The New Gold Rush: Now Is The Time To Mine Your Real-Time Data Streams
Blog: The Tibco Blog
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During the California Gold Rush of 1848 and years beyond, fearless miners waded deep into the Sierra Mountains’ streams to uncover over 750,000 pounds of gold, valued at $24 billion in current dollars.
Today, your business is awash in streams of real-time data from digital transactions, sensor readings, GPS signals, device logs, and more. Is there gold in these streams as well?
- If you want to engage and delight your customers at each and every interaction, the answer is yes.
- If you want to optimize your business processes at every step, the answer is yes.
- If you want to create innovative new products and services for today’s data-driven world, the answer is yes.
And by 2025, when analysts estimate 150 billion connected devices,1 will you be a winning business that strikes gold from your real-time data streams? Or will you and your data gold left behind?
A Miner’s Journey Is Long And Ever Changing
As a native Californian and a student of its history, I have always been fascinated by the great lengths that people went through to mine this golden bonanza. Miners immigrated by land and sea from around the world, often taking six months or more to complete their journey. Then the real work began. Yet miner by miner, stream by stream, and year by year they succeeded.
Aiding in their success was a revolution in mining processes that started with simple metal pans and evolved into what was then the most state-of-the-art mining equipment. Without this advancement, the miners would never have mined their streams so successfully.
Evolving Technology Accelerates The Journey
But unlike the mechanical processes associated with gold mining, mining your data streams requires technology-based processes. And when it comes to adopting and driving value from your streaming data, organizations like yours are also on an evolving technology journey.
- Stage 1: Basic stream data capture and analysis. To create the insight required to respond optimally in the moment, you need to access and analyze real-time data as events occur. And combining your real-time data with historical data provides greater context you can use for even greater insight.
- Stage 2: Data science infused streaming analytics. Embedding artificial intelligence (AI) and machine learning (ML) techniques and tooling into stage one capabilities dramatically expands the scope of insights possible and opens new ways for you to engage customers, optimize operations, and innovate successfully.
- Stage 3: Hyperconverged analytics. Hyperconverged analytics delivers even more intelligent insights and greater business impact by extending stage two capabilities in several critical dimensions. It democratizes real-time analytics development with simple point and click methods and a common user experience that supports your business analysts, data engineers, and data scientists. It embeds analytics model scoring techniques to optimize model effectiveness. And it leverages dynamic learning techniques to continuously adapt your models and extend your insights as your business evolves.
Unlike the mechanical processes associated with gold mining, mining your data streams requires technology-based processes.
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Go For The Gold
Because your business runs in real time, so too should the analytics you use to understand and optimize it. No matter where you are in your streaming data analytics technology journey, TIBCO can support you at every stage.
To learn more about the tools you need to mine your data streams and turn real-time data into real-time competitive advantage, check out this white paper, Transform Operations with Real-time Intelligence through Hyperconverged Analytics.
1. Condon, Stephanie. By 2025, nearly 30 percent of data generated will be real-time, IDC says, ZDNet, November 27, 2018. https://www.zdnet.com/article/by-2025-nearly-30- percent-of-data-generated-will-be-real-time-idc-says/