Moving from real time to right time
To TIBCO, "big data" is already passé. Fast data is now TIBCO's mantra for the future.
"Big data lets you understand what's already happened, but fast data lets you influence what's about to happen instead," explained Rode during the conference keynote session.
Fast data is about processing big data in real time to gain instant awareness and instant action. It looks purely at velocity, unlike big data which focuses on all the 3Vs - volume, variety and velocity.
"Data have a shelf life and its value declines over time. We have to know the right things at the right time to take maximum advantage of our data," emphasised Rode.
For instance, a retailer needs to be able to capture the customers' preferences and know what they are most interested in to work towards creating a more interesting customer experience for them.
Timing is a critical element of this said customer experience, said Rode.
"When I'm in the store, when I'm showing interest in a product, when I'm browsing through the store's website, or just having bought another similar product, the information that is needed to capture the customer's interest have to be delivered in a timely manner," he elaborated.
Besides retail, another instance where information becomes a critical matter of timing is in the healthcare industry, whereby acquiring the right information at the right time can actually help to save lives.
Matt Quinn, Chief Technology Officer of TIBCO, said that the firm has now integrated the necessary solutions to empower customers to combine big data with information captured "in the moment" from their own applications, web, cloud and mobile channels, as well as the data coming from the Internet of Things, enabling insights that can be immediately extracted and decisions applied as situations unfold.
"We want to make easy things simple, and make the impossible doable. Our goal is to implement a 90:90:90 model where it takes someone 90 seconds to identify the product or service they require, 90 minutes to install it and prove it is worth using, and 90 days to make it a strategic choice. Users are always looking for a faster time to value," said Rode.
"A little bit of the right information just a little beforehand - whether it is a couple of seconds, minutes, or hours - is more valuable than all of the information in the world six months after the fact," added Ranadivé.
He is dedicated to the vision that if you get the right information to the right place at the right time and in the right context, you can make the world a better place.
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