it results in 80% reduction in cost. Also, the implementation goes 5 times faster than legacy solutions.
Data Accuracy – How Critical?
In fact, this next-generation platform consists of an advanced patent-pending security mechanism that ensures merging and checks consistency without decryption of data or even any requirement of having platform access to the encryption key. The best thing is it does not require any customization or infrastructure change for that matter that results in a low cost of ownership (TCO). Moreover, as it is a complete solution It eliminates the requirement of highly skilled individuals to implement and maintain this system. That gives another major benefit to an enterprise. As we all know data is expanding in any organization at a tremendous speed exponentially. This is because of adoption of latest technologies like artificial intelligence (AI), machine learning (ML), the internet of things (IoT), heterogeneous devices including mobile devices, autonomous vehicles, and a large number of other sources in the ecosystem that are outside of traditional data centers.
All these have emerged with a very essential requirement of data cleansing which is becoming quite cumbersome for enterprises as well as highly expensive. On average the annual cost to organizations is $15 million for maintaining bad data according to Gartner. As a matter of fact, in addition to this, there are other heavy costs that have become a big headache for enterprises. This includes the high price of legacy systems, customization of existing systems, etc. A debt of $3.1 trillion is there every year on the US economy. For an individual organization, it might look irrelevant but that is not the case. A company with, for instance, 50,000 incorrect records will have to incur a cost of $5 million per year to maintain those at approximately $100 per incorrect recordhttps://hbr.org/2017/09/only-3-of-companies-data-meets-basic-quality-standards.
In lack of a proper mechanism in place, this cost of maintaining incorrect data will keep on rising exponentially every year looking at the speed at which the data is increasing. Another burning issue for organizations is scrubbing and prepping of data for which organizations have to hire or outsource high-wage data scientists. Evidently, reports indicate that 80% of the time of these high-wage data scientists goes in collecting and cleansing inaccurate digital data. Without this cleansing of inaccurate digital data, an organization cannot use it for analysis purposes. This, Naveego terms as ‘data janitor work‘ which doesn’t match to the skills of data scientists but unfortunately this kind of work eats out most of their time whereas they are hired for focusing on the highly skilled job of data analysis.
That in fact creates a vicious circle for the organizations from which they will never be able to come out and ultimately will succumb to it sooner or later unless they adopt a powerful system like Naveego’s next-generation Data Accuracy platform with Self-Service MDM and Advanced Security Features to ensure Golden Record across all Enterprise Data Systems. Now let us understand how Naveego explains the emergence and importance of Golden record. The complete data accuracy platform that Naveegoprovides supports hybrid and multi-cloud environments providing distributed Data accuracy solution. It in fact proactively manages, identifies, and eliminates any kind of customer data accuracy problems across all enterprise data sources thus resulting in a single Golden record thereby ensuring data consistency across the Enterprise. In turn, it eliminates any chances of data lakes from becoming data swamps.
The solution talks to Kubernets, Apache Kafka, and Apache Spark technologies thereby ensuring rapid deployment distributed processing and flawless integration with data. This data may be residing anywhere in the cloud or on-premise/off-premise. The matter of fact is it supports all kind of hybrid and multi-cloud environments. Naveego ensures the data accuracy of any volume with realtime streaming from multiple data sources in any environment irrespective of its schema or structure. The key features of Naveego’s Next Generation Data Accuracy Platform include Self Service, Golden-Record-as-a-service, Golden Record C, Automated Profiling of Data Sources at the edge (machine learning), Automated Profiling of any Data Source including IoT, Automatic Data Quality Checks driven by Machine Learning and so on.
Michael Ger, General Manager, Automotive and Manufacturing Solutions, Cloudera says, “Companies across all industries are reimagining themselves within a digitally transformed future. Central to that future is leveraging a data tsunami resulting from newly connected consumers, products and processes. Within this context, data quality has taken on critical new importance. The Naveego data accuracy platform is critical for enabling traditional approaches to business intelligence as well as modern-day big data analytics. The reason for this is clear – actionable insights start with clean data, and that’s exactly what the Naveego platform delivers.”
Katie Horvath, CEO, Naveego says, “The ability to achieve golden record data has typically been available only by hiring a systems integrator or other specialist, at a high cost and TCO to the enterprise. The next generation of our Data Accuracy Platform is truly a game-changer, empowering business users to access trusted data across all data types for analytics purposes, entirely on their own with an easy to use, flow-oriented user interface – and at a significantly lower cost. This is sure to disrupt pricey legacy solutions that require vast amounts of professional resources and on average five times longer to deploy.”