How businesses are turning data into action

How businesses are turning data into action

Today’s most successful organisations are those that are the fastest at turning data into action. Data streaming platforms provide the quickest, most reliable access to continuous streams of data that are updated in real time. And, according to the report, data streaming is pervasive within businesses, powering a wide array of use cases that keep top-performing companies secure, agile, and ahead of customer expectations.

Data streaming is now the backbone for the most critical areas of a business, from personalised customer experiences to real-time business operations. Confluent’s Data Streaming Report: Moving Up the Maturity Curve dives into data streaming’s rise as a requirement for business success. Based on a survey of 2,250 IT leaders using data streaming from across seven countries and representing midsize to large enterprises across all major industries, the report makes clear that the technology is a must-have for running a more efficient, responsive, and more competitive business in this digital-first era.

The report is based on a survey designed by Freeform Dynamics and conducted by Radma Research from February to March 2023. Responses from 2,250 IT leaders were collected across Australia, France, Germany, India, Singapore, United Kingdom, and United States. Qualifying respondents are from organisations using data streaming that have more than 500 employees. 

The report is centred around the Data Streaming Maturity Curve, which maps out organisations’ adoption journey—from pre-production activity happening at Level 1 to data streaming as a strategic enabler for all areas of an enterprise at Level 5. The survey data found that the more a company invests in data streaming, the more benefits and returns they realise.

However, as with many disruptive technologies, companies face common challenges when scaling implementations, including a persistent skills gap and silos across teams. The report identifies the most common challenges alongside expert advice on how to overcome these hurdles no matter where an organisation is on its data streaming journey. 

In today’s economic climate, IT leaders face a new level of pressure to prove each technology buying decision is worth the cost. Findings from the Data Streaming Report show that data streaming delivers outsized returns and greater efficiencies for most organisations. So it is clear to see how it cemented its spot as one of the most important IT investments of 2023.

Key findings include: 

Business value

  • 64% of organisations in Level 2 of the Data Streaming Maturity Curve are achieving or anticipating 2x-5x returns, and this increases to 78% with Level 3 companies.
  • 73% of IT leaders report their organisations are seeing significant or emerging benefits from data streaming when it comes to increased product or service profitability. 

Top priority

  • 89% of respondents say investments in data streaming are important, with 44% citing it as a top strategic priority for IT investments overall. 
  • 72% of IT leaders say they are using data streaming to power critical applications, and 60% cite that five or more of their organisation’s critical systems are reliant on the technology. 

Biggest challenges

  • 74% of IT leaders cite that fragmented projects and uncoordinated teams and budgets can be a challenge or a major hurdle to advancing data streaming. 
  • 87% of respondents say training and recruitment to bolster skills is a high or medium priority as they continue to invest in data streaming over the next 12 months. 

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