The Risk of Relying on Real-Time Data and Analytics and How It Can Be Mitigated
Access to real-time data and insights has become critical to decision-making processes and for delivering customised user experiences. Industry newcomers typically go to market as ‘real-time’ natives, while more established organisations are mostly at some point on the journey toward full and immediate data capability. Adding extra horsepower to this evolution is the growth of ‘mobile-first’ implementations, whose influence over consumer expectations remains formidable.
Nonetheless, sole reliance on real-time data presents challenges, challenges that predominantly circle matters of interpretation and accuracy.
The Tools for Optimising Real-Time Data
Though few question real-time data’s ability to increase the accessibility and speed of enterprise data, many have observed that it has promoted a transference from organised data warehouses to muddled data lakes.
Avoiding this transference requires a seamless combining of data sources with those applications that drive core operations and protect customer interactions. Certain auxiliary tools, such as iPaaS, API Management, Data Governance, and AI, are also essential in ensuring real-time data properly facilitates the constant influx of information.
Predictably, a trend is thus developing from a move away from simple data gathering to optimally harnessing existing resources. Yet, challenges remain. Analysing data, merging data silos, ensuring data is new and rich in quality, and embedding insights into live customer engagements and systematised business procedures remain significant hurdles.
However, even these hurdles can be overcome. By coupling data streams and governance tools to preserve data scope and integrity and by deploying workflow tools that offer filtering and context, accurate insights can be generated while the incidence of incorrect conclusions is slashed. Where real-time data analytics are relied upon, integration tools cut risk further by enabling efficient data exchanges across separate systems and ensuring data reaches its expected destinations.
Is Corporate Infrastructure Equipped for Real-Time Implementations?
The bedrock is there, but most corporate infrastructures are not yet equipped for real-time implementations. However, a path is being cleared by emerging advancements from the fusion of two domains within enterprise IT: the user-centric application, which operates in real-time, and the analytics domain, which is largely batch-processed.
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