Changes in the way business is done have been plenty and have come at a rapid pace, thanks in large part to modern technology and its constant innovation. As the analysis and prediction of customer behavior becomes more complex, especially in light of the COVID-19 pandemic, big data is now a vital part of every business.
Organizations looking to expand or scale their operations would do well to optimize their data analysis processes to get ahead of the game. Data-driven insights can help organizations adjust and modify their strategies according to current market trends, and the trend is currently leaning toward big data.
For most companies, streamlining their operations can be as simple as implementing the appropriate technology solutions. With the proper technology in place, expanding the business becomes simpler and more efficient.
First, you must know what your organization’s expansion needs are, so that you can estimate the cost and time necessary to make it work. Your marketing and sales needs will change, and it’s a good idea to also beef up your IT infrastructure to accommodate these changes.
Scaling Business With In-memory Data Grids
An in-memory data grid (IMDG) is specifically designed to increase data processing so that the data can be transformed into useful and actionable insights. It allows businesses to process large amounts of data at scale so that the organization can create a process for data analysis that can be applied to the whole organization.
The IMDG is, by no means, a new technology or approach; even in 2016, in-memory computing helped in resolving marketing challenges in the areas of customer segmentation, product promotion, cross-selling and up-selling, and customer retention. The highlight of in-memory computing is its use of random access memory (RAM) instead of disk-based storage. Since data resides in RAM, data movement is minimized and data processing speed is increased dramatically. An IMDG platform also eliminates the need for physical storage that can eat up space and burn a hole in the company’s pockets in the long run.
Currently, the IMDG is used for risk analysis due to its predictive nature. Referred to as “operational intelligence,” the platform can help alert an organization whenever there’s an anomaly in transaction data. Through the high-speed analysis of large amounts of data, an IMDG can help in the early detection of potential risk so that it can be addressed at the soonest possible time.
As an organization gathers data, the data keeps on moving and changing. Big data is never static, and an IMDG is able to process data in real-time as it changes. Payment processing is also an area where an IMDG shines because it can process large amounts of data all at once—and fast.
A typical digital payment transaction goes through payment authentication, payment network selection, and fraud detection. Fraud detection involves a comparison of the current transaction to a long history of transactions on record, which can be done in seconds thanks to an IMDG. eCommerce companies usually have multiple fraud detection algorithms in place at any given time. An IMDG allows them to run these algorithms concurrently without bottlenecks so that their system’s responsiveness is retained and customers are provided the best experience possible.
Is the IMDG for You?
There has been increasing demand in recent years for cloud computing, social media analytics, and Internet of Things (IoT), and the prevailing theme for this trend is one and the same: Businesses want capable applications that can process huge amounts of data in seconds.
An IMDG allows businesses to gain insights through data without relying too much on their IT departments. Self-service is the goal so that companies can save both time and money. Aside from risk analysis and fraud detection, an IMDG can also help small businesses in a number of ways.
- Instant access to real-time data
Businesses can make sound decisions because these decisions are based on fresh data; an IMDG allows access to real-time data as soon as they become available instead of a few days after they are processed.
- Visualization of big data
With the large amounts of data a company has to contend with on a daily basis, it can be very challenging to filter the data and find what’s most valuable. Data visualization tools allow a user to analyze large amounts of data through graphs so that actionable insights can be gathered from data and the necessary actions can be taken.
- Integration of data from various sources
Data can come from a variety of channels—social media, newsfeeds, spreadsheets, and more. Integrating data through an IMDG provides users a centralized platform from which to interact with data and generate data-driven reports.
Big data is a tool that businesses must wield proficiently to stay relevant in the digital age. In-memory data grids can help streamline a company’s data processing approach so that business runs smoothly while data analysis becomes easier and more efficient. Information is power, and maintaining the accuracy of this information is vital in today’s ever-changing digital landscape.