Data Is Power, But Harder To Wrangle
Data in motion can underpin businesses that excel at serving, retaining, and attracting customers, now and into the future. Industries are setting data in motion with real-time streaming, and experiencing rapid and spontaneous growth. Ninety-seven per cent of organisations worldwide are tapping into real-time data streaming, making it one of the most critical technologies for […]
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Data in motion can underpin businesses that excel at serving, retaining, and attracting customers, now and into the future.
Industries are setting data in motion with real-time streaming, and experiencing rapid and spontaneous growth.
Ninety-seven per cent of organisations worldwide are tapping into real-time data streaming, making it one of the most critical technologies for thriving in today’s digital-first landscape, according to the recent State of Data in Motion report.
Confluent surveyed 1,950 IT and engineering leaders across several countries. The findings emphasised how data in motion can underpin businesses that excel at serving, retaining, and attracting customers, now and into the future.
The report demonstrates the increasing data streaming market. It showcases how real-time data affects situations such as how employees get their work done or how companies engage customers and deliver goods. But harnessing this powerful force is difficult for many organisations. Data is becoming harder to wrangle as it grows in volume.
“Data has emerged as one of the most important assets needed for business success,” said Erica Schultz, President of Field Operations, Confluent. “Modernising data infrastructure with real-time data streams — what we call “data in motion” — enables continuous movement and processing of data for better workflows, more automation, real-time analytics, and differentiated digital customer experiences. This technology is crucial for organisations to compete and win in the digital-first world.”
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Data in motion increases customer engagement
○ Most leaders have access to some real-time data streams (97 per cent), but those with widespread access (66 per cent) see higher revenues.
○ A large segment (63 per cent) of those with access to real-time data saw annual revenue growth of 10per cent or more between 2020 and year-end 2021, despite the global pandemic.
○ Eight in 10 IT leaders say that real-time data streams are very significant for building rich CX.
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Real-time data streaming is critical but challenging without the right technology
○ Sixty per cent find difficulties integrating various data sources and find it to be the biggest issue in accessing real-time data — nearly twice as many respondents as those who cited a lack of budget.
○ Over 75 per cent of IT leaders said the timely integration of real-time data from different applications is essential for critical processes within their organisation. But nearly half (40 per cent) reported difficulty integrating data in a timely way.
○ Two out of three organisations (68 per cent) say it’s challenging even to find the data to create real-time applications.
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Success in the cloud demands secure data streaming between clouds
○ Only 39 per cent claim that they’re “completely prepared” to operate in a hybrid cloud ecosystem.
○ While the multi-cloud is common, 32 per cent of IT leaders struggle to synchronise data between storage environments effectively.
○ Of companies operating on-premises, 69 per cent report security issues such as ensuring data protection, losing control of data security, or threats of being hacked as their top reasons for hesitating to move to the cloud.
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