Processing streaming data in real-time enables enterprises to improve the customer experience while reducing risk.
The 42nd IT Press Tour had the opportunity to meet with Kelly Harrell, CEO and Dale Kim, Senior Director, Technical Solutions at Hazelcast, a streaming and memory-first application platform for fast, stateful, data-intensive workloads on-premises, at the edge, or as a fully managed cloud service.
The Real-Time Economy
All leading industry enterprises will be data-driven by 2025 with dramatically transformed data processing, new ubiquitous technologies, more powerful in-memory infrastructure, more advanced use cases.
By 2025, we will have addressed the challenges enterprises are seeing today where only a fraction of fresh data is used, there are limits to what legacy technology is capable of doing, there's a need for modern architectural elements, as well as a need for intensive, real-time processing.
The world is shifting to a real-time economy. Businesses can no longer succeed by acting on what happened yesterday. Doing business in real-time unlocks value and creates a competitive advantage.
Customer behavior is changing rapidly. Silicon Valley is driving change in every industry. Boards of directors are seeing the need to move forward rather than remaining stagnant and business owners realize the urgent need to innovate.
What Real-Time Means
The ability to leverage the changing data pattern in real-time is what will separate the winners from the losers. Real-time is a business term that means:
When the customer is banking.
When the customer is shopping.
During a fraudulent event.
Before a process breaks.
When a patient needs attention.
Now, innovative solutions have a business SLA.
Real-Time Use Cases & Adoption
Two distinct use cases around revenue and risk. Revenue use cases include payment processing, loan offers, and trade visibility. While risk use cases include fraud detection, trade exposure, and patient status. These are especially prevalent in financial services, e-commerce, healthcare, and telecommunications.
Enterprises have fresh data from event streams in real-time but without context and stored data in their databases and systems of record with context but not in real-time. Fast data and stored data are not unified and enterprises are droning in decentralized data.
New Data Platform
Hazelcast's unified platform unifies all types of data, provides instantaneous performance, and developer simplicity. It is open, symbiotic and easily integrates with existing infrastructure to enable events and streams (Confluent, Pulsar, and IoT), AI/ML (Data Robot and H2O.ai), and databases (Mongo, Redis, Snowflake, and DataStax).
The platform enables companies to unlock value and create a competitive advantage with their data with new business SLAs:
Engage customers instantly with customer context and content.
Identify individual risks instantly and act on them appropriately.
Knowing is not enough -- success requires instantaneous action.
The platform is an API that includes distributed processing and storage, an environment for data integration, enrichment, transformation, ML inference, storage, and analytics. It removes bottlenecks that cannot be resolved just by adding hardware. It simplified the development and deployment of applications that automate action on data as it is created.
And, it adds capabilities without necessarily replacing existing technologies.
Problems solved by the data platform include late reactions by narrowing the window for response; financial loss due to fraud and insufficient risk assessment; and, overloaded legacy systems which limit growth and innovation.
Example Business Outcomes
$100 million in avoided losses due to real-time fraud detection with performance headroom to improve fraud detection accuracy.
400% improvement in offer conversion with real-time delivery of the right offer at the right time.
20X faster time-to-market, from 2 months to 2 days via agile application development to support new initiatives.
Expanded system to support thousands of payments per second that's to cross-border growth with greatly reduced risk.