Stream analytics
Businesses are increasingly producing huge volumes of high-velocity data in varied formats, and are, therefore, beginning to realize the advantages of continuously analyzing data as it is captured and taking immediate action. This real-time analytics is nothing but stream analytics.
In stream analytics, organizations analyze and perform actions on real-time data through the use of continuous queries. During stream analytics, your system gets connected to different external data sources, enabling your applications to integrate certain data into the application flow or to update an external database with the processed information. Therefore, stream analytics gives you the ability to constantly calculate statistical analytics while moving within the stream of data.
In this post, I shall discuss some major benefits of stream analytics.
Deep Insight through Data Visualization
Organizations require data visualizations as they provide vital company information, which can help companies in managing their key performance indicators (KPIs) on a regular basis. KPI data, when viewed in real time, helps in producing a single source of truth. This single source of truth gives you a helicopter and a granular view of a company at any given time. This information can be utilized for improving sales, reducing costs, identifying errors, and providing information to react faster to risks in order to mitigate them. Thus, you get access to business metrics and reporting, and better decision making with stream analytics.
Accurate Insight into Customer Behavior
Stream analytics provides companies with the ability to gain visibility into what customers are buying, not buying, their preferences, and dislikes. Moreover, with stream analytics, companies are able to generate additional profits and retain existing customers. It also allows companies to rapidly respond to customer needs and thereby, increases revenues through up-sellingup-selling and cross-selling of products and services.
Remain Competitive with Stream Analytics
By implementing stream analytics, businesses can easily identify trends and benchmarks thereby, developing use cases and generating forecasts for their company and industry. This helps in reducing internal and external threats and also provides awareness about changes occurring within the industry.
As stream analytics occurs immediately, organizations should act on the analytics data quickly, before the data loses its value. This data can originate from the Internet of Things (IoT) devices, mobile phones, or mobile devices such as iPads and so on. If you are not able to act on that data immediately, the loss of data value can result in additional operational costs, business risks, administrative expenses, reputation damage, and reduction in productivity. When implemented in the correct manner, stream analytics not only facilitates better decision-making but, also provides security protection as it allows organizations to quickly connect to different events and detect security threat patterns and their risks thereby, performing security monitoring of network and physical assets.