To remain one step ahead of the competition, organisations need to future-proof integration platforms and use budgets for innovation rather than maintenance. Event-driven integration can help provide a better understanding of the business context so organisations can act on and enable real-time conversations with customers, encouraging loyalty and increasing revenue. While big data provides insight about what has happened, fast data combines this insight with real-time information to provide immediate awareness and enable instant action.
Mark Fahmy, Senior Vice President Asia Pacific & Japan, TIBCO Software, said, “While the use of big data is essential to discover deep insights in infinitely detailed information, fast data is designed to process data while it’s in motion, letting organisations seize its value during the window of opportunity for action.”
TIBCO Software showcased its Fast Data platform at Transform Sydney on July 17, 2014. The platform is a fusion of integration, analytics and event processing that continuously processes events and data in real time. Here, they share their five tips for fast data.
1. Move away from point-to-point architecture
An enterprise services bus (ESB) that is the basis for a service-oriented architecture (SOA) solves virtually any integration problem. Since each application and technology only requires one connection to the bus to expose or consume information, the number of interfaces is drastically reduced. The model results in less complexity, less maintenance and more resources for improvements that can help organisations compete. A bus is also the first step towards solving other big data problems like improving visibility and information accessibility, accelerating decision-making and enabling fast action. Integrate all of the data, as well as the applications, to get the full value of this approach.
2. Evolve from ESB to Fast Data
With Fast Data organisations can solve business problems that were once unfathomable. An event-driven integration platform goes beyond the ESB, taking all of the information flowing in it and moving it into an event server, which handles more than just transactional data. Add analytics to identify patterns and context in real time then add business process management to turn insights into action.
3. Data quality is crucial
Events only provide a bit of data about a specific business object, like the present location of a customer. They don’t provide enough information to engage the customer. Organisations need to be able to access and use validated information about customers, products or other business objects at any time. Without data validation unnecessary costs may be incurred through errors such as sending multiple communications to the same person. Use master data management (MDM) to avoid this. MDM is key to keeping total cost of ownership low and ensuring hundreds of millions of records that can be trusted.
4. Be event-driven
Today’s market and technological landscape generates an increasing number of events. An event-driven integration platform provides access to all data representing context, supplying the opportunity for better, more immediate understanding of customers, opportunities and threats. In other words, it creates the ability to make informed decisions on the fly. Event-driven integration makes all data available for processing, improving the quality of results. Once this insight is available, turn it into action in order to prevent a problem or seize an opportunity.
5. Insight and action need context
Big data produces information based on the past, based on an aggregation of historic, not present, context. Knowing what led a customer to buy, or the symptoms leading to machine failure, is interesting, but would be of far greater value if it could be applied before the fact to encourage a purchase or avoid the need for a repair. Event-driven integration builds this contextual understanding by correlating freshly-updated business objects with master data. In essence, clarity and currency of content helps organisations make clearer decisions.
TIBCO Software Inc. (NASDAQ: TIBX) is a global leader in infrastructure and business intelligence software. Whether it's optimising inventory, cross-selling products, or averting a crisis before it happens, TIBCO uniquely delivers the Two-Second Advantage – the ability to capture the right information at the right time and act on it pre-emptively for a competitive advantage. With a broad mix of innovative products and services, TIBCO is the strategic technology partner trusted by businesses around the world.