Businesses generate and collect huge volumes of complex data from a variety of sources: customer data, market data, supply-chain information, operational data, financial information, social media feeds, sensor data, and so much more.
In order to understand and act on these constant streams of information, it’s vital for companies to have the ability to collect data sources together and provide decision-makers the ability to analyze it quickly. Historically, this has often been a challenge for many companies that have had to rely on point-to-point integration between various data systems (ERP, CRM, transactional systems, finance, HR, etc.). Fast Data tackles these challenges by processing high-velocity, high-volume Big Data in real time through the use of an Enterprise Service Bus (ESB), enabling decision-makers to gain immediate understanding of new trends and customer/market shifts as they occur.
These efforts are further improved through the use of an event server which takes event data off the ESB and moves them into an in-memory grid with event-driven rules that enable business leaders to identify customer and market events in real time.
It’s not just real-time data that executives need access to. Real-time data needs to be blended with historical data to provide decision-makers a broad and deep understanding of not only what happened, but why it happened (root cause); and most importantly, understand the correlation between past activities and current trends—to be better prepared for the future.
Instantaneous access to events allows financial services leaders to identify and act on fraud in real time. Retailers can immediately spot an online customer who has expressed interest in a specific product and provide them with a relevant and personalized offer based on their behaviors and other known attributes.
Having a holistic view of the business that includes data about customers, market, partners, operations, and other related internal and external data is integral for business leaders to make fully informed decisions in a timely manner. For instance, a discrete manufacturing plant floor manager can immediately be informed about abnormal operating conditions generated from sensor data that a piece of equipment is operating hotter than accepted thresholds. These types of insights can enable the plant floor manager to take immediate action to correct the equipment issue before a breakdown occurs, leading to extended downtime and lost productivity.
Fast Data isn’t simply about data velocity. It’s about the ability to access the right data at the right time for decision-makers to take the right action.