Example of Real-Time Action in Retail
Let’s look at a simple example of how a company could combine data in motion with data at rest. In a retail application, a customer clicks on “Submit Order.” It generates real-time data that contains an order number, a customer ID number, and the inventory item number. This is current data, but it lacks the context to be useful by itself.
A unified real-time data platform can receive this order and enhance the data with contextual information pulled from the data at rest. For example: retrieving the customer shipping information from the customer database, then using the customer data to find the nearest warehouse, locating the item within the warehouse, and generating a complete order processing instruction that gets forwarded to that warehouse for picking and shipping.
A deeper dive into the contents of the customer’s shopping cart before they click “Submit Order” can show additional customer data on past purchasing patterns, provide suggestions of other items that may be of interest, or offer specials or discounts based on prior buying patterns. These offers appear in real time while the customer is actively engaged with the application.
A company can then update inventory control in real time, so it won’t oversell goods it doesn’t actually have in stock—something that’s especially critical during high-volume sales periods. It can also aggregate ordering information to provide real-time insights into customer activity.
This is just one example in one industry. Innovative companies are already moving on this path. The cost of inaction will far outweigh the investment in time, energy, and infrastructure needed to lead in the unfolding real-time economy.
Every Path Leads to Immediate Action on Data
Every industry and every company face different challenges and the pace of change. It is always good to be ahead of change rather than playing catch-up. These questions will help determine the course of action that’s right for you.
In the real-time economy, one thing is certain: Delays will not be tolerated. In the near future, enterprises will accelerate business outcomes by taking action immediately on streaming data enriched with contextual data because they can uncover opportunities and threats and respond immediately.
No matter how an organization gets to real-time decision making, it won’t happen overnight. It’s a journey whose steps get more complex—but rewarding—along the way.