By this time, many companies realize the value of data and how it could be their most valuable asset. And it’s easy to see why when you consider that data gives companies the ability to make their business processes more efficient, make their staff more productive, and allow them to serve their customers better.
The problem is that, nowadays, companies are generating more data faster than ever before. So, considering the speed at which business data is generated, an insight that has value today may not have any value tomorrow. As a result, and to get value from their data, companies need to process and analyze vast amounts of data in near real-time.
That’s where real-time data processing and analytics come in. But what is real-time data processing, how does it work, and why does your organization need it? In this post, we’ll take a look at these questions in more detail.
At its core, real-time data processing and analytics is the ability for companies to see, analyze, and gain insights from their data as soon as it’s gathered. In simple terms, it’s the processes and technology that allow companies to use their data in near real-time once it’s gathered from their systems.
So, compared to traditional batch processing, real-time processing offers companies tangible benefits which include: Speed. With batch processing, vast amounts of data are processed at scheduled times through a single process. This means that the data takes time to be processed and valuable, time-sensitive insights could be lost in the process. Also, it could lead to information being outdated which can have a significant impact on business processes. In contrast, real-time data processing allows companies to get insights into their data immediately when it’s ingested. Resources. Because real-time data processing allows companies to spread out the processing of data over time, it typically needs fewer resources compared to batch processing where large amounts of data are processed at once.
Now that you’ve seen what real-time data processing and analytics are and you have an idea of how it works, let’s look at some benefits companies can enjoy when they implement them.
One of the main benefits of real-time analytics is that it enables companies to make better decisions faster. This is simply because they can get accurate, valuable insights from their data in near real-time. Based on this data, these companies can then introduce new strategies, business processes, and ideas to improve their operations. In addition, having access to insights in real-time enable companies to capitalize on opportunities in the market they would not have been able to otherwise.
Ultimately, having access to these real-time insights forms the foundation of sound business decisions which not only affects a company’s revenue but also its success.
In a competitive market, it’s vital that companies are as efficient and productive as possible. This, in turn, relies on companies having streamlined business operations processes and workflows.
With real-time data and events processing companies get insights into these almost instantly. As a result, they’re able to identify issues in their business processes and workflows far quicker than before. And because they’re able to identify these issues quicker, they’re able to fix them faster before they lead to a complete breakdown in operations.
This then ensures that companies don’t suffer any reputational damage and that they keep their revenue-generating capability intact.
Through real-time data processing and analysis, companies can understand how they perform in the market, what works and what doesn’t, and keep abreast of industry trends. So, for example, companies can see when their competitors change their business, pricing, or marketing strategies and react faster than before. This gives them the agility and flexibility they need to adapt quickly to changing market conditions and stand out from the crowd.
In turn, the ability to respond better to their competition and capitalize on trends gives them the competitive advantage to ensure continued success.
When companies have access to real-time insights, they’re able to monitor their customers’ behavior which gives them a better understanding of who their customers are and how they can serve them better.
For example, through real-time data processing and analysis, companies can keep track of consumer trends and other aspects that influence customer spending. Based on this information they can then implement the necessary strategies that align with their customers. As a result, they can market better and sell more, which increases their revenue.
But real-time insights go further than just acquiring customers, it’s also able to improve customer service significantly. So, with real-time insights, companies can see if their customers have any issues or problems with their products or services. They’re then able to respond quicker and keep their customers satisfied.
As mentioned earlier, real-time data processing could be less resource-intensive than batch processing. Although this, in itself, can bring about a cost-saving, there are also other ways in which real-time processing leads to cost efficiency.
As described earlier, companies can improve their business processes, make their staff more productive, market better, and sell more. This, ultimately, means that the company overall is more efficient. As a result, it’s able to generate more revenue at a lower cost.
For any company that wants to be more efficient, reduce costs, understand its customers better, and generate more revenue, real-time data processing and analysis is the technology they need. And taking advantage of the benefits it provides, doesn’t need to be complicated. In fact, we believe the time has come for companies of all sizes to reap the benefits of real-time data processing without having to deal with the inherent complexity.
Our platform provides seamless data transport and scalability mechanisms to cloud and on-premises, real-time and offline processing pipelines, allowing companies to focus on their business logic. More importantly, we created Scramjet, our platform that uses the efficiency and scalability of stream processing, to be cost-effective and developer-friendly. To learn more about our platform, visit our scramjet.org for more details.