DataStax, the real-time data company, released the findings of the “The State of the Data Race 2022” report based on an in-depth survey of more than 500 technology leaders and practitioners across a variety of industries about their data strategies.
The report revealed that the data race is not only heating up, but rapidly shifting toward real-time data—the data that powers in-the-moment use cases such as recommendations and personalization, or always-up-to-date inventory and logistics.
According to the report, 78% of all respondents agreed that real-time data is a “must-have,” not a “nice-to have.” As Greg Sly, SVP of infrastructure and platform services at Verizon commented, “Real-time data is air.”
The report found that real-time data pays off in two important ways: it leads to increased revenue growth and improved developer productivity. For instance, 71% of all respondents said that they can tie their revenue growth directly to real-time data.
When looking at data leaders—organizations that excel at leveraging data to create new products and new revenue streams—the advantages become even more pronounced. Among those organizations that make real-time data a strategic focus, 42% experience a transformative impact on revenue growth, compared to only 18% of those organizations that don’t prioritize real-time data. Other transformative impacts experienced by real-time data leaders include improved customer satisfaction (34%) and increased market share (31%).
The effects of real-time data, however, go beyond improving revenues: When asked how the use of real-time data has impacted developers’ jobs, two thirds (66%) of organizations with a strategic focus on real-time said that developer productivity improved.
“Real-time data is like the Mediterranean Diet: all healthy benefits with no downside,” said Bryan Kirschner, vice president, Strategy, at DataStax. “The survey showed real-time data powers better digital experiences, which makes customers happy; it enables developers to be more productive, which makes development teams and CTOs happy; and it drives revenues, which makes boards and investors happy, especially in today’s economic climate.”
Kirschner added, “While the benefits of real-time data are widely recognized, survey respondents identified barriers—such as data complexity, controlling data costs, and data accessibility—to leveraging real-time data. Yet, new developments in data architectures are breaking down those barriers.”
DataStax’s open data stack for real-time applications–which includes Astra DB, a multi-cloud database as a service (DSaaS) built on Apache Cassandra™, and Astra Streaming, multi-cloud streaming as a service built on Apache Pulsar™–eliminate barriers to creating real-time applications for developers. With DataStax’s pay-as-you-go cloud services, the complexity of deploying real-time applications is no longer the barrier it once was, and real-time data infrastructure is accessible by any organization.
Developers for many of the largest global organizations are using DataStax’s open data stack to build scalable, secure real-time applications. Siggy.ai, a real-time recommendation app that integrates with Shopify, for instance, was able to quickly build an in-the-moment AI-powered recommendation engine for online shoppers using DataStax Astra DB. While Alpha Ori, which offers digital solutions to maritime shipping enterprises to provide intelligent analytics, alerts, and insights to vessel stakeholders both aboard and onshore, is able to get high read and write throughput for large volumes of data, allowing Alpha Ori to rapidly deliver analytics and alerts for predictive maintenance, fuel savings, enhanced asset utilization, and more.
Download “The State of the Data Race 2022” report to learn more about the advantages of real time data and ways organizations can overcome the obstacles to realizing the full benefits of real time data.
Research Methodology: DataStax in partnership with ClearPath Strategies surveyed 556 executives and technical practitioners in US-based organizations spanning a variety of industries. Two-thirds of their organizations had more than 1,000 employees, and none had fewer than 100. The survey’s design and findings reflect months of qualitative research and organic conversations. These findings also include interviews of executives recruited on the basis of how well their organization matched the segments after our analysis was complete.