Data modeling simplified: Evolution, trends, & challenges
Effective data modeling shapes how organizations manage and utilize their information assets.
Head over to episode 2 of our #DataDialogues webinar series to learn more. The webinar featured data experts: Ahmed, Founder & CEO of Narrator; David, Co-Founder & CEO of Delphi Labs; and Tarush, Founder & CEO of 5X. The trio shed light on the fundamental concepts, challenges, and trends in data modeling.
Data is at the heart of every decision made in today's digital age. It drives everything from business operations to uncovering hidden insights. But how can we make sense of this sea of information? Enter data modeling.
This article covers how data modeling has evolved and impacted decision-making, efficiency, and innovation in today’s data-centric world. Plus, we’ll touch upon the current trends and future challenges.
The new face of data modeling
Data modeling has evolved from traditional methods to newer concepts (semantic layer and activity schema) which simplify data analysis for more intuitive insights.
Traditional models like the Kimball lifecycle work well in established systems but can be rigid and time-consuming for impromptu queries and analysis.
Conversational Intelligence is here to stay
AI-powered conversational business intelligence is transforming how users interact with data. It enables them to ask questions in everyday language challenging traditional BI tools.
While traditional dashboards are still critical, conversational BI and semantic layers are on the rise. They make data more accessible by translating plain language into data terms and reducing manual data sorting. Striking the right balance between these BI approaches is crucial. It helps cater to various user needs and preferences.
Trusting data for actionable results
The future BI landscape promises a smooth merger of insights with actionable, trustworthy recommendations. Trust and transparency are at the core of building strong relationships and credibility.
Once users trust the insights offered, the logical progression is to guide them toward actions backed by data.
Leveraging BI for a holistic customer understanding
Today, understanding the customer journey isn't just an advantage; it's a mandate for success. It helps personalize customer experiences & boost retention.
However, it involves gathering data from various sources to create an end-to-end journey, which can be complex/expensive. This is where BI vendors can help by identifying issues, and opportunities, and predicting future behavior.
In summary, data modeling plays a vital role in modern data management. It empowers organizations to use their data to its full potential. Whether you're building a semantic layer, exploring activity schemas, or using traditional methods, the goal is clear: make data more accessible and insightful.
5X can help!
An excellent place to do that is by building your own centralized data-platform on 5X. Let your data team focus on driving insights, not on managing infrastructure.
Building a data platform doesn’t have to be hectic. Spending over four months and 20% dev time just to set up your data platform is ridiculous. Make 5X your data partner with faster setups, lower upfront costs, and 0% dev time. Let your data engineering team focus on actioning insights, not building infrastructure ;)Book a free consultation
Head of Risk and Data at Bank Novo