Running a business is never an easy task. There are plenty examples of those who failed. According to an article published by INC, 96% of companies fail within the first decade.
Numbers like these can be terrifying to entrepreneurs and those wishing to start their first company. However, you can hedge your bets by making sure you take advantage of every resource available to your business. One valuable resource you shouldn’t ignore is your own data. If you collect data on your company and its processes, there is the possibility of leveraging that information into a significant advantage. With that in mind, below are some ways streaming data can help your company.
Streaming Data Regarding Industrial Processes
One of the places where streaming data can be the most useful is on the factory floor. There are many issues to be concerned about when your company operates its own factory or industrial facilities. You have to maintain efficiency, service machinery and maintain workplace safety to protect the lives of your employees. Streaming data can help with all of these tasks.
This can be accomplished through the user of sensors placed throughout the factory on different machines and components. These sensors will transmit a steady stream of data that can be sent directly to a central hub for on the spot analysis.
The benefits can be great indeed. If a sensor detects a bottleneck is building in production flow, the computer system can make adjustments immediately to prevent any delays in production. If another sensor detects the presence of a deadly gas on the factory floor, alarms can be activated immediately to tell workers to evacuate the premises. There are many great applications.
Streaming Data in the Warehouse
Another place that streaming data can make a big difference is in a company’s warehouse. How well or how not well a warehouse operates can have a big impact on the overall profitability of a company. According to a news report by NBC, companies lose $1.75 trillion a year thanks to warehouse problems like ordering overstock and running out of stock.
However, stream processing data can help alleviate this problem. If stock in a warehouse is tracked item by item and the company’s computer system is immediately alerted when stock moves in and out of the warehouse, problems like creating overstock and running out of stock can be averted. Instead, the streaming data can allow a computer system to automate the process of ordering new stock. Stock running out can in fact even be predicted days, weeks, or months ahead of time. This can insure that customers can always buy the products they want, and the company will not lose those consumers to competitors.
It Can Optimize Your Online Marketing and Services
Another place streaming data can greatly benefit your company is in regards to your online activities. For example, email marketing agencies use streaming data to feed them real-time updates on the effectiveness of the emails sent out in terms of the number of click-throughs produced as well as the number of readers converted into paying customers. If you want up to date information regarding your online marketing activities on a constant and continual basis, some kind of data streaming is needed.
There are many things streaming data can be used for. With today’s emphasis on big data and how it can benefit businesses, data is power. According to Forbes, 51% of companies plan to invest more in big data. Streaming data can allow you to obtain even more of your data so you can use it to improve the bottom line of your company.