Despite the occasionally tedious process of adapting to the new normal, developments and trends in technology are still emerging more quickly than ever. To that point, real-time analytics continues to play a key role in how businesses are rebuilding their structures and operations to become more future-ready. By this point, nearly two-thirds of organizations agree that real-time data has become necessary for decision-making in business.
Observing the progress of the industry in the past year, it’s safe to say that while some trends are staying put, there are others coming in to dominate the playing field as well. Here, we’ll provide an overview of specific real-time data trends that are going to shape the industry in the next few years.
Real-Time Overtaking Big Data
For a long time now, big data has been at the forefront of the most important business practices. This might be changing soon. It’s clear now that big data has become less relevant than “fast data.” To give a few examples of how and where this is becoming apparent, we see e-commerce shoppers, streaming media consumers, gamers, and digital traders alike demanding faster processing of insights and information. Furthermore, startups that are able to analyze and extract insights from fast data often garner high public and private market investor interest –– which goes to show why organizations want to use the most recent and relevant data, and avoid using that which may be extraneous or outdated.
Continuous Intelligence Platforms
Because today’s organizations are data-driven, time-to-value is measured in milliseconds rather than hours. Big names like Amazon, Netflix, Google, and Alibaba all stay ahead of the game through their use of real-time analytics, but any organization can also thrive by adopting a continuous intelligence platform like ours here at InfinyOn. This platform can detect, react, and respond to relevant events in milliseconds, which in turn will improve efficiency across teams. It can also help your organization make smarter decisions by detecting market trends and changes by your competitors in real-time.
Fast-Adapting Training Sphere
We also expect to see computer science programs adapting quickly to the new trend towards real-time data, with schools and programs rising to meet the challenges of training analysts. Those adept at technical problem-solving and critical thinking are expected to perform well in this fast-paced field, and will gain the high-level education and training they need to have an edge as tech professionals. Worth noting in this regard is that data analysts are consistently included among the most coveted jobs in the U.S., which drives educational institutions and business leaders to keep their curricula and training methods up to date.
AI Operating on Real-Time Data
AI models and tools are not yet widely adopted by marketers and customer experience managers. Although they respond quickly to changes, there’s a chance that algorithms may perform badly when input data differs too much from the data they’ve been trained on. However, companies are now seeking to make use of these models in real time using live data. Tackling the challenges of using real-time streaming data is also going to become even more urgent in the coming year, as more and more businesses plan to adopt AI practices as part of their regular operations.
Cloud Solutions for Real-Time Analytics
In previous years, companies have collected, transported, and stored as much data as possible in the cloud. This practice has only been further necessitated as remote work, e-commerce, streaming services, and many other factors have come along. More than just accommodating these kinds of changes though, the cloud also improves real-time analytics by increasing network bandwidth, reducing the time of the analysis process to mere minutes, and providing access to large amounts of memory, among other benefits. Moreover, the cloud is also widely used in the industry as a way to launch relatively cost-effective solutions.
Overall, we see that businesses will continue to leverage real-time technology to gain valuable insights — ones that could potentially help them switch from being reactive to proactive. To stay ahead of the curve, you’ll want to make use of services that can process data as fast as it comes in. Interested? Check out our products for more information.
Content intended only for the use of infinyon.com By Vera Soto