The Speed of Business Demands Actionable Insights
Data is a key asset to any organization, and this asset needs to be readily available to empower companies across industries and the globe. The onset of COVID-19 has impacted historical and seasonal trends and hence fast actionable insights is an imperative. We find that companies have built separate technology stacks for data and analytical workloads, making it extremely challenging to access the right information and visualizations at the right time to support near real-time business decisions.
Data has to move from system to system, causing delays in delivering timely analytics and insights —stale reports, missing data, the lack of advanced analytics, and absence of actionable insights is an unbearable state for any company that needs fresh insights to remain competitive in the age of the customer. Business users don’t want yesterday’s data tomorrow, they want tomorrow’s data today. Companies are limited by trying to:
Source data to understand customers. Companies store customer data in silos with limited availability. But increasing volumes of consumer- generated content on social media such as Facebook, Instagram, and Twitter and global measurement companies like Nielsen make rich information about customers available. Mobile connectivity via smartphones and tablets collects even more data, such as geolocation, and information about how customers behave throughout their days. An integrated view of these sources can give a company unprecedented levels of retail and brand intelligence, consumer behavior and loyalty, merchandising effectiveness, sales, and promotions efficiencies, supply chain optimizations, store-level operations, and retail pharmacy. Data can be enriched with high value syndicated data. Better data also leads to making smarter investments for fixed income and equity intelligence.
Integrated data. Companies have a constellation of data systems that generate critical business and customer data. These data systems are siloed, opaque, and difficult to integrate. It is important to integrate and unify data that is relevant to the business.
Data visualizations. Companies are good at producing spreadsheets and tons of reports. However, companies are unable to quickly take data and place into a visual context for detecting trends and patterns in seconds. Good data visualizations are essential for analyzing data and making decisions on data – spreadsheets and reports aren’t easily consumable.
Provide near real-time actionable insights needed to run the business. Data is a key asset to any company, but this asset needs to be readily available in near real time and to indicate the action to be taken. In many companies, data and analytics are not available for actionable insights. Actionable insights are direct, meaningful actions that can be taken now or in the future based on information that gives enough intelligence to make the decision.
Progressive analytics. Progressive analytics is used to answer the “why” questions by capture of large amounts of data and running thru analytics software and data visualization tools, then focusing on smaller, reselected pools of data to identify patterns. Progressive analytics provides insights into the patterns or anti-patterns inherent to an industry.
1010data’s Progressive Analytics Offers Innovative Technology
Traditional database solutions can’t scale with big data volumes in an optimized manner to support new business demands. 1010data’s progressive analytic systems, are built on evolving technology innovations that make understanding multiple large structured and non-structured datasets feasible. Exploring data requires fast feedback loops and low latency. The key technologies of 1010data’s platform for progressive analytics include:
In-memory Processing. Data stored using 1010data’s on-demand in-memory model can be accessed in orders of magnitude faster than data stored only on-disk. By using distributed in-memory technology, hundreds of terabytes are processed in memory. In-memory processing powers fast analysis and visualization rendering.
Data compression. 1010data’s compression allows more storing on disk and in memory by reducing data size by as much as 75%.
Scale-out architecture. 1010data’s distributed progressive analytic systems provide a scale- out (horizontal) architecture and support advanced features such as processing across tens and hundreds of computing nodes. With elastic scale across computing nodes, 1010data delivers high performance.
Advanced Analytics. 1010data systems offers the ability to solve many analytical use cases, including real-time insights, predictive analytics, streaming analytics, real-time data access, and extreme actionable processing. For example, storing and processing customer data in a 1010data systems enables businesses to upsell and cross-sell new products based on customer likes, dislikes, buying patterns, category management, friend circles, and past orders.
Real-time visualizations and actionable insights. 1010data systems deliver near real-time visualizations and actionable insights to power applications, such as COVID-19 consumer trends, market analysis, fixed-income analytics, supply chain dashboards, planograms, stock trading, fraud detection, learning analytics, counter-terrorism, patient health monitoring, robotic integration, and automated weather reporting.
Connected data apps. Traditional extract, transform, and load (ETL) processes fail to deliver real-time changes. 1010data delivers a real-time, trusted view of critical business data, ensuring that the source of information is accurate to guarantee consistency.
Many programming languages and business analytics platforms. 1010data includes many open-source programming languages including Python, Java, C, VBA and R as extensions to the progressive analytics platform. Traditional business analytic and visualizations including PowerBI and Tableau have been integrated.
1010data offers a distributed, scalable platform built for the performance and availability requirements needed for today’s large data volumes, actionable insights, and rich visualizations. We expect progressive analytics platforms will see significant momentum for years to come as a business’s ability to win, serve, and retain customers hinges on near real-time analytic capabilities. 1010data enables companies to focus on their core business functions and innovations rather than deal with challenges associated with architecting and designing a progressive analytics platform.