From leading banks, and insurance organizations to some of the largest telcos, manufacturers, retailers, healthcare and pharma, organizations across diverse verticals lead the way with real-time data and streaming analytics. These businesses use data-fueled insights to enhance the customer experience, reduce costs, and increase revenues. And Cloudera is at the heart of enabling these real-time data driven transformations.
Cloudera recently hosted the Streaming Analytics in the Real World – Key Industry Use Cases virtual event to showcase practical, case-by-case applications of how fast-data and streaming analytics are revolutionizing industries. Cloudera CMO, Mick Hollison, hosted the event, and Author and Futurist Bernard Marr joined him to give a keynote on exciting and innovative new use cases powered by real-time data and analytics. Participants also got an overview of some of the key industry use cases, Cloudera in streaming, insights from a customer panel, eight Industry-specific sessions, and a tech deep dive.
Marr’s keynote developed the idea that the Fourth Industrial Revolution is the“Intelligence Revolution,” as companies can use data to personalize and improve business processes. COVID-19 has accelerated radical changes in businesses, business models, and customer behavior making it clear that we are entering the second phase of this revolution. It’s not just about having data; it’s about having the right data at the right time in the right context.
Bernard highlighted a number of compelling examples and use cases and also reinforced the fact that with the pandemic at play, datasets that were relevant in January 2020 are totally useless in August. “The data shelf life is decreasing,” said Marr. For example, companies such as Walmart are only using the last 90 days of transaction data because the world is changing so quickly.
This speed of change has enormous implications for businesses. Success now relies on insights derived from near-real-time streaming data. While traditional analytics can help show what happened, real-time analytics gives you insight into what is happening right now and, in some cases, what is going to happen next. Static, historical data is no longer enough.
The event also features 8 different industry breakouts, where customers, product, and industry leaders across key verticals highlighted top real-time industry use cases, customer examples, and success stories in driving business outcomes from fast or streaming data.
Check out some of the key Industry breakouts and vertical use cases
The stories of organizations that have adopted streaming analytics speak for themselves. Moderatorated by Cloudera VP of Industry Solutions Cindy Maike, the virtual event highlighted key Cloudera customers including — Boris Voskresenskii of Severstal, Vladi Belev of Discovery Group, and Jason Bolden of American Airlines highlighting how streaming analytics is transforming their businesses.
Severstal, one of the leading steel manufacturers based out of Russia, is seeing record levels of productivity through operational improvements made possible by streaming analytics. American Airlines is harnessing the power of real-time data and analytics for cybersecurity threat detection and incident response. The Discovery Group is using Cloudera’s streaming platform to improve the customer experience around insurance and telematics. According to Belev, “the future is all based on streaming and real-time analytics.”
According to Dinesh Chandrasekhar, the Director Product Marketing at Cloudera, data decay – or deterioration – complicates an already complex ecosystem defined by the exponential explosion of data from streaming sources such as IoT. With data storage taking place in various places, from on-prem to the cloud, to the edge, speed of access is an essential factor. The velocity that data enters an enterprise, together with the variety of sources, can make it difficult to process data and generate meaningful insights in real-time.
Take a malfunctioning machine producing faulty goods in a manufacturing plant. The time it takes between the start of the malfunction and capture of that data (data latency), then the analysis of the data (analysis latency) and finally the delivery of the insight to take action off of (decision latency) could mean the difference between one faulty product, or hundreds, or even thousands.
Similarly, with traditional, historical, analytics, a retailer could lose the opportunity to engage a customer because the data is not made actionable in the time a customer enters and leaves a store. As time passes, information is losing its value. Streaming analytics cuts down that time in a way that saves costs, enhances the customer experience, and boosts operational efficiencies.
Today, fewer than 40% of organizations are adopting streaming analytics. That means that 60% of businesses still rely on historical analysis to discover what happened – forget about what is happening right now, or what will happen in the future. “That’s not helpful. You are missing out on opportunity windows today,” said Chandrasekhar. Streaming analytics platforms, like Cloudera, can help.
The intelligence revolution driven by fast data is already well underway. The question every company needs to ask now is whether they’re ready to take part.