We’ve heard more than an earful about the value of fast data, real-time data, streaming data, whatever-you-want-to-call-it data.
In a world where sensors, IoT, mouse clicks, financial and IT networks generate data in record volumes and speeds, the companies that can capture, analyze and act on insights first (sometimes in milliseconds) are in a far better position to win the future than their competitors. Just like a second can save a life, a millisecond can win a deal, prevent a disaster, deliver perfect personalized experiences and more.
Real-time, data driven insights can be the key to being in the right place, at the right time, and taking action.
According to a survey conducted by independent research firm Research Now and sponsored by VoltDB, 91 percent of CIOs and developers agree that the analysis of real-time, streaming data can positively affect business results. Not only that, but both groups also agree that a data management platform that responds in real time can be key.
But that’s pretty much where their agreement ends.
While a large majority (84 percent) of CIOs believe that their organizations are capable of analyzing data in real time, only 42 percent of developers believe the same. Moreover, while almost three quarters of CIOs (74 percent) assume that real-time data apps demand different tools and requirements than big data apps, only 36 percent of developers agree.
The disparity doesn’t get any better when it comes to the benefits that streaming data brings to their organization’s ability to improve operational results and customer experiences. Here the CIOs are bullish (72 percent), while many of the developers (36 percent) are bears.
Are There Other Problems?
The study found that nearly one third of CIOs and developers agree that the quality and consistency of data present obstacles when it comes to gaining insights from streaming data.
And while the two groups are on the same page in that area, they continue to disagree elsewhere. Twenty-eight percent of CIOs believe there’s a skills shortage, while only eight percent of developers agree. They believe that CIOs are unwilling to fund streaming data projects (28 percent). Only eight percent of CIOs believe that budgets are the problem.
One of the toughest obstacles developers face is a lack of tools to do the job. Nearly half of CIOs believe that the technology they own is sufficient to analyze real-time data streams, less than ten percent of developers agree.
One Thing to Agree On
There’s little question that speed can be a differentiator where real-time analysis of streaming data is concerned, according to Peter Vescuso, vice president of marketing, VoltDB. What seems to be missing is a meeting of the minds. And that’s costly.
You can read more of the survey results here (pdf).