I recently wrote about the need for organizations to take a holistic approach to the management and governance of data in motion alongside data at rest. As adoption of streaming data and event processing increases, it is no longer sufficient for streaming data projects to exist in isolation. Data needs to be managed and governed regardless of whether it is processed in batch or as a stream of events. This requirement has resulted in established data management vendors increasing their focus on streaming data and event processing through product development as well as acquisitions. It has also resulted in streaming and event specialists, such as Confluent, adding centralized management and governance capabilities to their existing offerings as they seek to establish or reinforce the strategic importance of streaming data as part of a modern approach to data management.
I have written recently about increased demand for data-intensive applications infused with the results of analytic processes, such as personalization and artificial intelligence (AI)-driven recommendations. Almost one-quarter of respondents (22%) to Ventana Research’s Analytics and Data Benchmark Research are currently analyzing data in real time, with an additional 10% analyzing data every hour. There are multiple data platform approaches to delivering real-time data processing and analytics and more agile data pipelines. These include the use of streaming and event data processing, as well as the use of hybrid data processing to enable analytics to be performed on application data within operational data platforms. Another approach, favored by a group of emerging vendors such as Rockset, is to develop these data-intensive applications on a specialist, real-time analytic data platform specifically designed to meet the performance and agility requirements of data-intensive applications.
I recently noted that as demand for real-time interactive applications becomes more pervasive, the use of streaming data is becoming more mainstream. Streaming data and event processing has been part of the data landscape for many decades, but for much of that time, data streaming was a niche activity. Although adopted in industry segments with high-performance, real-time data processing and analytics requirements such as financial services and telecommunications, data streaming was far less common elsewhere. That has changed significantly in recent years, fueled by the proliferation of open-source and cloud-based streaming data and event technologies that have lowered the cost and technical barriers to developing new applications able to take advantage of data in-motion. This is a trend we expect to continue, to the extent that streaming data and event processing becomes an integral part of mainstream data-processing architectures.
Streaming data has been part of the industry landscape for decades but has largely been focused on niche applications in segments with the highest real-time data processing and analytics performance requirements, such as financial services and telecommunications. As demand for real-time interactive applications becomes more pervasive, streaming data is becoming a more mainstream pursuit, aided by the proliferation of open-source streaming data and event technologies, which have lowered the cost and technical barriers to developing new applications that take advantage of data in motion. Ventana Research’s Streaming Data Dynamic Insights enables an organization to assess its relative maturity in achieving value from streaming data. I assert that by 2024, more than one-half of all organizations’ standard information architectures will include streaming data and event processing, allowing organizations to be more responsive and provide better customer experiences.
When joining Ventana Research, I noted that the need to be more data-driven has become a mantra among large and small organizations alike. Data-driven organizations stand to gain competitive advantage, responding faster to worker and customer demands for more innovative, data-rich applications and personalized experiences. Being data-driven is clearly something to aspire to. However, it is also a somewhat vague concept without clear definition. We know data-driven organizations when we see them — the likes of Airbnb, DoorDash, ING Bank, Netflix, Spotify, and Uber are often cited as examples — but it is not necessarily clear what separates the data-driven from the rest. Data has been used in decision-making processes for thousands of years, and no business operates without some form of data processing and analytics. As such, although many organizations may aspire to be more data-driven, identifying and defining the steps required to achieve that goal are not necessarily easy. In this Analyst Perspective, I will outline the four key traits that I believe are required for a company to be considered data-driven.
Topics: embedded analytics, Analytics, Business Intelligence, Data Governance, Data Integration, Data, Digital Technology, natural language processing, data lakes, AI and Machine Learning, data operations, Streaming Analytics, digital business, data platforms, Analytics & Data, Streaming Data & Events