As I recently pointed out, process mining has emerged as a pivotal technology for data-driven organizations to discover, monitor and improve processes through use of real-time event data, transactional data and log files. With recent advancements, process mining has become more efficient at discovering insights in complex processes using algorithms and visualizations. Organizations use it to better understand the current state of systems and business processes. It is also used to enable business process intelligence and improvement in any function or industry using events and activity models for data-driven decision-making. We assert that through 2024, 1 in 4 organizations will look to streamline their operations by exploring process mining to optimize workflow and business processes.
I recently wrote about the need for organizations to take a holistic approach to the management and governance of data in motion alongside data at rest. As adoption of streaming data and event processing increases, it is no longer sufficient for streaming data projects to exist in isolation. Data needs to be managed and governed regardless of whether it is processed in batch or as a stream of events. This requirement has resulted in established data management vendors increasing their focus on streaming data and event processing through product development as well as acquisitions. It has also resulted in streaming and event specialists, such as Confluent, adding centralized management and governance capabilities to their existing offerings as they seek to establish or reinforce the strategic importance of streaming data as part of a modern approach to data management.
I have written recently about increased demand for data-intensive applications infused with the results of analytic processes, such as personalization and artificial intelligence (AI)-driven recommendations. Almost one-quarter of respondents (22%) to Ventana Research’s Analytics and Data Benchmark Research are currently analyzing data in real time, with an additional 10% analyzing data every hour. There are multiple data platform approaches to delivering real-time data processing and analytics and more agile data pipelines. These include the use of streaming and event data processing, as well as the use of hybrid data processing to enable analytics to be performed on application data within operational data platforms. Another approach, favored by a group of emerging vendors such as Rockset, is to develop these data-intensive applications on a specialist, real-time analytic data platform specifically designed to meet the performance and agility requirements of data-intensive applications.
Organizations are managing and analyzing large datasets every day, identifying patterns and generating insights to inform decisions. This can provide numerous benefits for an organization, such as improved operational efficiency, cost optimization, fraud detection, competitive advantage and enhanced business processes. By bringing the right, actionable data to the right user, organizations can potentially speed up processes and make more effective operational decisions.
I recently noted that as demand for real-time interactive applications becomes more pervasive, the use of streaming data is becoming more mainstream. Streaming data and event processing has been part of the data landscape for many decades, but for much of that time, data streaming was a niche activity. Although adopted in industry segments with high-performance, real-time data processing and analytics requirements such as financial services and telecommunications, data streaming was far less common elsewhere. That has changed significantly in recent years, fueled by the proliferation of open-source and cloud-based streaming data and event technologies that have lowered the cost and technical barriers to developing new applications able to take advantage of data in-motion. This is a trend we expect to continue, to the extent that streaming data and event processing becomes an integral part of mainstream data-processing architectures.