Nexla Announces the Capability to Empower Enterprises to Build a Private Data Product Marketplace
Nexla, a visionary in automating data engineering with a data product-centric approach whose customers include LinkedIn, Doordash, LiveRamp, Forever 21, and Instacart, has just announced a new product offering to enable enterprises to build a Private Data Product Marketplace. This new Data Product Marketplace helps enterprises share and re-purpose ready-to-use Data Products within their organization.
Nexla has a unique approach to Data Products as logical entities that abstract data in any system, format, or velocity into a consistent entity that encapsulates data schema, access control, description, validation, audit log, error management, and more. These Data Products are either auto-generated as raw products from a data source, or built as derivative entities built from other Data Products.
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Like any other product, Data Products are produced by experts as ready-to-use entities for data users. Not only are enterprises looking for self-serve tools to produce Data Products, they increasingly need to make these products easy to discover, acquire, and use while keeping them secure and governed.
Nexla’s private Data Product Marketplace is the platform that delivers on that need. As a private marketplace, this system runs within the organization to allow data producers and data consumers to collaborate. An internal marketplace for data products allows data users to reuse existing data products, significantly reducing wasted effort by replacing dependency-based workflows with collaborative workflows. Here data producers are able to offer consistent, standardized, and validated data products across the organization.
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Nexla’s private Data Product Marketplace offers three primary capabilities:
- Ability to create one or more Private Marketplaces. Each marketplace can have a specific set of Data Products available to users within the organization.
- Data users get an intuitive shopping-like experience where they can search, discover, and request access to Data Products.
- Data users can consume these logical Data Products by materializing the data into a Data Warehouse, Data Lake, file, stream, or as an API of their choice for analytics, ML, or operational use cases.
According to Mansoor Basha, Chief Technology Officer at Stagwell Marketing Cloud, “A data marketplace gives the [data] consumers on the business side the ability to discover and take action on those Data Products in an easily accessible manner. You need a marketplace to go and discover new data use cases and then be able to create new things on the fly, and that’s gonna drive the next generation of technologies.”
“Data Products are fast becoming the path to data democratization, while data marketplaces become the hub for collaboration. We are excited to launch this private marketplace for Data Products which decouples data production and consumption, reduces dependencies, resulting in faster time to value for data. The marketplace approach also benefits the data producer. They can create Data Products, assure quality, freshness, data contract, etc. and then let different data consumers take advantage of the data without having to wait on someone,” said Saket Saurabh, CEO of Nexla.
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