Stream Analytics: What, Why, and How

by Dynamix Group Writer

Speed is undoubtedly the word to explain the flow of things in today’s world. You can play another Black Mirror episode on the go without downloading it. Streaming services like Netflix, Prime, and Hotstar bring it right into your device with the blink of an eye. But streaming our favorite shows and movies is only the tip of an iceberg. The growing Internet of Things (IoT) devices and increased data volume gave birth to real-time analytics by processing streamed data.

 

Stream analytics, also called real-time streaming analytics, is the analysis of huge pools of in-motion data triggered by specific events like a financial transaction, equipment failure, website click, or the other measurable activity originated from IoT, transactions, cloud applications, machine sensors, etc. Real-time streaming analytics with various data tools help extract business value from data in motion to identify opportunities and risks.

 

What can we do with it – Capture, store, analyze, and visualize

Businesses produce vast volumes of high-velocity data in a myriad of formats. Before stream analytics, they had to resort to capturing, storing, and then extract insights from the data. However, significant insights need quick action. 

Real-time streaming analytics allows us to identify anomalies and business changes as they occur that helps in quick decision making and seizing the opportunity.

 

Advantages:

·         Data visualization

Visualizing vital information of a company helps in managing the key performance indicators in real-time. The data can improve sales, identify errors, and give information before it lands into a database to react to risks immediately. Streaming analytics with various data science platforms provide access to business metrics and reporting to accelerate the decision-making process.  

 

·         Offer insights into customer behavior

Stream analytics allows visibilities into what customers are buying, how much they’re buying, not buying, their preference, likes and dislikes. Well, no business wants to lose its customers. So, with all insights discovered, a company can respond rapidly towards their behavior to attract new and retain the existing customers.

 

·         Increased competitiveness

Businesses looking to realize competitive advantage can identify trends and benchmarks, use cases, and generate forecasts based on real-time data. This helps companies to remain in the competition, become innovative and discern trends.

 

·         Findings missed opportunities and build new ones

Analyzing data in real-time can uncover hidden patterns, correlations and insights to reduce costs, solve problems, and increase sales. You know when to react and how to react to threats and grab the opportunities by analyzing millions of events happening at a very fast pace.

 

Data-driven industries like IT, healthcare, finance, retail/ customer service, and supply chain use stream analytics. To improve the business bottom line, serve the consumer better, and enhance marketing campaigns, each booming business relies on the real-time streaming services from big players’ data enterprises like StreamAnalytix. 

 

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Created on Sep 18th 2020 06:09. Viewed 262 times.

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