Data streaming essential for 94% of Australian IT leaders

A recent report by Confluent, a data streaming platform provider, reveals a significant reliance on data streaming technology among IT leaders in Australia. The 2024 Data Streaming Report: Breaking Down the Barriers to Business Agility & Innovation outlines how 94% of IT leaders in the country consider data streaming platforms crucial for achieving data-related objectives.

The study, based on responses from 304 senior to C-Suite level IT leaders with experience in data streaming, highlights the critical role of the technology in today’s fast-paced business environment. According to the findings, 86% of respondents experienced a twofold to tenfold return on their data streaming investments, underlining the financial benefits of adopting such technologies.

The report identifies several challenges faced by IT leaders, including inconsistency of data sources (65%), data frequently being out-of-date (63%), fragmented ownership of data (60%), and issues with timeliness or quality of data (60%). To tackle these issues, 93% of respondents emphasised the importance of efficient data discovery, sharing, and access mechanisms. Additionally, 87% highlighted the need for seamless implementation of data governance policies.

Simon Laskaj, Regional Director ANZ at Confluent, commented on the report’s findings, stating, "It's encouraging to see that many Australian businesses are already reaping the organisational and ROI benefits of a complete data streaming platform. The importance of reaching the central nervous system level of data streaming maturity will become more important as transformative technologies, such as AI and ML, become ingrained in operations, requiring a robust data and governance strategy."

The benefits of data streaming platforms, as noted by the report, include enhancing data-driven operational decisions within businesses, with 61% of respondents acknowledging significant improvements in this area. Furthermore, 94% of IT leaders reported that data streaming helps break down data silos, facilitating a more integrated approach to data management across business units.

Data streaming technology is also perceived as a valuable tool for addressing cybersecurity concerns. Nearly half of the respondents (48%) considered compliance-related logs, alerts, and reports mandatory, while 47% stressed the importance of inline security governance enforcement.

The report also sheds light on the impact of data streaming platforms on artificial intelligence (AI) and machine learning (ML) adoption. More than half of the respondents indicated that data streaming could support AI/ML adoption by broadening access to diverse data sources (58%), maintaining updated AI models with fresh, validated data streams (56%), and ensuring high data quality standards (54%).

Shaun Clowes, Chief Product Officer at Confluent, remarked on the centrality of data streaming in modern business environments, stating, "Many organisations have data siloed away in different systems and applications, making it impossible to find and benefit from one of their most critical business assets—their data. Data streaming acts as the central nervous system for businesses by connecting systems and applications so real-time data can be easily accessed for decision making and improving business processes and customer experiences."

As data streaming and generative AI technology trends continue to rise, 69% of IT leaders anticipate an increase in the use of these technologies over the next two years. The continuous evolution of data streaming platforms is expected to play a vital role in helping businesses navigate and adapt to an ever-changing landscape, ensuring real-time access to data and fostering innovation.