Citation: The Economist , “Steam engine in the cloud. How Snowflake raised $3bn in a record software IPO”, The Economist, London, September 15, https://www.economist.com/business/2020/09/15/how-snowflake-raised-3bn-i….
A few decades ago, when hard drives were expensive and storage capacity very limited, companies stored databases of only their most important information. As storage capacity became cheaper and the volume of data grew, companies began storing a greater amount and variety of data (from text to images); startups that managed those databases proliferated.
Crucial data: The three largest companies in the database management market are Oracle, Microsoft and Amazon. In 2019, company revenues in this market were approximately $55 billion (mmd); of this, $15 mmd was for Oracle, $14 mmd for Microsoft and $10 mmd for Amazon.
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My little pony class (communicative competence).
Skip to main contentcSnowflake, a cloud data platform company based in San Mateo, California, focuses its business on optimizing so its customers can thrive through data analytics, data warehousing, data tools and the cloud, all on a single platform.
Sharing channels also allows Snowflake to maximize relationships with the vendors it uses for internal services, such as the PagerDuty incident response platform. By bringing communication to a single channel, Snowflake was able to move from an engineering team working collaboratively with PagerDuty to a much broader internal use of the software.
Cedric Dageville and Michael Westra are corporate account executives at Snowflake. From contacting potential customers to helping new customers choose the right Snowflake plan for their organization, Dageville and Westra work with them throughout the sales cycle.
With the new platform, Snowflake has an industry-specific offering that allows users to pull their own data, as well as industry data sets such as Acxiom, S&P Global and FactSet from the Snowflake Data Marketplace.
Snowflake also revealed that it has achieved the Cloud Data Management Capabilities (CDMC) standard, an emerging effort to help improve best practices and regulatory compliance in the cloud for data.
In a roundtable discussion with the media, Tom Mazzaferro, chief data officer at Western Union, explained how his company is using Snowflake and why CDMC is an important initiative.
“Regulators are looking at cloud platforms like Snowflake and figuring out how to evaluate them and how to make sure they check all the boxes and have all the right controls in place,” Mazzaferro said.
Regulators are looking at cloud platforms like Snowflake and figuring out how to evaluate them and how to make sure they check all the boxes and have all the right controls in place.
Is this XIAOMI worth it? Mi11 Lite 5G
Snowflake provides management software, especially for databases and big data. At first, it looks like more of the same. But it is a pioneer in its field and could become one of the stars of the Nasdaq. In any case, it is an attractive candidate to be integrated into the growth part of a portfolio.
Each of these vendors offers different advantages to their customers, providing efficient resources to IT departments, such as large data storage capacity, powerful processing nodes or other functionalities.
But Snowflake’s idea is to manage these data lakes in the multi-cloud, i.e. to combine heterogeneous clouds from different vendors. This changes the rules of the game, since customers using a single provider have a lot of facilities, but within their environment. However, if they want to incorporate a second cloud provider, either for economic reasons, geographical availability or compliance with data protection regulations in a certain geographical area, IT departments have to do some tedious software customization. Snowflake attempts to break through this friction in the cloud switch and offers a consistent interface, regardless of the vendors you use.
Hi, I’m Taylor Gray a lawyer and editor-in-chief of this blog. I invite you to read all the news it covers.