A firm's data can come from many sources and in a variety of formats. This makes consolidating information tricky
not known for being poets. But sometimes even they have a way with words, for example when trying to describe the main challenge of dealing with data. It is the search, they say, for “a single version of the truth”.
Happily, technology is coming to the rescue. Data-handling software and cloud computing are increasingly enabling what George Gilbert, an investor and veteran observer of thessembly line”—in reference to what happened a hundred years ago, when electricity replaced steam as the main source of power in factories. Before, machines had to be grouped closely around the power source—a steam engine.
It is the data warehouses and data lakes that are now making it easier to use the digital stuff. They differ in the way they structure information—the first takes a more rigid approach than the second, although the differences are getting smaller—both can now live in the cloud. This makes them not only cheaper to manage, but they can more easily be fed with data from many different sources and used by many different users.
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