Charting a future of continual business success requires adaptability. Business owners need to learn what their consumers want and how the market is responding to get ahead of their competitors. Real-time data streaming makes that much easier.
Check out a few business benefits of real-time data streaming to understand why it’s a valuable tool for any company. Once you know how it serves your professional future, you can wield it to enjoy more tremendous success.
What Is Real-Time Data Streaming?
Software systems stream real-time data by monitoring thousands of resources for instant data records. The records file themselves continuously so the person analyzing the results can get accurate information to pursue their goals.
How Does Data Streaming Work?
When a customer visits your business website and makes a purchase, their page visitations, clicks and purchases are immediately gathered by real-time data software. You can refresh the software to instantly understand which pages the customer visited and what they ultimately purchased.
Data streaming provides critical information that can improve sales by tracking things like product trends and web traffic. It also includes information regarding a company’s mobile apps, financial trading and social media activity.
Business Benefits of Real-Time Data Streaming
You can use the information gathered from real-time data to enjoy these business benefits. They can make operating a successful company easier by taking the guesswork out of management decisions.
1. More Accurate Decision-Making
Before big data analytics became commonplace in the business world, owners had to guess what consumers wanted and when they wanted it. Now you can access structured data to review customer activity and compare it with your business’ capabilities.
It also improves a company’s ability to manage employees. Instead of hoping your team will improve, live data allows you to track employee work output and absence rates to understand your team’s strengths and weaknesses. You’ll know who needs assistance, who’s excelling and which team members might not be best for your company.
2. Improved Customer Satisfaction
You might already be using technology like artificial intelligence (AI) to watch shopper behavior patterns by tracking activity on your company’s website. However, you could make that information even more accurate with real-time data streaming.
Your data collection would alert you when a customer submits a help request with your website’s chatbot. It can also sort information like which of your business’ services are getting the lowest reviews. You’ll redirect your team more effectively to address each customer’s concerns and enjoy long-term relationships with satisfied returning clients.
3. Live Data Analyzing
Data dashboards make live analysis simple. They refresh every few seconds or minutes to provide a snapshot of your company’s performance. You can instantly see which employees are behind on their task lists, how many customers left five-star reviews in the last 24 hours and more. It depends on your software’s data-collection customization.
4. Increased Market Adaptability
Some industry sectors are more at risk for rapid market fluctuations. Your company might be in one of them. External factors can affect everything from product availability to consumer spending, like:
- Interest rate spikes
- Natural disasters
- Major news events
Real-time data streaming provides critical information for business owners making immediate decisions. You could track customer trends, breaking news and industry-specific statistics to make informed business-operation decisions.
5. Refined Logistics Strategizing
Logistics are the core part of any business. Without functional logistics, companies couldn’t order supplies, ship consumer purchases, track orders or manage their warehouses. Keeping track of all that information may feel overwhelming unless you have the advantage of real-time data streaming software.
Instant data helps more than just the business owner regarding logistics. Warehouse managers and team supervisors can also access the information to make better decisions. You’ll have advanced pricing strategies, reduce risks in the workplace and optimize your shipments by understanding where everything stands in real-time.
It can also make a significant difference around rush-purchasing seasons. You can restock your warehouses before the holiday seasons and track which products are flying off the shelves when seasonal sales begin. Customers won’t have to wait for extended restocking periods because every part of your business operates with real-time data.
Securing Real-Time Data Streaming
With data streaming, a lot more data is moving around, so keeping all that data secure becomes imperative. Many existing technologies today only provide security by slowing down production systems, causing significant slowdowns and impacting the customer experience.
That’s where Eclypses MTE Kafka comes in. The MTE Kafka toolkit is a solution that secures large data streams capable of processing a high quantity of records and messages while maintaining low latency. MTE Kafka secures real-time Kafka streams and data. It enables security to be embedded in the Kafka ecosystem at the data level, removing outside dependencies allowing for optimized security operations, and removing the reliance on third-party key management systems.
The key to finding the right security solution for your company is ensuring it is quantum-resistant, allowing you to be proactive against future threats.
Consider Real-Time Data Streaming
Any company owner can experience these benefits of real-time data streaming. Once you understand how it can serve your business, you can confidently use the technology to strengthen your company while improving customer relationships.
Written by: Zachary Amos, Contributor