How In-Memory Data Grids Can Boost Your Business

Staying ahead of the curve means keeping abreast of customer needs and sentiments, no matter how quick or frequently they change. In this always-connected world, customer satisfaction can sometimes be summed up into how fast you can provide what they’re looking for. While product quality is still a factor, a quick and pleasant customer experience will almost always make a customer come back, all things being equal. This is why data analytics is every company’s superpower; armed with the right data and the tools to process and analyze it, businesses can reasonably predict future outcomes and take appropriate action immediately.

In-memory data grids (IMDG) are beneficial to analytics in general because it bridges the gap between its two main hardware components: the processor to perform all calculations and the storage to store data. An IMDG is the system that manages the movement of data between the two, but does away with the bottlenecks caused by constant read and write access to disk-based storage. It also reduces the layers in between raw data and the results of data analysis, ensuring low-latency and high throughput. With an IMDG there’s no need to rely on aggregate reports to save time; final results are calculated in near-real time and frequent updates of raw data are accounted for to ensure data integrity and constantly conclusive results. Business intelligence applications then become tools to visualize the results from IMDG data processing and analysis.

In-memory computing is a relatively new technology, but adoption rates are growing. According to a Deloitte survey, the majority of organizations that have adopted in-memory solutions are running a first-pilot program, with 52% stating that they are in the evaluation stage. Out of all respondents, 11% considered their in-memory computing implementations as already well established. What’s promising is that 64% of the respondents expressed their plans to introduce in-memory solutions within the next three years and 15% within the next four years. This shows that in-memory data grids are yet to be a mainstream solution but is an ideal solution for innovators looking to stay ahead of their competitors and assuming a leading position in their respective industries.

From Data Processing to Customer Satisfaction

The state of data analytics now is a win-win situation—helping boost revenues while also enhancing the overall customer experience. The combination of big data and IMDG has provided an invaluable tool for businesses that provide data-driven foresight and highlights the value of every customer interaction, every sales transaction, and every moving part in the supply chain in driving positive business outcomes. Real-time data analytics is beneficial in improving internal business processes and marketing transactions. Below are a few ways IMDG can boost your business through improving customer service and marketing campaigns.

• Forecasting customer needs
  Customer behavior is an important factor to understand when it comes to marketing. Analytics allows businesses to predict what customers want even before they make up their minds. By gathering historical data like past purchases, browsing history, and other patterns of behavior, businesses can take a proactive approach and make targeted recommendations to customers. This increases customer satisfaction because it provides a simplified and seamless customer journey.
• Hyper Personalized marketing
  This is personalized marketing on steroids. It’s about sending the right message through the right channel at the right time, giving customers what they want exactly when they want it. Hyper Personalized marketing creates custom experiences based on gathered data, AI algorithms, and automation. Aside from building stronger customer relationships, it promotes brand loyalty and enhances customer experience through more meaningful interactions.
• Managing resources
  Knowing what a business will need in the near future also helps in resource management and allocation. Combining insights from customer behavior and logistics can help business plan staffing in advance and determine inventory issues before stock problems arise. Analytics helps the business streamline operations and minimize costs while ensuring prompt, timely, and personalized customer experiences.
• Reducing customer churn
  Predictive analytics can be used to see which customers have the highest risk for attrition or churn so proper measures can be taken to address their concerns. Exclusive offers and discounts are some of the ways customers can be encouraged to stay with a specific brand, and for this to be successful, you need to make the right offer to the right customers at the right time. Analytics can also help businesses discover what aspects of the business or customer journey lead to churn risk so they can be addressed immediately.

Looking Into the Future With In-memory Data Grids

By forecasting potential issues and recommending appropriate actions to take, IMDG and data analytics can make historical data a thing of the future. WIth the low-latency and high-throughput data processing that IMDG brings to the table, businesses can get near-real time insights based on gathered data, present probable future scenarios, and recommend appropriate actions to get the best results possible.