It’s All About “Fast Data”

fast data

The digital world continues to grow at a fast pace. Five years from now, every person who uses the internet will create nearly two megabytes of data each second. It is estimated that 44 zettabytes, which is about 44 trillion gigabytes, of data will exist on the web by that point in time. This requires businesses to prepare by creating systems of networks and people with the ability to process enormous amounts of data while it is still relevant.

Using Data to Empower Workers
Since owning software can create costly time lags, teams will need to utilize a platform that is accessible to everyone. This allows for quicker analysis and more insight on the role each person plays, which improves efficiency and job performance through updating and streaming. This is where big data becomes fast data and helps to build a strong digital foundation for a business to ensure its continued growth and success.Using Multiple Sources of Data
90 percent of global data that currently exists was created in a mere 24 months. Regardless of its source, data is expected to continue a cycle of astounding growth well into the future. This will require startups that rely on big data to look into comprehensive management techniques, which means using public APIs or aligning with partners to enable competitive scaling.Proactive Use of Data
Large amounts of data should not be used as a guideline. It is more useful as a testing and problem-solving tool. For example, if a company is struggling with sales during a certain period of the year, a large data pool can help determine what the problem is. The key to proactive data use is understanding the connections across the numbers, which is what leaders should focus on to draw their own conclusions about the direction of a business.

The most important thing about big data is that its usefulness is directly related to how fast and well it is analyzed. Poor interpretation will act as a block against accurate statistics, which then leads to a lack of real-time suggestions. Fast data provides the benefit of immediate results, which allows a company to take positive action. Data will only continue to expand as time goes on, making real-time solutions a must for most companies.