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Research Paper | Data & Knowledge Engineering | United States of America | Volume 13 Issue 7, July 2024 | Popularity: 5.1 / 10
The Impact of Real - Time Data Processing on Business Decision - making
Mounica Achanta
Abstract: Real - time data processing has become a pivotal technology for modern businesses, enabling immediate analysis and action on continuously generated data. This paper explores the profound impact of real - time data processing on business decision - making, highlighting its ability to enhance responsiveness, operational efficiency, competitive advantage, and risk management. We discuss the evolution and significance of real - time data processing, key enabling technologies such as Apache Kafka and Apache Flink, and tools like Google Cloud Dataflow and Spark Streaming. Through detailed case studies in the retail, finance, and healthcare sectors, we demonstrate how real - time data processing optimizes inventory management, enhances fraud detection, and improves patient care. However, implementing real - time data processing is challenging, including technical issues like data integration and scalability, data quality and security concerns, and organizational barriers such as resistance to change and the need for specialized skills. Looking ahead, we explore future trends and developments, including integrating AI and machine learning, advancements in edge computing and IoT, and emerging applications across various industries. The paper concludes with comprehensive strategic recommendations for businesses considering real - time data processing, providing a roadmap for success and emphasizing the importance of staying updated with advancements to maintain a competitive edge in technology. By leveraging real - time data processing, companies can achieve timely, data - driven decision - making, streamline operations, and create driving personalized customer experiences, ultimately driving growth and innovation in a dynamic market environment.
Keywords: Business Decision - making, Data Integration and Scalability, Machine Learning, Real - time data processing, Streamlining Operations
Edition: Volume 13 Issue 7, July 2024
Pages: 400 - 404
DOI: https://www.doi.org/10.21275/SR24708033511
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