What comes to mind when you hear the term “big data?” It used to be a fancy buzzword, but has since become commonplace in business. Big data is now an important business tool and offers detailed insights about how organizations approach almost every aspect of their operations. Data is no longer about looking only at the past or trying to plan for the future. Today, businesses use data to gain valuable insights into what’s happening right now.
It’s Time to Capitalize on Real-Time Data Streaming
Until recently, businesses used to collect large amounts of data, and didn’t really know what to do with it or how to leverage it effectively. Later, data experts learned how to extract actionable insights, but they couldn’t benefit from it because the information was frequently already outdated. Today, companies can leverage data in real time. Employing real-time data streaming and processing, actionable insights can be discovered almost instantly. Here’s what you need to know about capitalizing on this new trend.
What Is Real-Time Streaming
Now that you know you should be using it, what is real-time data streaming exactly? According to Technopedia: “Real-time data streaming is the process by which big volumes of data are processed quickly such that a firm extracting the info from that data can react to changing conditions in real time.” Additionally, large volumes of data are processed via streaming, which helps organizations react to possible threats and fraudulent activity quickly.
So, what makes real-time data streaming better than the traditional database model? In the traditional model, you store data, index it and then process it. That is completely the opposite of the real-time data streaming process in which you access the data as it becomes available. There are several applications for real-time data streaming to consider. The most notable are:
- Risk management
- Pricing and analytics
- Network monitoring
- Fraud detection
Real-Time Streaming and Big Data
Real time data streaming can also make big data more valuable in several other ways. In fact, the benefits don’t end with making your business operations more effective, the primary value of real time data streaming is that it offers additional capabilities and possibilities to leverage big data. A perfect example of this can be found in the fraud detection and security industries. The financial sector employs fraud detection repeatedly and it’s a huge factor in overall success of their industry.
Real-time data streaming is valuable because financial and IT security companies can use it, together with machine learning algorithms, to instantly recognize suspicious patterns that may otherwise go undetected. Obviously, the traditional method of collecting data and analyzing it after the fact would not be sufficient because by the time issues were discovered, the damage would already been done. However, because real-time data streaming allows for immediate detection of these suspicious patterns, companies can take action before any serious damage occurs. The same is true when companies detect a security breach.
How to Implement Real-Time Data Streaming-as-a-Service
Data streaming can be implemented in several ways: going it alone, using a framework or a third-party product. In most cases, doing it yourself is not the best option and is a method most companies should avoid. This is especially true since there are numerous efficient open source frameworks available to use free of charge. That being said, using a third-party product and employing real-time data streaming as-a-service is usually the best method in most cases. It resolves several issues immediately, including reducing the added expense if you purchased and implemented the necessary framework items yourself. The total cost of ownership will likely be much higher if you decide go it alone. In the end, be sure to choose an as-a-service product that offers effective management tools, high scalability and excellent monitoring and managing services.
Is it Time to Start Using Real-Time Data Streaming?
As the business world continues to gather big data and use data streaming to its advantage, it can still be a costly undertaking. It’s imperative for enterprises and organizations to learn about the benefits of real-time data streaming in detail in order to remain competitive. If you still have doubts, then it’s probably time to start asking some serious questions about how it can benefit your business. Whether you use your own in-house equipment or you employ a third-party vendor as-a-service implementation, real-time data streaming should be part of your primary business operation.
This article was first published on New Era Technology.
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