Businesses worldwide turn to data in their efforts to get actionable insights. The more resources and data pipelines, the better. With more data, companies can make more accurate predictions and get meaningful insights. However, there is one challenge though. Efficiently streaming and processing information from multiple resources in real-time requires proper infrastructure, software setup, and technical expertise.
That’s where data applications come in as ready-to-use solutions for businesses. Today we are going to see what these are and the major trends you should know about in 2022.
What is a data application?
Data application is one of those umbrella terms. It refers to a wide range of products that enable businesses to interpret data easily. They have become very popular because they introduced flexibility to data analysts while allowing the end users to consume data even with a minimal technical background.
Although often powered by a sophisticated analytics backend and distributed messaging and streaming platforms, the front end is really simple. Users are allowed to access documents with live charts, customizable dashboards, and transformation tools.
Let’s see what the major business data application-drive trends are.
Major business data application-driven trends
While businesses see data application as a valuable tool in their day-to-day operations, not all use it to achieve the same goals. Here are the major data application trends in the world of business.
You can develop data apps to collect and process data from various sources, including IoT sensors. The latest trend shows that these apps have found a use case in manufacturing, as companies can monitor manufacturing processes in real-time thanks to IoT sensors and data apps.
It enables them to identify malfunctions, missing parts, and manufacturing delays in time. With these insights, they can proactively keep productivity levels high and prevent costly downtimes.
Smart investment decisions
When making investment decisions, nothing beats data applications. That’s because they enable you to combine real-time data sources with historic data you collected yourself. It can help you generate new investment strategies and identify and curb the risks associated with such big decisions.
With the right option, you can access the records of newly formed companies. Furthermore, data insights will help you identify the most valuable investment opportunities across verticals or in a specific region or country.
Fraud and anomaly detection
A data application can be configured not only to process the information but also to cross-reference it to other data points and automatically report if there are any discrepancies. That’s exactly why financial companies started using these apps.
It helps them monitor breaches, frauds, and anomalies and detect vulnerabilities before cybercriminals can exploit them.
Many companies that directly interact with customers started using data applications to delight them with personalized offers and recommendations. Sectors including the travel industry and e-commerce rely on data apps to get instant insights about their customers and offer them products that interest them.
They can also help marketing teams enabling them to send targeted ads while the customers are browsing the company’s website.
Many companies can automate really complex processes thanks to data applications. Shipping companies started using these apps to streamline fleet tracking and management. Since most shipments are time-sensitive, shipping companies are focused on delivering goods on schedule.
To do it, they need to be able to discover delays instantaneously, see what caused the delays, and respond accordingly. Now it is all possible through a single dashboard with a data app running in the background.
How to benefit from a data application?
You have two options if you want to benefit from data application. You can build your own custom one if you have the resources. Your engineering time can create in-house infrastructure and frameworks to support the backend of your app. The most noteworthy benefit of having one built and managed in-house is getting an app that does exactly what you need.
However, you must know the significant overhead of developing a data app. Not to mention the maintenance requirements, which can spread your IT staff thin and reduce efficiencies.
That’s why most teams go for ready-to-use options. Some of the major providers offer a variety of applications for different use cases. You can use these apps right out of the box to fuel your business decisions or delight customers.
With so many different data apps, finding the one that sets your business for success shouldn’t be a problem. The major trends include real-time logistics and personalization, fraud and anomaly detection, smart investing, and streamlined maintenance.
Since every business is unique, you will have to define your goals first to be able to choose a perfect data app for your company.