Blog ›The Key to Running Your Business Faster in the Era of Instant Gratification

By Jakki Geiger

Chief Marketing Officer

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Dec 12, 2023

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The Key to Running Your Business Faster in the Era of Instant Gratification

We live in an era of instant gratification. It’s all about getting things done faster, easier, and with less friction. I have switched brands because of my preference for instant gratification.

  • I used to take taxis to the airport until I discovered the convenience of the Uber app.
  • I used to call to order pizza from my fav Italian restaurant until I discovered DoorDash, which has grown to become the largest food delivery company in the United States and was just featured in Fast Company for their strong financial performance. 
  • I used to shop in stores. Now I shop from anywhere using retail apps such as Target, Williams Sonoma, Amazon, eBay, Nordstrom, and WHBM. 
  • I used to repay friends in cash, until I discovered Venmo. 

What do these companies have in common? 

  • They are delighting customers with modern applications that offer instant gratification, making it easy for customers to get what they want when they want it, get access to the information they need anytime, and pay for products and services seamlessly. 
  • They are agile, rolling out scalable, high-performance applications and accelerating the process of launching new capabilities to better serve customers and stakeholders. 
  • They are disrupting their industries and pressuring competitors to create a new vision for how to modernize applications and launch next-generation applications and platforms. 

Every organization in every industry is under pressure to operate faster. Running your business with increased speed shouldn’t cause you to sacrifice quality, but running your business at a faster pace will pay big dividends in the long run. 

Our CEO recently published an article in Forbes titled: The New Business Weapon: Time, where he talks about organizations that can take action within milliseconds of an opportunity or threat presenting itself. How? Application modernization. They aren’t being held back by their legacy systems. They have layered in capabilities to respond to events in real-time without the need for a complex architecture. Some are processing data and applying basic automation, while others are using advanced real-time ML algorithms.

Figuring out how to accelerate the pace of your business by automating it is the only option. If customers can’t get speed from you, they’ll go elsewhere. 

To Speed Up Business, Take Instant Action

A key business requirement for accelerating the pace of business is to take instant action in the moment an opportunity or threat presents itself. 

This requires a new approach to how most organizations process data.

Given advances in data processing technology, that’s no longer a limitation. Innovative business leaders are working with architects and developers to capitalize on innovative stream processing technology to gain a competitive edge. They are simplifying the process of building scalable, high-performance applications that take in streaming data, process it, enrich it and take action instantly … then storing the data later. This enables them to take the right action at the right time for the right customer or stakeholder. 

Let’s look at how you can use Hazelcast to combine data in motion with data at rest.

Companies Running Their Businesses Faster with the Hazelcast Platform

In these examples, application modernization has helped these companies take instant action on data as it’s coming into their organization, enriching it with valuable context to streamline and automate their business processes:

  • Banks are doing real-time personal loan offers by doing instant credit checks and overdraft approvals for customers while they are at the ATM machine reading the words “insufficient funds” on the screen, so they can get cash in their moment of need. As a result, they are improving customer experience and boosting revenue. 

Check this out: How BNP Paribas achieved a 400% increase in real-time loan offer conversions

“It was easy to get started to see how the software could work. And we obtained good results, as the offer conversion rate is 4 times higher than before and the campaigns are profitable.” — Szymon Domagala, Enterprise Architect, BNP Paribas Bank Polska S.A.

  • Manufacturers provide real-time personalized product and pricing offers while customers are on their website enabling on-the-fly price calculations, real-time inventory information. As a result, they are improving customer experience, generating revenue and reduces operating costs. 

Check this out: How Fluidra overhauled its IT infrastructure with an accelerated timeline

“As the demand for better customer experiences increases, Fluidra will be able to use Hazelcast to accelerate data processing from their existing database platforms like MongoDB and others. Their digital integration hub architecture can provide huge performance gains to front-end applications needing to perform complex processing in real-time from disparate internal and external systems.”

  • Payments provider for e-commerce merchants offers accelerated transaction processing of cross-border payments by several orders of magnitude while addressing regulatory compliance and data protection requirements. As a result, they are improving customer experience, boosting revenue, and mitigating risk.
    Check this out: Finaro is delivering on the Internet’s promise for global e-Commerce reach

“Finaro’s gateway and acquiring platform has been recognized as one of the fastest and most stable in the industry, and there is no doubt that the Hazelcast platform has been a critical factor in building this solution for our merchants.” — Gregory Paks, VP R&D, Finaro

“Entering new markets and introducing new payment products can be done at a pace that wasn’t possible with the old technology stack. As banking becomes increasingly digital, mobile, and cross-border, the bank is well positioned to take advantage of new opportunities and accelerate their growth.”

  • Banks accelerate the pace of their business operations from multiple seconds to milliseconds by enabling mission-critical systems that can’t afford downtime with ultra-fast response times without ripping and replacing existing application infrastructure. As a result, they are reducing operational costs and boosting revenue.

The Hazelcast platform is a solid streaming platform. It’s much more mature, stable, proven and highly performant for complex data operations for use in business-critical applications where you can’t afford to have downtime. It’s ready to use with enterprise grade features, resiliency, and high availability. And, it’s easier for developers to ramp up and use it.”

“Before Hazelcast, we were experiencing slow response times from our enterprise-wide entitlements system, a mission-critical application, which pulls data from multiple systems. Within a couple of weeks, we created a data abstraction layer with the Hazelcast platform that provides ultra-fast response times, enabling instant action even during peak demand. With the Hazelcast platform, we accelerated the pace of our business operations from multiple seconds to milliseconds.” 

The Hazelcast platform is highly performant and ready to use with enterprise grade features, resiliency, and high availability for business-critical applications where you can’t afford to have downtime.” –Michael Goldverg, Managing Director & Distinguished engineer, BNY Mellon

  1. Port operators speed up operations by optimizing the utilization of equipment 24/7, to unload ships and transport containers faster based on a real-time view of all equipment and containers. As a result, they are improving customer experience and reducing operating costs. 
  2. Retailers provide real-time inventory information, recommendations and offers to shoppers as they place items in their shopping cart and browse items of interest, boosting conversion rates. As a result, they are improving customer experience and boosting revenue.
  3. Airlines share real-time aircraft information with travelers including where the aircraft is, when it will takeoff and land, as well as the location of their baggage. As a result, they are improving customer experience and reducing customer support costs. 
  4. Food delivery services and logistics companies share real-time information while the product is en route. As a result, they are improving the customer experience and saving customer support costs.
  5. Stock trading company enables reliable real-time stock buy and sell recommendations, simultaneously running multiple stock trading algorithms on a reliable, scalable platform that offers zero downtime. As a result, they are improving customer experience, reducing operating costs and mitigating risk.

 

 To learn more about application modernization with the Hazelcast Platform, a unified real-time data platform that uniquely combines stream processing and a fast data store, here are some resources:

Start getting ready now.

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