Ask five people what “real time” is and you will likely get five different answers. For some, real time is deriving insights from data fast enough to positively affect change. For others, real time literally means real time, which is accessing and deriving insight at the speed of though. There might some people claiming that real time does not exist; no matter how fast you access and analyze data, there will always be some degree of latency.
However, these definitions are largely theoretical. In the real world, there are distinct flavors of real time market data management and analytics. For enterprises, end-users and IT practitioners, it is important to understand that the practical options available and when they are applicable. Below are the kinds of practical real time market data management and analytics that are available to enterprises now.
- Streaming Data Analysis. This kind of real time market data management type involves ingesting and analyzing huge volumes of high velocity data to detect patterns and trigger predetermine responses in real time.
- Individual Record Look Up. This real time market data management type requires regaining near-instant access to individual records that are made up of multiple data points. This includes purchase history, account number and customer name.
- Extremely Low-Latency Queries. This real time market data management type will allow business analysts to perform multi-part analytic queries against big volumes of data that are stored in analytic databases. The results are returned within an acceptable amount of time, perhaps a few seconds at most.
Every time of real time analytic capability described above supports a number of specific use cases. Also, there are a handful of analytic workloads benefitting from a combination of two or more real-time analytic capabilities.
Of course, there are so many scenarios that from real time market data management and analytic capabilities and not every scenario would require the use of real-time capabilities. It is recommended that businesses work with their current database and analytics vendors to help determine when real time market data management and analytics is needed, and what kind of real time analytics is most appropriate.