Timely data is essential for businesses striving to thrive. By transforming raw data into actionable products, organizations can drive growth, efficiency, and innovation. Yet, the three pillars of complexity, time, and cost, great significant challenges in accessing and utilizing data effectively. As one large banking and financial service client shared with Gartner: “remember, data products are costly to build & maintain”. Data owners are often dependent on overburdened data teams, leading to reduced quality, and delays that can render the opportunity missed. These bottlenecks hinder timely decision-making and impact a business’s ability to remain competitive.
We created Latttice to address these challenges head-on. This AI-powered data product platform enables users to create, secure, and share data product in real time. By redefining how businesses operate, Latttice empowers organizations to move from reactive to proactive decision-making. Let’s delve into a real-world use case to see its transformative impact in action.
The Challenge: Overcoming the Data Bottleneck
Meet Sarah, a regional manager for a retail company. She oversees dozens of stores, each generating streams of data on sales, inventory, and customer feedback. Sarah’s goal is to optimize inventory management, ensuring popular items remain in stock within the right store to meet customer expectations, whilst minimizing surplus inventory.
To achieve this, Sarah needs insights from multiple systems—sales trends, supply chain updates, store layout, promotional program, and seasonal demand forecasts. However, accessing this data is not straightforward. Sarah relies on her company’s data team, which is inundated with requests from other departments. By the time her data request is fulfilled, the information is often outdated, forcing Sarah to act reactively rather than proactively. These delays not only impact inventory management but also risk impacting customer satisfaction and revenue opportunities.
As Mindy Ferguson of AWS notes: “Having real-time data always available is becoming an expectation for customers. It’s the world we’re living in.” Sarah’s challenge illustrates the costs of failing to meet this expectation—missed opportunities, inefficiencies, increased cost, lost revenue, and customer dissatisfaction.
The Solution: Latttice Puts Data Control in Users’ Hands
Latttice empowers Sarah to access and create data products instantly to meet her requirements without waiting on the data team. Sarah can ensure that data products are repeatable so Sarah can reuse these data products over time, and that they scale to meet Sarah’s needs, be it one store, or many stores. Sarah can also ensure these data products are secure, and easily share with others, broadening knowledge across the organisaton. The platform’s innovative features enable users to overcome traditional data challenges seamlessly.
Direct Access to Data
Latttice connects directly to existing data sources—be it analytical platforms, data warehouses, data lakes, operational data store etc, where sales, inventory, and supply chain data is stored. Sarah doesn’t need to know the technical details of where the data resides or any specific technical knowledge of the data source. Latttice provides that translation.
Gartner emphasizes the importance of timely data: “Data is updated with sufficient frequency to meet business requirements.” At the 2024 Gartner Data Summit, the importance of real time situational awareness was expressed as key for today’s modern businesses to be successful. With Latttice, Sarah’s data products are updated in real time, enabling her to make timely, informed decisions.
Zero-Code Data Product Creation
Using Latttice CoPilot and Fusion, Sarah can create data products that combine information from different sources. For instance, she can merge sales data with supply chain timelines and inventory levels to monitor stock availability, and then use that information t power predictive analytics models for customer purchase or next best action activities.
As Databricks highlights: “Data products deliver value when users and applications have the right data at the right time, with the right quality, in the right format.” At Data Tiles, we call this the 5 R’s, including the right person (or machine). Latttice ensures Sarah’s data products meet these criteria effortlessly.
Embedded Data Governance
Latttice enables robust computational data governance, including data quality, data privacy, and data contracts, ensuring compliance with various data governance policies. Sarah accesses only the data she’s authorized to view, and sensitive data is treated appropriately, whilst governance rules run seamlessly in the background.
Monte Carlo Data explains: “Data timeliness and governance ensure insights are up-to-date, high-quality, and securely delivered at the required time for their intended use.” Latttice adheres to these principles, providing a secure and compliant data environment.
Real-Time Insights and Dynamic Dashboards
Within minutes, Sarah can securely connect her preferred tools of choice to the data products which she has built, powering her use cases with actionable insights. By integrating seamlessly with platforms she already relies on, Latttice enables Sarah to create dynamic dashboards, power analytical models, satisfy organizational reporting requirements, and spend more time understanding and identifying sales trends, inventory levels, and supply chain challenges. These insights allow her to pinpoint stores at risk of stockouts and adjust inventory strategies proactively, ensuring timely and informed decision-making.
Cameron Price, Founder of Data Tiles, explains: “Latttice integrates seamlessly with the any tool of your choice, empowering you to use your data products instantly, to drive smarter decisions in real time.” Latttice embodies this vision, providing users with the tools they need to act decisively and stay ahead.
The Impact: Transforming Decision-Making and Driving Growth
With Latttice, Sarah transitions from a reactive role to a proactive decision-maker. Here’s how the platform transforms her work:
Faster Access: Sarah bypasses the traditional request cycle and creates data products instantly, integrated with central guard rails to ensure organizational data governance and compliance.
Real-Time Decision-Making: Timely insights allow her to adjust inventory strategies before challenges escalate.
Enhanced Customer Satisfaction: Ensuring popular items remain in stock improves customer loyalty and sales, and the product promotional schedule is adequately supported.
Empowered Teams: Sarah independently handles her data needs, freeing the data team to do more, providing increased service across the organization.
As Forrester Research highlights: “Organizations leveraging real-time data are 27% more likely to achieve double-digit growth year over year.” Latttice empowers organizations to embrace this advantage.
Why Latttice Matters
This case study illustrates how Latttice addresses pervasive challenges in data product creation and decision-making. By putting control into the hands of data owners, Latttice ensures that insights are timely, actionable, and impactful. Businesses using Latttice gain agility, operational efficiency, and a competitive edge.
Cameron Price, founder of Data Tiles, sums it up best: “With Latttice, you don’t need to compromise on data timeliness or access; it seamlessly delivers both.”
Agility and precision are essential in business; Latttice empowers organizations to harness their data, make impactful decisions, and thrive with a competitive edge.
Join the conversation and explore how data can transform your business.
Lili Marsh.
References:
Mindy Ferguson, AWSCommentary on the growing expectation for real-time data availability.Source: AWS Customer Success Blog, 2023. AWS Blog
Gartner InsightsInsight on the need for timely data updates to meet business requirements.Source: Gartner Report: "Data and Analytics Trends," 2023. Gartner
Databricks BlogThe role of data products in delivering actionable insights.Source: Databricks Blog, "Data Products for Business Success," 2022. Databricks Blog
Monte Carlo DataThe importance of data timeliness and governance for decision-making.Source: Monte Carlo Blog, "How to Ensure Data Reliability," 2023. Monte Carlo
Forrester ResearchReal-time data as a growth enabler for modern enterprises.Source: Forrester Report: "The Impact of Real-Time Data on Business Success," 2023. Forrester
Cameron Price, Founder of Data TilesQuote on Latttice’s dual focus on data timeliness and access.Source: Data Tiles, 2023.
Cameron Price, Founder of Data TilesQuote on Latttice’s ability to integrate with visualization tools and provide instant, actionable insights.Source: Data Tiles Insights Blog, 2023.
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