How Real-Time Data Boosts the Bottom Line

 
 
By Dennis McCafferty  |  Posted 01-20-2016 Email
 
 
 
 
 
 
 
 
 
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    How Real-Time Data Boosts the Bottom Line
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    How Real-Time Data Boosts the Bottom Line

    Real-time streaming analytics is rapidly becoming the lifeblood of today's data-driven economy, and savvy businesses are cashing in on the trend.
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    Real Value
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    Real Value

    89% of survey respondents say a data management platform which responds in real-time serves as a valuable organizational asset.
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    Revenue Stream
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    Revenue Stream

    91% say streaming data analysis can have a positive impact on their company's bottom line, and 56% say it is "critical" or "very important" to add real-time context to streaming analytics apps.
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    Half-Empty
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    Half-Empty

    66% believe that real-time apps meet business needs less than half of the time.
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    Delayed Reaction
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    Delayed Reaction

    Overall, survey respondents say they are unable to meet speed demands for data analysis 54% of the time.
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    Difference of Opinion, Part I
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    Difference of Opinion, Part I

    84% of CIOs believe their organization can analyze data in real-time, but only 42% of developers agree.
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    Difference of Opinion, Part II
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    Difference of Opinion, Part II

    74% of CIOs believe that real-time streaming data apps have different requirements than big data apps, but just 36% of developers say this is the case.
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    Biggest Benefits of Real-Time Data Analysis
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    Biggest Benefits of Real-Time Data Analysis

    Enhanced customer experience: 26%, Improved operations efficiencies: 23%, Competitive advantage: 19%, Increased employee productivity: 17%
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    Prohibitive Factors
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    Prohibitive Factors

    32% of survey respondents say data consistency/quality remains the primary obstacle to real-time data response, while 29% cite budget/internal resource constraints.
 

While the majority of CIOs and other IT professionals recognize the importance of analyzing data in real time, tech leaders and developers disagree over how capable their organizations are at doing it, according to a recent survey from VoltDB. The resulting "2015 Real-Time Data Report" indicates that the analysis of streaming data with real-time context can significantly impact the bottom line. But, in most cases, real-time apps aren't meeting business needs. Meanwhile, IT often can't produce actionable data analysis quickly enough for users. Should companies successfully address these issues, they can reap rewards such as better customer experiences and improved operational efficiencies. "With real-time streaming analytics rapidly becoming the lifeblood of today's data-driven economy, (there are) a number of disconnects in how organizations and job titles view real-time data," according to the report. "And while these disconnects make for interesting conversation, there were no disagreements when it comes to the business benefits of real-time data analysis. As real-time streaming data continues to enter organizations at unprecedented rates and volumes, it will be the enterprises that analyze and act in the moment that will realize the greatest business impact." More than 150 CIOs, developers, IT managers and other IT pros took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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