In this information age, continued access to data is a critical driver of business success. The rapid advancements of technology innovations have not only created an environment that is "always on", but also led to the imminent rise of the "real-time" enterprise. Real-time enterprises are those who make swift data-driven decisions, respond instantly to customers' demands, and continuously optimise key processes. Praveen Thakur, vice president of the technology business unit for ASEAN at Oracle, explains the need for such organisations and the requirements to be one.
Why should organisations today aim to be a "real-time" enterprise?
Some of the key implications for business that do not adopt an always-on mentality are that they fall back, lag behind, and subsequently become irrelevant. In an increasingly hyper-connected and technology-driven business environment, instantaneous information and responsiveness are more of a requirement than a bonus.
Moreover — with the shift in customer demand to an "always on" approach — it has also become vital for businesses to start grappling with new purchasing patterns. Customer requirements and expectations have evolved and businesses are increasingly seeing the need to redefine their relationships with them. Ultimately, businesses today must be able move as fast as their customers to effectively deliver the experience they demand.
The need for immediate answers is imperative, and the importance of having of the data at their fingertips to develop higher quality insights and more personalised experiences has never been greater. It is clear that companies that do not adopt technology significantly will tend to underperform in today's age.
Furthermore, with massive amount of data being generated via social and mobile usage, it is imperative for businesses to keep pace with this torrent of data and turn them into actionable insights. Evidently, companies that avoid going "real-time" run the risk of losing their competitive advantage.
How does implementing In-Memory help enterprises achieve that?
As the cloud, mobile devices and the web send larger volumes of data into the enterprise, organisations are challenged to manage this data efficiently and cost-effectively. The traditional answer of resolving this would be to install more computing parts and invest more into capacity and storage. This approach makes systems large and bulky, and eventually extremely expensive to operate.
This is where In-Memory comes into play. Businesses know that raw speed brings significant advantages — instant analytics and split-second transactions make them more agile and better able to engage today's on-the-go customers. With In-Memory technology, it essentially means that the database does more of its work in system memory than on disk drives, eliminating the trips back and forth to the disk. As such, customers are enabled to get immediate answers to business questions, as well as deliver smart and reliable decisions for both their internal and external constituents. These new capabilities enable what has long been a goal for many organisations: the ability to engage and respond in real-time.
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