What is Big Data?
The terms big data and fast data may now be easily spoken and used amongst most online businesses. According to recent surveys of trends across the globe, more companies and organizations are investing or plan to invest in big data or fast data structures by 2016. However, the challenge now is how to efficiently translate, manage and harness these data streams. This brings on the next frontier for big data, i.e. to master speed. If big data analysis isn’t in real time, there’s a lot of lost potentially valuable information going through company databases.
What is Fast Data?
While big data is to the influx of information generated each hour, fast data on the other hand is data that gives real-time insights. In most industries and corporations, especially the payment industry, making quick analysis of information is crucial to the actual bottom lines. Fast data can prevent huge security breaches that may put sensitive customer details and information at risk. In this case, analyzing data in real time is far more important than storing it in massive quantities. When it comes to ecommerce fraud, the insights happening in the moment matter the most.
As a Wired article put it, where in the past, gaining insights from big data was like finding a needle in a haystack, fast data is like finding the needle as soon as it’s dropped.
How Can Fast Data Can Augment Businesses
Overhaul Payment Systems
For businesses, decisions must be made in the extremely fast and accurately. And typically, clients want 20-50 milliseconds response times for any urgent decision making. There are big data decoding structures and technologies (database management systems) that help to overcome these loopholes like Hadoop and Apache Cassandra. The open source huge data storage on Hadoop on the cloud and Apache Cassandra database management enhance quick and easier data processing for quick decisions based on fast and accurate data analysis.
Reinforce Infrastructure Challenges
There are several challenges in the infrastructure set up regarding data systems and analysis. Fast data installation and capacity helps in running timely reports on conversions for paid ads. It facilitates and is vital in knowing number of touches sales representatives need to engage prospects inactive sales cycles. It determines messaging necessary to heighten sales cycle velocity. But not all systems are set up to handle fast data. And without the right tools to manage the data flow quickly, valuable insights are lost or gained too late to be of use. While many existing platforms can handle and store large quantities of data, most fall behind when it comes to analyzing the information in real time. Therefore, organizations need have to transcend basic systems that only allow batch processing. For this, companies need to tell computers to analyze large batches of information which it processes one at a time.
With most companies now set up to gain insights from big data, the next step is to enable real-time insights through fast data capacity.