Due to the increasing number of social mobility, the amount of data generated from many sources is growing rapidly. In business environment, data is used to predict many things to support business success. It is proven that today’s companies rely on the data to determine their futures strategies. Business objective can be achieved because of the presence of data that supports business decision making, which is called as data-driven decisions.
To optimizing data-driven decisions making, companies are now starting to use a technology called streaming data. Have you heard about streaming data technology? And how is it applied within business environment?
In this article, we would like to give you information about how streaming data technology optimizing data-driven decisions making by understanding the definition and functions of streaming data technology, how it works, and also its use cases.
What is streaming data technology and its functions?
Streaming data is also known as event stream processing, which means the continuous flow of data generated by various sources. By using streaming data technology, data streams can be processed, stored, analyzed, and acted as it is generated in real-time.
Data streams are generated by multiple types of sources and received in various volumes and formats – from applications, network devices, server log files, website activity, banking transactions, to data retrieved from a location’s activity, they can be aggregated in a single system to generate real-time information and analytics.
How does streaming data technology work?
With streaming data technology, data is processed sequentially and incrementally on a record-by-record basis. Then, data is used for a wide variety of analytics including for sampling.
Information derived from these analysis will give companies the visibility into many aspects of their business including customer activities.
The common streaming data technology use cases
- Streaming data can be used by government agencies or manufactures. The examples of its use cases are to install a sensor in transportation vehicles or industrial equipment, then it will send the data to a streaming application. After that, the application produces an output in the form of report and analytics to fix any errors, detects any potential defects in advance, maintaining the good performance and developing those components that need to be repaired or improved.
- This technology can be implemented in a financial institution. The examples of its use cases are to track changes in the stock market in real time, credit scoring, and automatically rebalances portfolios based on stock price movements.
- Streaming data technology can also be integrated with website or application to retrieve a subset of data from the activities of website or application’s visitors. Furthermore, the results of the analytics will help businesses to make the right targets for their products or services based on customer’s interests, behavior, and geographic location.
Implementing streaming data technology to define a better business strategy
After gaining the information about data streaming technology’s definition, functions, how it works, and the example of its use cases, it can be concluded that this technology can be the right solutions to help businesses optimizing data-driven decisions making.
To support companies placing their data at the center of their business, PhinCon offers Live Streaming Data solutions from Tibco. Here are the features and benefits offered by Tibco’s Live Streaming Data:
- Act on insights when they matter to take advantage of precious moments
The first benefit of using this solution is that we are able to immediately take appropriate action if there are precious moments related to the function of our products or services. With real-time analytics, we can take action when it matters most, makes it possible to automate decision-making and predictive models.
- Build applications faster
Before Live Streaming Data solutions, analyzing a set of data in real-time was difficult and expensive. Now, with low code and visual authoring platform, companies can shorten the development cycles, reduce programming costs, and speed up time-to-value.
- Automate data-driven decisions and actions
The only way to speed up the decision-making is through automation. With Live Streaming Data technology from Tibco, companies detect patterns, predict what will happen, make an automated decision, then take automated action.
- Flexible deployment options
Deploy it your way. Deployment options are available on-premise, private cloud or public cloud.
To sum up everything that has been stated so far, streaming data technology is the right solutions for optimizing data-driven decisions making within business environment.
To get further information about streaming data technology for your business, reach us at [email protected]
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