Streaming Data and Its Usefulness Across Industries

Streaming data implies a constant data flow, each comprising information about an event or change of state.

As data spreads across business types, event streaming becomes more important than ever. However, what does event streaming mean? An easy way to look at it is that event streaming allows organizations to perform data analysis in regard to an event and respond to that event in real time.

Presently across all markets, events drive everything. For instance, when business transactions occur, such as a customer placing an order, surely this is an event that'd initiate a response. With customers often in search of responsive experiences when they transact with businesses, real-time decision-making abilities based on an event are highly essential.

What Is the Benefit of Streaming Data Different Data Streaming Use Cases?

Below are the top 3 reasons why streaming data is essential to companies.

1. Maximizing data use

Companies have large quantities of data wherever you look.

For instance, manufacturing companies record machine failures, completion time and consumption data. Airlines have data on customer wait times, maintenance and ticket buying patterns and other data resources. Presently, so much of that data is unused. Companies can make really good use of it.

2. Leveraging data insights in real-time

One main importance of event streaming is real-time insights and the capacity to respond to them. Let's assume there's a customer shopping for a new washing machine, however it's unavailable. Of course, it's not useful to the retailer if they obtain this information much later. The buyer would obviously have made a purchase elsewhere.

Organizations should do well to leverage real-time insights as it saves them from a lot of losses and other situations.

3. Getting better and more interactive customer experiences

When a company puts the influx of data and real-time data insights together, they can leverage this to bring about quality user or customer experiences.

In present times and with all the options customers or clients have, business isn't just restricted to having the best products. They must have the most responsive and best customer experience that can be offered. In responding to situations as the need arises, businesses can come up with new ways of interacting with their customers, allowing for better customer experience and an opportunity to win them over.

Look at airlines for instance. If scheduled flights are canceled or delayed, customer service agents and desk agents are flooded with so many unhappy comments or contents. Using event streaming capabilities, employees can find out about an event or delayed or canceled flights and respond in real time by rebooking passengers with similar itineraries, resulting in a happier customer experience.

Different Data Streaming Use Cases

Examples of use cases include:
● Location data
● Criminal or fraudulent activities
● Real-time stock trades
● Sales and business analytics
● Data on customer/user activities
● Monitoring and reporting on internal IT systems
● Monitoring Logs by troubleshooting devices, servers and systems
● SIEM (Security Information and Event Management): analyzing logs and real-time event data for monitoring, metrics and threat detection
● Retail/warehouse inventory: inventory management across all channels and locations and providing a seamless user experience across all devices

Event streaming has multiple applications in a variety of sectors. It can be applied to real-time problem resolutions which saves the company image and leaves customers happy.

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