How Your Business Can Profit From Data Exchange Platforms Such as AWS

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data_exchange_platforms

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Companies rely on credible data to make informed decisions, gain valuable customer insight, mitigate risk, optimize performance, and drive innovation.

Yet, poor or incomplete data quite often has a direct counter-effect. Limited data may lead to inaccurate decision-making and revenue loss, the same way building on a sketchy foundation will result in losses. Unfortunately, about 1 in 5 businesses lose customers or revenue due to incomplete or inaccurate consumer information.

Furthermore, organizations may have difficulty accessing multiple data sets from trusted and reliable sources on various subjects in a single place. Even after finding the data, organizations may spend days licensing and moving it closer to their existing data and analytics.

But what if you could source and sell data from a central place? Data marketplaces are often also known as data exchange platforms. These platforms ensure companies get relevant or critical data for making informed decisions. Further, a data exchange handles licensing and access, taking the burden of handling this off of data consumers.

How does data exchange work, and with what benefit? We’ll answer these and other pertinent questions in this blog post.

What are Data Exchange Platforms?

Data exchange platforms allow companies and individuals to securely share information. Some shared information may be financial, supply chain, weather, or consumer data. Data exchange platforms act as an intermediary for data sharing. In addition, these platforms may support various data formats and protocols to ensure system and application compatibility.

Data exchange platforms provide data that helps modern businesses streamline processes, reduce labor, and make informed decisions. For example,  platforms provide a central location for users to share, access, and manage data securely. Some key features of data exchange platforms include the following:

  • Data storage
  • Access control
  • Data sharing
  • Data integration
  • Data analysis
  • Data privacy and security

As a leading data exchange platform and marketplace, Revelate connects data buyers and sellers to transact and exchange data securely. As a platform-agnostic marketplace solution, Revelate is able to fill an important gap⁠—allowing data to be extracted from any source platform and distributed to any target platform. This means that data consumers and providers aren’t limited to any specific platform, and data providers specifically can reach audiences beyond, for instance, AWS data exchange.

Unlock Your Data's Potential with Revelate

Revelate provides a suite of capabilities for data sharing and data commercialization for our customers to fully realize the value of their data. Harness the power of your data today!

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What Is the AWS Data Exchange Platform?

AWS data exchange is a cloud-based platform by Amazon that helps organizations find, subscribe to, and utilize third-party data in the AWS Cloud. As a result, organizations can access hundreds of datasets from trusted and reliable sources on varied subjects in a single place.

Furthermore, the data becomes ready for use and consumption since it’s integrated into AWS services and applications, such as Amazon S3, Amazon SageMaker, and Amazon Redshift. Therefore, organizations have enough analytics or machine learning data for reaching incisive conclusions or making informed business decisions. 

What Are the Benefits of the AWS Data Exchange Platform?

There are several benefits of using the AWS data exchange platform. The following are key advantages of using the service:

Extensive Data Set Selection

AWS data exchange gives organizations access to various data sets from several sources. Such large-scale data has these benefits:

Variety of data: An extensive data set selection lets users access valuable data on the market, economy, geography, and more. So it’s easier to find data for your specific use case.

High-quality data: AWS data exchange ensures providers supply high-quality data that is regularly updated, so users are sure of the reliability and accuracy of the data they use.

Ease of discovery: AWS has a simple and intuitive interface so you can easily discover and subscribe to data sets, thus eliminating the work of finding the correct data.

Streamlined Data Procurement & Governance

Streamlined data procurement and governance is a benefit of the AWS data exchange platform, which helps organizations simplify acquiring and managing data. This simple process has the following benefits:

Simplified procurement: Discovering, subscribing to, and accessing data sets is easier since AWS data exchange is a centralized platform. As a result, companies can efficiently get the data they need. In addition, you can automate the data procurement process using data automation tools.

Governance and control: Tools such as AWS CloudTrail allow organizations to track data lineage and manage their usage policies. As a result, organizations can confidently use data in a compliant and secure manner.

Cost optimization: A streamlined data acquisition process means organizations can minimize the cost of acquiring and managing data. Often, this saved cost includes licensing and legal fees as well as the time and effort involved in managing multiple data sources.

Better Data Technology

AWS data exchange is considered a superior technology for the following reasons:

Ability to handle large amounts of data: Unlike traditional databases, AWS data exchange can handle terabytes and petabytes worth of data from different sources and formats (e.g. web logs, financial transactions, e-commerce transactions, etc). Also, AWS data exchange processes this data within a short window, or in real-time, to meet the transaction’s requirement.

A holistic data exchange platform: The AWS platform is a one-stop service for all your data operations, such as analysis, machine learning, and data integration.

Ease of Use for Data Analytics & Machine Learning

AWS offers several tools and services for data analysis. Here are some specific AWS features for data analysis:

Integration: AWS integrates with several third-party tools and services, enabling easy integration with existing systems.

Real-Time Data Analysis: Some AWS tools, such as Amazon Kinesis or AWS Lambda, can provide real-time data analysis on streaming data.

In addition, the AWS suite contains tools for machine learning services that can build, train, and deploy machine learning models. Here are examples of these features:

Pre-built algorithms and models: Built-in AWS algorithms can perform such tasks as image and speech recognition, fraud detection, and natural language processing. Also, these pre-built models will work in your custom applications.

Data preparation and labeling: AWS tools such as Amazon SageMaker Ground Truth and Amazon Amazon SageMaker Data Wrangler help label, clean, and transform your data.

Model training and tuning: Amazon SageMaker enables data tuning, distributed training, and model hosting.

Deployment and monitoring: Amazon CloudWatch monitors and logs your machine learning workflows.

How AWS Secure Data Exchange Worksaws_secure_data_exchange

AWS Secure Data Exchange software enables organizations securely exchange data with external parties. This feature utilizes encryption and secure protocols to protect sensitive data during transmission and storage. Here is how it works:

During data preparation, the data API encrypts the data to remain confidential and secure during transmission and storage.

Next, the encrypted data is fed to the AWS Data Exchange platform, so it’s stored in a database, such as Amazon Redshift or Amazon S3.

Afterward, the data provider and subscriber negotiate an exchange agreement outlining the terms and conditions of the data exchange, including usage policies, pricing, and billing.

Data subscribers can access encrypted data in the AWS Data Exchange platform after reaching an agreement with providers.

Data subscribers can then access the encrypted data API with the decryption key.

Finally, subscribers can retrieve data and integrate it into their machine learning projects and analytics project, subject to the agreed terms and conditions of the data exchange agreement.

What Services Does a Secure Data Exchange Tool Like AWS Provide?

A secure data exchange tool like AWS provides several services for organizations to exchange data internally and with partners securely. These services include:

Malware Prevention

Malware in data has severe implications, including the following:

  • Data theft
  • Data corruption
  • System compromise
  • Network disruption
  • Performance degradation
  • Reputation damage
  • Financial loss

Malware can cause significant losses, but AWS data exchange prevents malware by combining these security measures:

Data validation: AWS data exchange employs several data validation mechanisms to detect and prevent malware-infected data on the platform.

Encryption: AWS utilizes standard encryption algorithms to secure stored data or data in transit. This feature prevents illegitimate access while ensuring your data is secure and confidential.

Access control: The AWS data exchange platform enforces access control through identity and access management policies (IAM). Therefore, only authorized users to have access to the data.

Monitoring and auditing: Several auditing and monitoring mechanisms are in place to track user activity, checking for any suspicious activities such as data modification or download attempts.

Integration with AWS security services: AWS data exchange works alongside other AWS security services, such as Amazon CloudWatch and Amazon GuardDuty, to protect your data against malware.

Supported Data Sets

On AWS data exchange, you can find reliable data on the following subjects:

  • Demographic data
  • Geospatial data
  • Financial data
  • Healthcare data
  • Retail data
  • Environmental data
  • Marketing data
  • Government data
  • Industrial data

Also, newer subjects are added to this catalog often, so it’s a good idea to visit the AWS website for the latest information.

The AWS Data Exchange tool supports these data sets in the following ways:

Data format support: The platform supports tabular data formats such as Microsoft Excel and CSV format and structured data formats such as XML and JSON.

Data versioning: You can manage multiple versions of your data sets and track their changes. Data versioning ensures data consistency and accuracy.

Amazon S3

Amazon S3 (Simple Storage Service) combines with AWS data exchange to provide a comprehensive and scalable data management solution. Amazon S3 offers the following data storage benefits:

Scalability: Amazon S3 will store a practically limitless amount of data. Also, it’s easy to retrieve this data at any time.

Durability: Data durability means your data is always safe and secure.

Cost-effective: Amazon S3 is a low-cost option for data storage. You only pay a fee that matches your data size, transfers, and requests every month.

Flexibility: Customers can store data in numerous formats, such as text or binary. Also, the data could be structured, semi-structured, or unstructured.

Global access: Customers can access their data from anywhere in the world.

Security: Amazon S3 security features include encryption and access control to help secure customers’ data.

Integration: Additional Amazon Web Services such as Amazon Elastic Compute Cloud (Amazon EC2), Amazon Glacier, and Redshift integrate with Amazon S3 to simplify app creation that utilizes storage.

Amazon API Gateway

Amazon API Gateway simplifies the creation, publishing, and management of APIs (Application Programming Interfaces) at scale. The following are the Amazon Gateway API benefits:

Easy to use: Deployment and management can be facilitated using APIs without the need for technical expertise.

Scalability: The platform can handle millions of API requests, so you don’t have to worry about capacity.

Integration: Amazon API Gateway works with other Amazon Web Services such as Amazon S3, EC2, and Lambda to simplify the building and deployment of complex applications.

Monitoring and analytics: Organizations can track their API’s usage and performance in real-time.

Global reach: Customers can quickly access their API from anywhere.

Amazon Redshift

Amazon Redshift is a cloud-based data warehousing service that enables organizations to store and analyze petabyte-scale data quickly. Redshift simplifies data querying and transfer, even for large datasets. For example, the Data Sharing feature on the AWS Data Exchange enables Redshift to automate data loading and refreshing. Consequently, customers can consume the data without having to download or load it themselves.

Amazon Redshift vs. Amazon S3

Amazon Redshift and Amazon S3 are cloud-based storage solutions by Amazon Web Services (AWS). Yet, they have different use cases and features. The table below demonstrates these differences.

Criteria Amazon S3 Amazon Redshift
Purpose For simple object storage For analyzing large and complex datasets
Cost Cost-effective for storing and retrieving large amounts of data Cost-effective for processing and analyzing large volumes of data
Categories Stores objects A columnar database system
Ease of Setup Easy-to-use interface, can be set up following simple steps in minutes Redshift requires more setup than S3
Ease of Use Users find Amazon S3 easier to use More difficult to use according to users
Ease of Maintenance Requires less on-going maintenance than Redshift Requires ongoing monitoring, tuning, and maintenance to ensure optimal performance
Integration Tools Integrates with tools such as Travis CI, Fastly, Papertrail, Gatsby, Auth0, and AWS CodePipeline Integrates with tools such as MySQL, SQLite, Amplitude, Oracle PL/SQL, and AWS Glue

AWS Marketplace

aws_marketplace

Amazon Web Services Marketplace is a central location or online store for discovering, purchasing and deploying software offerings from software vendors. These software products handle business needs like big data exchange, data processing, and database management. The software is preconfigured for deployment on the AWS cloud.

Finding, testing, and deploying software is easy on the AWS Marketplace. Simply search for the software you need, and view product details, such as pricing and customer rating, before purchase. Also, you can launch the software with only a few clicks. As a result, organizations can save time and labor with this solution.

The AWS Marketplace is convenient, cost-effective, and secure.

AWS Lake Formation

A data lake is a central repository for storing structured and unstructured data in its raw format. Thus, organizations can store vast amounts of data, including log files and big data.

AWS Lake Formation simplifies a data lake’s setup, security, and management. In addition, the platform has the following benefits:

  • Centralized data storage
  • Secure data
  • Automated data ingestion
  • Data analytics support
  • Easy data management

AWS Data Exchange Marketplace

AWS Data Exchange Marketplace allows customers to find, subscribe, and use data products from various data providers. As a result, companies can get the data they need without leaving the AWS environment.

The Marketplace has these additional benefits:

  • Centralized data access
  • Secure data
  • Cost-effective
  • Ease of access to new data
  • Improved data compliance

Products You Can Publish

These are examples of products you can on AWS Data Exchange Marketplace:

  1. AMI-based products
  2. Container-based products
  3. Machine learning products

AMI-based products

AMI (Amazon Machine Image) is a virtual machine image pre-configured to create an instance in the Amazon Elastic Compute Cloud (Amazon EC2). So AMI-based products or services use AMI to create a model in Amazon EC2.

AMI-based products are popular for deploying specifically configured instances quickly. For example, there are AMI-based products for operating systems, such as Ubuntu or CentOS, and applications, web servers, databases, and analytics tools.

AMI-based products eliminate the stress of manually configuring and installing software for different models.

Container-based products

A container-based product utilizes containers to package applications. These virtual containers allow you to package an application with its dependencies as a unit for easy movement across different environments. Amazon Elastic Container Service (Amazon ECS) manages containers.

Container-based products combine the portability and consistency of containers with the scalability and reliability of the AWS Cloud.

Machine learning products

These are tools and services that allow you to build, train, and deploy machine learning models in the AWS cloud. These products make it easier to leverage the power of machine learning, irrespective of your proficiency level or available resources.

These are examples of machine learning products offered by AWS:

  • Amazon SageMaker: Comprises tools and algorithms for data processing, model training, and deployment.
  • Amazon Comprehend: A natural language processing service (NLP) for extracting insight from unstructured text.
  • Amazon Rekognition: Image/video analysis service for detecting people and objects.
  • Amazon Forecast: For generating future predictions from historical data.
  • Amazon Personalize: A recommendation service that suggests based on user behavior and preferences.
  • Amazon Textract: An optical character recognition service for extracting text from scanned documents.

Security of AWS Marketplace

Two security infrastructures ensure you’re safe when computing on the cloud. They are:

  1. Security of the cloud
  2. Security in the cloud

Security in the cloud refers to measures by cloud service providers (CSP) that ensure the security of cloud data, applications, and systems. These measures include encryption, data protection, access controls, and compliance with security standards.

Similarly, the security of the cloud is the infrastructure by CSPs that ensures network security and the physical security of data centers.

Security in the cloud and security on the cloud is vital for the overall security of the marketplace. AWS ensures your stored data and the cloud infrastructures are safe.

AWS Data Exchange Marketplace vs. AWS Marketplace

Here is a comparison between AWS Data Exchange Marketplace and AWS Marketplace:

Feature AWS Data Exchange Marketplace AWS Marketplace
Purpose For the exchange of data products between providers and subscribers For sales and distribution of software
Types of Products Datasets, research reports, and analytics models SaaS applications, tools, and services
Pricing Model Subscription-based or one-time fee Pay-as-you-go or bring-your-own-license based
Parties Data providers and subscribers Software vendors and customers

How Amazon AWS works with Revelate

Our Revelate-hosted S3 bucket enables providers to deliver data for distribution to data consumers. These buckets are typically located in use-east-1 or eu-west-2. Also, since AWS does not charge the receiving account for data delivery into S3, Revelate marketplace operators do not absorb the cost of receiving data from the data provider. Standard data transfer and storage costs still apply.

Therefore, Revelate leverages AWS’s cloud infrastructure to host and enable on-demand data storage and processing that’s scalable. In addition, you get the security benefits, high availability, and fault tolerance features of the AWS platform.

Overall, Revelate’s platform works seamlessly with AWS, providing customers with a powerful and flexible data management solution. These features can supercharge your data monetization business.

Conclusion

aws_data_exchange

Platforms such as AWS Data Exchange help you securely source data from multiple industries and on different subject matter. Yet, the data is most valuable when your team can access it when and how they need it.

Revelate is a fully featured data marketplace solution that enables data transfer from anywhere to anyone, including from AWS. So put your data to work when you book a demo today!

Unlock Your Data's Potential with Revelate

Revelate provides a suite of capabilities for data sharing and data commercialization for our customers to fully realize the value of their data. Harness the power of your data today!

Get Started