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Author
Gurpreet Singh
Gurpreet Singh
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The data deluge is real!

Did you know that 90% of the world's data was generated in the last two years? Overwhelmed by the data deluge? You're not alone. Companies across industries are drowning in information, struggling to extract meaningful insights.

Key takeaways from this article
  • Challenges with data engineering
  • How data engineering platforms enable companies to handle ever-growing data volumes and complexity.
  • How Nagarro’s Data Engineering Platform brings tangible business gains across industries

While data promises enhanced productivity and efficiency, extracting its value is easier said than done.  Organizations face multiple challenges while extracting, sorting, processing and managing their organizational data.

The solution? Data engineering platforms that enable swift data extraction, sorting, processing and management for valuable insights and tangible business gains.

This blog underlines the main challenges companies face while extracting insights from growing data volumes and elaborates on how data engineering platforms like Nagarro’s DEP address this problem across industries.

Challenges faced by organizations while trying to extract tangible value from their data
Managing varied data formats Cloud costs and scalability  Ensuring workflow-driven processes Data quality challenges  Different data processing approaches Lack of data catalogs

How do organizations tackle these challenges to unlock the maximum value of their enterprise data? Enter data engineering platforms!

What are data engineering platforms?

A data engineering platform is a comprehensive toolset that enables the integration, processing, and management of large volumes of diverse data to ensure high-quality, reliable insights.

Data engineering platforms support robust data workflows, scalability, and cost optimization while enhancing data governance and balancing batch and real-time processing needs.

They integrate structured data from spreadsheets and relational systems with unstructured data from social media, sensor logs, and multimedia content, ensuring high data quality through rigorous validation, cleansing, and enrichment.

These platforms optimize cloud performance and resource utilization, facilitate efficient workflow automation, and provide comprehensive data cataloging for better visibility and governance, making them essential for leveraging data strategically and maintaining a competitive edge.

Nagarro's Data Engineering Platform (DEP) and how it helps enterprises tackle the most complex data challenges.

DEP empowers organizations to overcome the challenges of the data world by providing the tools, technologies, and frameworks needed to harness the full potential of their data assets.

It distinguishes itself from other data engineering platforms through its bespoke design and complete ownership rights. This unique approach allows us to offer a highly customizable solution where different modules can be seamlessly plugged in and integrated according to each client's specific requirements, providing a tailored solution that meets your unique data management needs.

Let's delve deeper into how DEP helps tackle the most complex data challenges!

Managing structured & non-structured data: Organizations deal with structured data from databases, spreadsheets, and relational systems, as well as unstructured data from sources like social media, sensor logs, and multimedia content. DEP offers robust data integration and processing capabilities to extract insights from these disparate sources.

Ensuring data quality: DEP employs rigorous data validation, cleansing, and enrichment processes to tackle poor data quality issues like inaccuracies, incompleteness, and inconsistency. These processes ensure that the reliability and trustworthiness of analytical insights are not undermined. By addressing data quality issues, DEP ensures that data assets are fit for purpose and conducive to informed decision-making.

Managing cloud costs & scalability: DEP enables enterprises to adopt cost-effective storage tiers, leveraging serverless computing and implementing auto-scaling mechanisms. These features help organizations manage their cloud costs more effectively, ensuring they only pay for the needed resources. At the same time, DEP ensures scalability, allowing organizations to handle large volumes of data without compromising performance.

Tackling growing data volumes: Offers distributed computing frameworks to parallel processing architectures to extract actionable insights from the data deluge.

Enabling workflow-driven processes: Designing, automating, and optimizing data workflows often poses challenges such as complex data integration, scalability, performance, resilience, and fault tolerance.  

DEP enables organizations to architect workflow-driven processes for data ingestion, analysis, visualization, and transformations. This means that organizations can design, automate, and optimize their data workflows, improving their data management efficiency and effectiveness. DEP ensures these workflow-driven processes are resilient and scalable, enabling seamless data orchestration across the entire data lifecycle.

Data governance: A data catalog offers visibility into data assets, lineage, and usage. DEP enables the implementation of robust data governance frameworks for data integrity, enforces compliance, and mitigates risks associated with data misuse or unauthorized access.

Different data processing modes: By adopting hybrid architectures, leveraging stream processing frameworks, and optimizing data pipelines, DEP enables batch and real-time analytics while maximizing performance and efficiency.

How DEP delivers value across sectors?

Let's explore DEP's real-life use cases across the BFSI, biopharma, healthcare, and logistics sectors. These examples will inspire you and give you a glimpse of its potential to transform your data management and extraction processes. 

From data deluge to growth opportunities: revolutionizing the BFSI sector

Powered by the cloud's processing muscle, DEP enables auditors to uncover hidden insights buried within massive datasets.  By automating tedious data processing tasks and ensuring data accuracy, auditors can dedicate more time to high-value activities like risk assessment and strategic analysis. This translates to faster turnaround times, reduced costs, and a competitive advantage for audit firms that can offer their clients a more data-driven approach.

The benefits of DEP extend beyond just auditing. Financial institutions can leverage the platform's capabilities to gain a holistic view of customer behavior, identify potential fraud risks, and personalized financial products and services.

Let's take the example of a bank that needs to proactively predict changing customer needs and preferences or an insurance company that needs insights to tailor risk assessments based on real-time data analytics. DEP enables them by offering data-driven intelligence that improve customer satisfaction, mitigate risk, and unlock new revenue streams.   

Here's how DEP makes a difference: 

  • Customer experience and personalization: DEP doesn't just improve customer satisfaction and loyalty, it provides deep insights into customer behavior and preferences, allowing businesses to tailor their products and services to meet customer needs more effectively. This can lead to increased customer retention, higher sales, and a stronger competitive position in the market.

  • Mitigating risk: DEP helps identify potential risks and proactively mitigate them. Whether detecting fraud in financial transactions or predicting equipment failures in manufacturing, DEP enhances operational security and reliability.

  • Unlocking new revenue streams:  DEP enables businesses to uncover hidden opportunities and market trends. By harnessing these insights, companies can innovate, develop new products, and explore untapped markets, driving growth and generating additional revenue.

Unlocking innovation in biotech: Standardizing and securing healthcare data

Biopharma and healthcare organizations often struggle with disparate healthcare instruments that generate complex, unstandardized, insecure data that isn't easily accessible. DEP acts as the ultimate data translator, transforming this data into a secure, standardized format.  This allows the researchers to invest time in research instead of processing data.

DEP enables this by creating a centralized repository of clean, standardized healthcare data. It enables researchers to seamlessly collaborate, conduct in-depth analyses, and accelerate the development of life-saving treatments. This fosters a culture of data-driven innovation within biotech firms, propelling them to the forefront of scientific discovery.

Hospitals and healthcare providers can leverage DEP to streamline patient data management, improve operational efficiency, and deliver better patient care. For instance, it can enable hospitals to predict potential patient complications or personalize treatment plans based on a patient's unique medical history. 

Optimizing logistics operations: the power of self-service data management

Data governance and integrity are critical challenges for logistics companies, especially during customs clearance processes that require pinpoint accuracy.

DEP tackles this head-on by empowering companies with self-service portals that streamline data processing for customer clearance, featuring robust validation and automated quality checks to ensure reliable information flow.

The result? Logistics giants can optimize operations, make informed decisions based on dependable data, streamline customs clearance processes, and reduce delays and associated costs. This translates to a smoother flow of goods, improved customer satisfaction, and a significant competitive advantage in the global marketplace.

Additionally, manufacturers can leverage the platform to optimize production processes, predict demand fluctuations, and ensure just-in-time delivery. Retailers can better understand customer buying patterns and personalize product offerings. This kind of data-driven intelligence fosters greater collaboration and agility within the supply chain, reducing costs, improving efficiency, and enhancing stakeholder satisfaction.

Realizing data's real value with data engineering platforms

Data engineering platforms are crucial for navigating the ever-growing data volumes and complexities. These platforms are essential for organizations to manage, integrate, and extract value from diverse and voluminous data sources. They enable businesses to transform data challenges into strategic assets, driving innovation and efficiency.

While multiple data engineering platforms are available in the market, enterprises must research, analyze, and select the one that most suits their organizational needs. Nagarro's Data Engineering Platform (DEP) offers a comprehensive toolset to empower organizations to completely utilize their data potential, ensuring competitive advantage in the digital economy.