Real-time analysis in 2022: what to expect?

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Today, every business is becoming a data business. Decision makers leverage data not only to see how their organization has performed over the past few months, but also to generate detailed insights (the what and the why) about business processes and operations. These analyzes, driven by tools like Tableau, inform business decisions and strategies and play a critical role in improving efficiency, improving financial performance, and identifying new sources of revenue.

A few years ago, business data was batch processed for analysis. Now real-time analytics has taken effect, where organizational data is processed and queried as soon as it is created. In some cases, the action is not taken instantly, but a few seconds or minutes after new data arrives. However, both practices are increasingly adopted by businesses, especially in industries where it is necessary to immediately analyze data to deliver products or services, understand trends and compete. After all, an ecommerce business would need instant information about when and why their payment gateway is down to ensure the experience and retention of their customers. In the case of historical data analyzed in batches, the detection and resolution of such a problem could easily be delayed.

Here are some trends that will shape and drive adoption of real-time analytics in 2022.

Increase in data volumes, speed

Continuing the trend of recent years, data volumes and speed at the organization level will follow the upward trajectory, increasing more than ever before. This, combined with the convergence of data lakes and warehouses and the need to make quick decisions, should improve the response time of real-time analytics.

Systems will be able to ingest massive amounts of incoming raw data – whether it peaks a few hours a day or a few weeks every year – with no latency and faster analytical queries are likely to become possible, ensuring instant reactions to events and maximum business value. In addition to this, serverless real-time analytics platforms are also expected to become mainstream, which will allow organizations to build and operate data-centric applications with infinite on-demand scaling. to handle the sudden influx of data from a particular source.

“Overall, 2022 will be a difficult year to keep up with growing data volumes and performance expectations in data analytics,” Chris Gladwin, CEO and co-founder of Ocient, told Venturebeat. “We will see more and more organizations looking for continuous analysis and higher resolution query results on large-scale datasets (trillions of records) to gain deeper and more complete information.” from an ever-increasing volume and diversity of data sources. “

Rising demand from developers

As the lines between real-time analysis (which provides instant information for humans to make decisions) and real-time analytical applications (which automatically make decisions as events occur) continue to blur Due to the democratization of real-time data, developers are expected to join technical decision-makers and analysts as the next big adopters of real-time analytics.

According to a report from Rockset, which offers a real-time analytics database, real-time data analytics will see a surge in demand from developers who will use the technology to build data-driven applications capable of also personalize content / customer services. for rapid A / B testing, detect fraud and serve other intelligent applications such as business process automation.

“Every other business is now feeling the pressure to leverage real-time data to provide instant, personalized customer service, automate operational decision-making, or feed ML models with the latest data. Companies that provide their developers [with] Unlimited access to real-time data in 2022, without them being data engineering heroes, will outrun the laggards and reap the rewards, ”said Dhruba Borthakur, co-founder and CTO of Rockset.

Out-of-the-box real-time analysis capabilities

In 2022 and beyond, real-time analytics based on standard capabilities are expected to become more common, easier to deploy and customize, Donald Farmer, director of Treehive Strategy, told Venturebeat. This will move away from the current practice of code being written in-house or sourced from highly specialized vendors and drive the adoption of real-time analytics in retail, healthcare, and the public sector.

So far, real-time analysis based on standard capacities has primarily been used in industries such as transportation (for customer support) and manufacturing (for production tracking), Farmer noted. Professionally, Farmer has worked on many of the best data and analytics technologies on the market. In addition, he previously led design and innovation teams at Microsoft and Qlik.

Business advantages in all sectors

The business benefits of real-time analytics, regardless of industry, will also continue to drive adoption in 2022. According to IDC’s Future Enterprise Resiliency and Spending survey, the ability to make real-time decisions will drive adoption. companies more agile and will increase the loyalty of their customers. / outreach, and offer a significant competitive advantage. Additionally, continuous data analytics, which alerts users when events occur, would help improve supply chains and reduce costs, resulting in a rapid return on investment on investments in the streaming data pipeline. .

According to Rockset, an oil and gas company was able to increase its profit margins by 12% to 15% after adopting real-time analysis.

Meike Escherich, Associate Research Director for European Future of Work at IDC, notes that they have already seen significant adoption in implementing real-time analytics, with one in three European companies already using them to measure performance of the team or planning to do so within the next 18 months. Likewise, Gartner also predicts that more than half of major new business systems will incorporate continuous data intelligence in 2022.

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