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Introducing the Data Marketplace

Podium Data MarketplaceThe past few years have been turbulent times for enterprise data and analytics. It seemed that every week there was a new silver bullet—Hadoop, Spark, NoSQL, Cloud, Virtual, In-Memory– proffered by startups, open-source projects, and established vendors.  Data scientists started dumping data into lakes and unleashing machine learning; business analysts downloaded visualization tools and created self-service sandboxes on their desktops.

All these efforts were driven by a ubiquitous and critical problem: the need to deliver data – complex data, big data, legacy data – to the business faster than ever before. Every data platform they had – warehouses, spreadsheets, applications, BI tools – weren’t getting the job done.  They needed answers faster—not 50% faster, but 50x faster.

They found that they needed more than a new technology.  They needed a new way—a familiar, intuitive way for the business to find, understand, and prepare data they needed on-demand, at their fingertips.

They needed a data marketplace. Instead of a data factory – where products took months or years to define, design, engineer, and manufacture – they needed “Amazon for data.”  Log in, search for what you need, compare options, put it in the cart, customize it, and go.  Minutes instead of months.

Today we announce the Podium Data Marketplace – a turnkey application that transforms complex, expensive data environments into a simple, consolidated platform with secure self-service for business users.  Early customers have been in production for over a year, and the results have been astounding – analysis time reduced from 3 months to 2 days; 40% decrease in data preparation costs; over $10MM in hard cost savings through migration and retirement of legacy systems. Most of these businesses plan to put all of their data in the Podium Marketplace in the near future.

So what’s the difference between a marketplace and a lake or warehouse?  A data marketplace is both a place and a process.  Unlike a data lake, a marketplace is organized—data is checked and labeled on the way in, automatically, so “shoppers” can find and understand what’s on the shelves.  Unlike a warehouse, data is curated by the users themselves, who can create new data products by combining and tailoring the inventory.

To test if your environment is a marketplace, ask yourself these 3 questions:

  1. Can non-technical users search a comprehensive catalog of all your data to find and understand the data they need in minutes?
  2. Can these users “shop” for and prepare data without programming?
  3. Can the platform automatically govern data security, quality, and access to protect users and the business?

We created the Podium Data Marketplace because, in 20 years of trying, the old approaches weren’t working. Warehouses were out of date when first released.  Users kept creating silos of inconsistent unsecured data repositories. Data complexity and cost increased every year. 

We believe that marketplaces are the model for the future of data management.  Marketplaces bring data producers and consumers together in a secure and transparent environment.  Marketplaces let consumers define the value of data and provide self-service tools to rapidly put it to use. Marketplaces lower the “transaction cost” of finding, understanding, and preparing data for the business from months to minutes.

Welcome to the Podium Marketplace: data like never before.