By Wasana Nadeeshani Sellahewa
(Commonwealth) _ Inflationary pressures and recessionary risks are challenges that businesses will continue to face in 2023. To ensure more effective operations, increased resilience, and long-term success, APAC company leaders must make wise investments in digital transformation initiatives.
Data streaming is a vital technology that is gaining popularity. To provide higher customer value, organizations must reconsider how they utilize and integrate data in real time, upgrade cybersecurity methods to safeguard the data, and guarantee correct management of data controls and ownership.
The ability to accommodate consumer needs is at the center of an organization’s competitiveness. According to a McKinsey survey, 60% of APAC customers expect to continue connecting with firms through digital channels, and 75% said they would switch to a different brand if better value was delivered. Nonetheless, despite the significance of customer personalisation, only 24% of firms have IT ecosystems capable of driving data integration for improved customer experience.
Addressing data management and integration inefficiencies is critical for enterprises to achieve greater commercial value with their data. Most data projects across sectors are currently point-to-point, with teams locating data especially for a project to create a specified result. This is repeated with each new project, implying that the majority of resources are dedicated into preparing data for usage. As a result, data analysts have a limited amount of time to conduct high-value data analyses that convert to firm success.
Moving data from its source and into a real-time stream, on the other hand, makes it easily discoverable and adaptable for diverse applications. Having the proper solutions may assist firms in streamlining their technological stacks and consolidating applications to increase data flow automation. To properly control their data streaming, organizations might also consider partnering with a cloud-native supplier. With data at their fingertips, data analysts will have more time to innovate and accelerate their organization’s growth.
Aside from streamlining procedures, real-time data streaming may significantly improve cybersecurity measures as sophisticated online attacks become more prevalent. Nearly half of all organizations in Singapore have had a cyber incident. In addition, the country’s Cyber Security Agency has developed an online platform for businesses to acquire materials and technologies that can assist improve internet security as corporations continue to digitalize.
With more factors at play in a data-rich, digital environment, companies must ensure that their infrastructure is prepared to negotiate expanding risks and detect possible points of attack.
Companies can sift through and analyze massive amounts of data quickly by detaching data capture from other applications and placing data in motion, allowing them to pinpoint possible cybersecurity concerns, discover abnormalities as they occur, and minimize any harm. These features are especially important in industries like finance and retail, where real-time data streaming may aid in the detection of fraudulent assaults while protecting essential customer information and data privacy.
Another concern for companies is secure data exchange and governance. Many people are hesitant to disclose their personal information because they are concerned how organizations will utilize it. Governments are also seeking to implement stricter legislation that will make data privacy a basic right.
As markets move toward open-data efforts and the introduction of data-sharing platforms, businesses may follow suit by constructing safe, centralized architecture capable of processing massive amounts of data in real-time. Organizations will be able to determine the owners of certain data and create apps that respond intelligently to client needs thanks to data streaming. At the same time, each individual’s degree of data privacy is protected.
When it comes to dealing with corporate data, 2023 promises a number of new obstacles, but firms who embrace the new opportunities that come with it will succeed. The applications for data streaming are endless, and organizations who use their data intelligently will remain ahead of the competition.
