Today, an organization continuously receives data from a plethora of platforms, including machines, mobile devices, weather reports, social media feeds, telecommunication network devices and much more. This typically makes the organizations realize the value and importance of big data and streaming analytics in carrying out business operations. Streaming analytics, as quoted by many industrial experts, makes for an integral part of a predictive analytics ability that allows companies to access and analyze a spectrum of data streams in real time, while at the same time, comparing them with stored historical data.
The triumph of streaming analytics program smartly aids in developing a strong business case. But the designing of this strategy itself is crucial. Companies must first identify a business process which can benefit from this technique. This is because, putting to use such an agile technology can go in vain if no benefits are reaped in the end.
Factors to consider for Streaming Business Case
A number of factors play an important role in defining a scenario where constant analysis of streaming data impacts the functionality of an organization’s business. These factors are as follows:-
Reliability on Constantly Flowing Data
Every business out there generates and communicates data on a continuous basis. The catch here is to identify the nexus of receiving data and implementing a good streaming analytics strategy in order to gain insightful benefits.
Improvement Opportunities
Every business process comes across at least one deficiency in its functionality. The best way to identify and rectify these weaknesses is by making use of effective predictive analytic tools. For instance, a car service providing company may experience a problem with its service offerings in the event of bad weather or jammed roads due to some reason. This can cause delayed services. The best way to control the situation is to have proper strategies rolled.
Making use of Potential Analytics Results
A business can smartly improve on its outcomes in real time by making use of real-time analytics tools. By studying the market and looking at the on-going trends of one’s business, a company can smartly prepare plans and put them into action.
Seeking Answers to Necessary Questions
In order to identify a foolproof, rigorous business case, it is essential to seek answers to some important questions. These are enlisted below:-
- Which aspects of one’s business need improvement? And, what shall be a good strategy?
- What big data information can directly impact improved performance?
- How can this information be amalgamated and instilled into the business process to get better outcomes?
Once a company is able to identify and formulate a business context basis this information, it can further determine data streams which are available at hand, which can smartly help in managing and processing big data and analytics solutions to use in performing the task. A detailed evaluation of an organization’s business context effectively helps in promising goal oriented analytics results, which further can be directly linked with business process improvements.