Streaming data is the future of analytics. It’s been a long time coming, but enterprises are finally ready to incorporate streaming data into their analytics programs.
Streaming data has many types and applications. It can solve many big data integration problems and make life easier for organizations that need large data. What is streaming data? Let’s take a moment to understand.
What is Streaming Data?
Streaming data is the real-time processing of data. Streaming data is not a new concept, but it has gained popularity lately due to smart devices and IoT sensors. You can use streaming data in various fields;
- Business intelligence
- Surveillance and security
- Online gaming
- Mobile and social media applications
In the context of data integration, streaming data refers to a continuous flow of data that changes over time. Streaming data integration focuses on handling streaming data sources and their integration into the enterprise.
A data integration platform is a software or service that combines data from multiple sources and delivers it to a target destination. There are two types of data integration platforms: real-time and batch.
- Real-time data integration platforms process and deliver data in real-time as soon as it is available.
- Batch data integration is used when you don’t need the immediacy of real-time data, but you still want the information quickly.
Importance of Streaming Data
The data stream can contain various data types, including video, audio, and text files. Many people use streaming applications for entertainment, such as watching movies or listening to music. However, there are many industrial uses for streaming technologies. The following are some reasons why streaming data is important:
Data capture is the process of collecting information from different sources, such as web activity and purchase history. This can influence your SEM strategy by helping you determine which keywords are most important to your business.
When you use SEM, you will understand which terms and phrases drive traffic and conversions. But that data isn’t always easy to find, but it becomes swift using the change data capture tool. A change data capture tool is used with a database whenever the contents of the database change. The changes are captured and sent somewhere else in real-time ETL.
Data capture can help determine how people reach your website, whether you search directly for your company name or click on a paid ad. You can also measure customer intent by capturing search terms used on the website. This requires the right tracking tools. You need data analytics to tell you what terms people use when searching for products and services.
One of the biggest advantages of streaming data is the ability to perform real-time monitoring on systems, processes, or products. The ability to monitor a process or system in real-time allows companies to make adjustments as they occur.
For example, if a company was monitoring its manufacturing process, an alert could inform them that one of their line machines is slowing down.
The team could make immediate adjustments to keep production on schedule with this knowledge. If the problem isn’t resolved quickly enough, they might shut the machine down to avoid damage or waste. They could also shift production to another line while waiting for the issue to be resolved.
Streaming Data Is Everywhere
The Internet of Things (IoT), which includes smart speakers, thermostats, and security cameras, creates massive amounts of streaming data. Social media platforms generate streaming data and online users who play games and use online services.
Improves Customer Experience and Satisfaction
Streaming data helps in delivering information in real-time. It makes it possible to keep the customers updated with your business’s latest trends and news. These updates will help you improve customer satisfaction, which will result in more sales and revenue for your business.
Consider a bank that wants to improve customer service by offering customers personalized offers when they walk into a branch office. Using streaming analytics, the bank can detect when a customer enters a branch office and then send an offer via text message or mobile alert.
Offers More Flexibility
When dealing with large amounts of data, latency can be an issue. A company with a well-developed system for dealing with data in real-time will respond to problems within the system quickly. They won’t have to wait for all their data to arrive before analyzing it. It can drastically reduce downtime and increase efficiency.
The best thing about streaming data is that you can access it anywhere and anytime. Accessibility makes it possible for you to access the right information at the right time. It also makes it easier to share information with others with just a few clicks.
Analysis of Streaming Data Can Help Create Predictive Models
With streaming analytics, companies can use their historical data to create better predictions. Using machine learning tools, companies can train algorithms based on their historical data. They can use that algorithm to predict future outcomes based on current information about the system. Prediction allows for a more proactive approach to problem-solving and prevents problems from occurring in the first place.
For instance, analyzing streaming data from multiple sources can help determine how certain patterns could affect certain outcomes in the future. This predictive analysis helps organizations develop better products, marketing campaigns, and other initiatives.
Streaming Data Has Value
Most companies are already storing their streaming data for later use. For example, email servers store messages to be accessed later if needed. Many companies save web analytics logs for later analysis or reference. Many companies don’t realize how much value there is in all that other data flowing through their systems every day.
In the end, it all comes down to being able to deal with data as it comes. It allows you to use the information in real-time while processing it against your collected data and making necessary changes.
Streaming data is only going to grow in popularity, from streaming music to home entertainment to work-related systems. With the increasing need for real-time information and monitoring, it’s a trend that shows no signs of slowing down anytime soon. To prepare your company for that future, you’ll need to think about ways that you can capitalize on this phenomenon.