Pretty much anything you can think of can be purchased online and on-demand – food, cabs, fashion, movies – it just takes a matter of seconds, and you would have ordered what it was your heart so desired.
Unfortunately, though, we cannot buy completed work tasks online – imagine how life would be if, with a few taps, you could purchase a specific data report or a blog post that needed writing. With regards to on-demand data for a data report that you were meant to complete 15 minutes ago, a data dashboard may come in handy, but even then, it may not be the most up-to-date information. The solution is real-time data streaming to patch this delay in information.
Naturally, there are several advantages to streaming data; one can locate any issues immediately and not a couple of hours or days later. It allows for immediate analysis and quick interaction with smart devices. A perfect example of where this exact method is used would be credit card fraud. You would want to catch the fraudster dead in their tracks and not once they’ve emptied your account, naturally. Another example is personalised promotions when shopping or gaming.
Data volume increased with smart devices. As an organisation expands and grows, so does the data volume and the number of devices. And the fresher the data, the more valuable it is. Having different persons or teams dedicated to different streams of data can help manage and analyse the data in real-time and apply it where necessary.
If this proves to be an affordable way of streaming data for most companies then it could just be the way forward. Especially as a business grows and in a world that requires figures quickly and correctly to make data-informed decisions. They could also predict future hiring patterns, development and learning and project implementation.
Within the AI bubble, reliable and up-to-date data is essential for training, or else who else can live stream data take place? This game-changer could massively change things for AI applications, especially within GenAI. When one combines this with LLMs, this opens up a whole new potential for real-time applications such as chatbots.
On that point, this comes in very handy with customer support chatbots – being able to reply to basic customer queries in real-time. As we have already seen when interacting with customer care chatbots on certain consumer websites, this is already something well underway and the growth and expansion potential of this could be quite large.
Real-time data streaming is changing the way how organisations run their day-to-day operations. It allows people to identify issues quickly, personalise customer journeys, and promote innovation in AI applications. This technology has the potential to affect many industries, from fraud prevention to customer service, empowering organisations with quicker, better-informed decision-making capabilities. Leaning into the real-time data streaming movement gives companies a competitive advantage, allowing them to adapt and make better data-driven choices.
Sophie Muscat
Sophie is our Head of Marketing. She has a wealth of experience in marketing and communications, having driven strategic initiatives and managed direct communications.
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