How Startups can benefit from Real-time Data Streaming
Have you come with a mind-boggling idea for starting up your new business venture?
Keep in mind, even a great idea can fail to take off as expected. After all, there are so many players in the market competing against you.
Worldwide, there are 150 million startups with 50 million new startups getting launched every year. And according to a report released by industry body Nasscom: “India alone will be home to 10,500 startups by 2020”.
Looking at the above figures, it goes without saying, to flourish and establish your startup – in a sea of businesses with similar offerings – can be challenging. Needless to say, you’ll have to prove your worth to survive in today’s fiercely competitive market.
It’s common knowledge that the most important asset of any business is good data. After all, data – coming from different sources be it smartphones, business transactions, IoT, new applications, and more – plays a crucial role in making smart decisions to drive your business to the next level.
Extracting value from massive amounts of data collected from various disparate sources is no easy task. Furthermore, managing and handling ever-increasing amounts of data is not only challenging but also very costly. Not to mention, your customers and employees will require up-to-the-minute information to make better and informed business decisions.
Possibly, you’ll consider embracing real-time solutions to take the leverage of big data, without having to bear additional overhead expenses. But here’s a catch: in many cases, ‘real-time’ means something that has happened yesterday. However, streaming data in real-time can help you achieve a true real-time experience.
The purpose of this post is to help you understand how real-time data streaming benefits startups, let’s first shed some light on: what is real-time streaming exactly?
According to Technopedia: “Real-time data streaming is the process by which big volumes of data are processed quickly such that a firm, extracting the info from that data can react to changing conditions in real time.” Furthermore, streaming allows processing large chunks of data, which eventually helps business firms to quickly react to possible threats and fraudulent activity.
In simple words, real-time data streaming is a process that enables you to access data as soon as it becomes available.
Benefits of Real-time Data Streaming
- Minimize Risk and Cost: The traditional method of collecting data and analyzing it later is not worth since the damage could have occurred until the problem was identified. However, real time streaming along with machine learning algorithms helps quickly determines if a pattern (used to log into a web page) is suspicious. Early detection of any suspicious patterns helps organizations take some quick action to prevent fraudulent use of business-critical information. The same holds true in case of security breaches. Detecting fraud and security breaches immediately can help startups save time and money – that would otherwise be spent on looking for suspicious patterns.
- Richer Content: Promoting your brand with a logo and a few good write-ups is a great idea, but users want to see something more from you. This is where streaming your data in real-time can help, as it offers rich content that’s highly desirable and fun to browse – and not to mention quite informative.
- Provide Better Insight into Customer Behavior: With real-time data streaming, businesses can keep track of what consumers are buying, not buying, likes, dislikes, and preferences. Such visibility into customer behavior enables startups to rapidly respond to consumer needs in the most efficient manner possible, and thereby help retain existing customers.
- Competitive Advantage: In the age of customer-driven world, gaining real-time insight in a consumer’s immediate context help you know what the customer want in that very moment. And so, by quickly responding to customer needs could give you a competitive edge over your opponents.
- Help Retailers Monitor Internal Stock: If you run an e-commerce business, then adding real-time data streaming capability can help you keep a check on your internal stock levels. Doing so, helps ensure your store is replenished and even enable marketing departments to shelve promotional campaigns in case demand starts to exceed supply.
Implementing Real-time Data Streaming: Challenges and Solution
Managing and handling the high-speed streaming data – generated by real-time events/interactions streams at the rate up to millions of events per second – is a herculean task. Without a doubt, Facebook is a clear winner here. However, handling such huge volume of data is no straightforward task; it’s the combined effort of people and technology that enables the platform, such as Facebook, to stream data in real-time. But startups might not have the sufficient budget or resources needed to enable live data streaming. This is where PushFYI comes in handy.
PushFYI is a full-duplex WebSocket server that empowers developers in implementing real-time data streaming in no time. It comes with APIs and technology stack which is needed to convert a batch data processing job to real-time data streaming with a few clicks. Therefore, choosing PushFYI as your partner would keep all your real-time streaming needs covered.
Let’s Wrap Up!
If you want to make your startup venture stand out in today’s fast paced industry, then you should consider using real-time data streaming, as it helps make your brand more relatable and accessible. However, implementing real-time data streaming as a service can be a costly and challenging endeavor. Partnering with PushFYI provides you with the fastest and easiest path to implementing real time data streaming.