For the first time in decades, huge organizations and businesses can make accurate minute by minute accurate decisions that weren’t possible. The solution? Fast data.
Several companies now leverage fast data to bring about positive drastic changes in their service delivery and ROI.
UPS, a leading logistics company, is able to track information and process tracking requests on millions of packages and customers per day – thanks to fast data. Imagine what would happen if this performance dropped. Think of a reduction in sales, reduced customer trust, and losing clients to competitors.
In this post, we discuss five of the biggest advantages of fast data an decide if it’s worth implementing in your business or organization. But first, let’s have a refresh on what fast data is.
What is Fast Data?
Fast data is the gathering and processing of big data in real-time. The insights that are produced enables businesses to act on them immediately. Because of this ease and speed of analysis, well-established organizations can make life-saving decisions and prevent problems, big and small, from happening.
Fast data requires two technologies, a streaming system, and a data store. With these technologies, millions of messages per second can be processed. The premise is that big data, commonly referred to as a “fire hose,” can only be extremely useful if it is acted upon the moment it is produced.
As a business, you can do anything to exceed the satisfaction of the audience you serve with this new power that is in your hands. Now all you need is a platform that delivers the insights you need to gain an advantage in your industry.
5 Benefits of Fast Data in 2018
1. Gain greater insights into your buyers’ expectations
Fast data will tell you whether or not your business is doing well in sales. Are your products and services getting or exceeding the number of customers you expect? You’ll be able to find out what buyers want. This, in turn, will help you plan strategies to improve your offers.
2. Communicate better with customers
The sales funnel is not a straight line. People are getting smarter in their buying decisions and that is why they read online reviews, check social media, and speak with customer service. If your target customer happens to need information from you, you can recommend solutions based on his or her preferences and overall, create a positive experience.
3. Improve healthcare delivery
We are aware of the fact that the healthcare industry needs to leverage risk prevention strategies to preserve life. Fast data improves healthcare delivery by continuously monitoring patients’ vital signs and allowing for prompt intervention, especially in life-threatening situations.
Fast data even reduces the incidence of errors in medication administration, a serious problem in hospitals. By integrating GigaSpaces, an in-memory computing platform, Pharmacy OneSource was able to boost their patient surveillance, thereby performing interventions the earliest time possible..
4. Boost employee performance
One of the areas that are most important to business owners is how their employees perform. Fast data relays information to a headquarters regarding the behavior of employees on-site. For example, a truck driver who fails to wear seat belts or goes beyond the speed limit. Also, fast data improves employee performance in a way that it analyzes the best training modules for personalized employee training.
5. Get one step ahead of the competition
Know the moment your competitors have a change in their strategy, product availability, and pricing with fast data. With immediate feedback, you’ll be able to plan a strategy to do much better.
As you can see, fast data impacts your business or organization in a holistic manner. By analyzing and gathering information when you need them, you can compete and thrive no matter how challenging the landscape.