The Real-Time Insights Revolution: Why Tech Leaders Must Embrace Next-Gen Databases for Accelerated Business Growth

In an era where data reigns supreme, the ability to harness real-time information has become a critical differentiator for businesses across industries. At TechSparks Bangalore 2024, a distinguished panel of technology leaders convened for a closed-door round-table discussion on ‘Maximising the Power of Real-Time Data’.

This timely conversation explored the challenges and opportunities presented by the rapid evolution of data technologies and their impact on business operations. As organisations grapple with unprecedented volumes of data generated at lightning speed, the need for effective strategies to capture, process, and leverage this information has never been more pressing.

The round table aimed to uncover insights into how companies can transform raw data into actionable intelligence, drive innovation, enhance customer experiences, and gain a competitive edge in today's digital landscape.

The roundtable brought together a diverse group of technology leaders from various sectors, underscoring the universal importance of real-time data across industries. Participants included Vishwa Nath Jha, Founder and CEO of Saarthi.ai; Piyush Ranjan, CTO of Coverfox; Anand Agrawal, Co-founder and CPTO of Credgenics; Paritosh Desai, Chief Product Officer at iDfy; and Ankur Sharma, Co-founder and Chief Product Officer of Instamojo.

The panel also featured Raja Srivastav Chirravuri, Director-AI at HealthifyMe; Sameer Goyal, Head of Engineering at Acuity Knowledge Partners; Satendra Singh, CTO of Propelld; Sandeep Pandey, Head of Engineering at Practo; and Jayant Varma, Director and Head of Products at mPokket.

Rounding out the group were Dhirendra Pratap, Director of Product Engineering at M2P; Raahul Seshadri, Director of Engineering at WebEngage; Paulami Das, Head of Data Science and Engineering at PayU; Sanchit Baveja, VP Technology at RenewBuy; and Kusum Saini, Director - Principal Architect, Technology at Simplilearn. Adding valuable perspectives from SingleStore was Anshul Mathur, Director of Sales, India, and Kanika Sharma, Senior Solutions Engineer. Dineshprabhu S, Director of Engineering at Factors.ai, also contributed his expertise to the discussion.

This impressive lineup of experts brought a wealth of experience and diverse perspectives to the discussion, enriching the conversation with insights from finance, healthcare, ecommerce, education, data management, and more. The inclusion of representatives from SingleStore and Factors.ai added depth to the conversation, particularly in areas of database technology and real-time data processing solutions.

Key takeaways

The round-table discussion yielded several crucial insights into the challenges and opportunities presented by real-time data processing. A recurring theme was the complexity of integrating data from multiple sources, including legacy systems and external partners. Participants emphasised the need for unified data platforms capable of handling various data types and formats, enabling a holistic view of business operations and customer interactions.

The importance of real-time analytics in driving quick, informed decision-making was highlighted across industries. From financial services to gaming, the ability to process and analyse data in real time was seen as critical for staying competitive and responsive to market changes. With the increasing volume and velocity of data, robust governance frameworks and security measures were identified as paramount. Participants stressed the need for maintaining data privacy, especially in sensitive sectors like healthcare and finance, while still enabling real-time access and analysis.

As businesses grow, their data processing needs escalate rapidly. The discussion underscored the importance of scalable solutions that can handle increasing data volumes without compromising performance or incurring prohibitive costs. Implementing real-time data strategies requires more than just technology; it demands a cultural shift within organisations.

Participants emphasised the need for data literacy across all levels of an organisation and the importance of empowering teams to leverage data effectively in their daily operations. While the benefits of real-time data processing are clear, managing the associated costs remains a challenge. The round table explored strategies for balancing the investment in advanced data technologies with tangible business outcomes, emphasising the importance of measuring and demonstrating ROI.

These key takeaways reflect the complex landscape of real-time data management and analytics. As businesses continue to navigate this terrain, the insights shared during this round table provide valuable guidance for leveraging the power of real-time data to drive innovation, enhance customer experiences, and achieve sustainable growth in an increasingly data-driven world.