In-The-Moment OI Poised For Rapid Growth
In an increasingly data-driven economy, making the most effective use of information in a timely fashion can be the difference between success and failure. Real time analytics is table stakes today, says in-memory computing technology vendor ScaleOut Software, but the trend you should be paying attention to is in-the-moment operational intelligence, according to CEO and founder Dr. Bill Bain.
‘While business intelligence provides insights for static datasets, usually identifying long-term trends based on historical data, operational intelligence targets short-lived business opportunities, offering timely, actionable insights. Operational intelligence tracks the behavior of live systems, integrating streaming data with customer preferences and historical information to create a comprehensive view and generate immediate feedback.’
It’s still early days for OI, Bain told IT Trends & Analysis, with little in the way of ROI or TCO studies, but a number of his customers are starting to see the benefits. “What we see is that customers recognize the need to be able to respond in a personalized way to customers… and don’t have the tools… they typically go to look in the analytics community for solutions.”
Some ScaleOut OIcustomer examples include:
-enabling a cable TV provider ingest, correlate, and enrich real-Sme events from cable boxes to provide immediate upsell offers, manage services, and compete with OTT players (e.g., NeVlix);
-helping a large telecomm. company track bandwidth demand and adjust cable box bandwidth in real-Sme to prevent hot spots;
-assisting a financial services company handle multiple incoming data streams and compute
indexes in real-time with a flexible architecture that avoids data silos; and,
-enabling a large hospital to track real-time patient data, generate alerts, and feed it into a Hadoop backend system for analysis.
-by 2020, 75% of databases (relational and non-relational) will be based on memory-optimized technology;
-data monetization efforts will result in enterprises pursuing digital transformation initiatives, increasing the marketplace’s consumption of their own data by 100-fold or more; and,
-the high-value data — part of the Digital Universe — that is worth analyzing to achieve actionable intelligence will double.
Predictive analytics will see a Compound Annual Growth Rate (CAGR) of 27.4% between 2015-2020, growing from $2.74 billion to $9.20 billion. A Teradata study last Fall reported that 59% of respondents consider BDA either a top five issue or the single most important way to achieve a competitive advantage, and 90% reported medium to high levels of investment, and about a third called their investment “very significant.”. Last Spring Cisco’s John Chambers stated that turning data into knowledge was critical over the next decade, especially in regards to the Internet of Things: “$7.3 trillion of the $19 trillion is tied to data, analytics and data in motion.”
This is good news for Bain and ScaleOut. “In the next couple of years we think you’re going to see fast assimilation of this technology… you will see rapid adoption of in-memory technology for operational intelligence…”