Study Correlates Utilization of Real-Time Data With Higher Revenue Growth and Increased Developer Productivity.
Data is data, but when it’s real-time data, its value is multiplied. A new study shows that those companies that leverage real-time data are seeing the most revenue and growth. Also, companies that are ahead of the curve with artificial intelligence and machine learning are the ones that use real-time data the most.
That’s according to a recent Datastax survey of 556 companies, which correlates the use of real-time data with higher revenue growth and increased developer productivity. Those who use real-time data in profound ways “excel at using data to create new products and new revenue streams,” the study authors note. Fifty-two percent of market leaders say they have a strategic focus based on leveraging real-time data to create value across the enterprise. “There’s good reason for that: They’re most likely to say that real-time data has a transformative effect on sales.”
Additionally, 71% of executives in the Datastax survey agree they can directly relate their revenue growth to real-time data, and 78% agree real-time data is a “must-have” rather than a “nice-to-have.” . ” As an added bonus, 66% of real-time data-focused organizations agree developer productivity has improved.
Further analyzing the findings in CIO, Datastax vice president Bryan Kirschner alludes to real-time data enabling what he calls AI “factories.” These are companies that are ahead of the curve with AI and machine learning and have “built technology infrastructures that enable instant changes and decisions based on real-time feedback.” Day-old data and batch processing no longer bother companies working by the minute.
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These top companies “design tailored customer experiences, mitigate the risk of customer churn, anticipate device failures, and enable all kinds of real-time process decisions,” adds Kirshner. Datastax survey results show that significant use of real-time data correlates with AI maturity: 81% of companies that have deployed AI/ML extensively say real-time data is a core strategy. Only 32% in the early stages of AI/ML are using real-time data strategies. 96 percent of AI/ML leaders expect all or most of their apps to be up and running in real time within three years.
