In-memory computing IMC) is becoming increasingly useful when it comes to marketing. It offers many advantages because it makes possible the use of innovative business applications and processes. It offers faster speeds, minimal latency, the ability to scale, and more efficiency. In-memory computing makes it possible to get real-time business insights which allow for faster and more reliable planning, forecasting, and decision-making.
What is in-memory computing (IMC)?
In-memory computing stores data in random access memory (RAM) rather than on traditional hard disks. This makes the whole process of retrieving and analyzing data very fast.
In-memory computing involves the use of databases and data grids. An in-memory database (IMDB) stores and retrieves data. An in memory data grid (IMDG) runs the applications that perform actions on data. It consists of a set of clustered computers that pool their random access memory (RAM). Applications can share data with other applications that run in the cluster.
Using in-memory technology offers marketers greater access to fresh data and increases query flexibility.
Speed of deployment
New interfaces offering users interactive dashboards and the ability to perform more intuitive tasks require very fast response times and users expect instantaneous results. With in-memory computing, results come back extremely fast. In-memory analytics removes the need to build complex performance layers as users can run analytical applications directly against the in-memory performance layer. Speed increases exponentially when there’s no need to read and write data from disk drives.
Gains in performance and speed offered by in-memory computing also come with an improvement in the quality of business and customer intelligence. Anyone in the business, from business analysts to marketers, can build their own queries and use the insights they receive to make better business decisions.
Gain real-time insights
As in-memory computing uses RAM data storage and parallel distributed processing, it offers high speed and turns the process of analyzing data from hours into minutes or even seconds.
Leveraging the most recent data is possible and marketers can run queries and interact with the data in the main memory so they can get real-time insights which help them respond quickly to customer trends, gain a competitive advantage and better insight into sales and customer retention.
Real-time marketing engages with customers wherever they are in their buying journey. It allows marketing teams to follow their customers throughout the conversion process so they can react accordingly at every stage.
Create more personalized experiences
Making the most out of customer data by using analytics enables businesses to understand exactly what customers want so they can create more personalized experiences for them. An important part of successful marketing is to narrow down what to offer customers based on what is already known about them. You can utilize a marketing plan template to start with. Consumers are more likely to buy from brands that recognize them by name, know their purchasing history and recommend similar items to them. This is only possible if they have access to real-time data that makes such segmentation possible.
Use a more comprehensive approach
Businesses that can collect, ingest and analyze data coming in from a variety of sources can improve their marketing because a big picture emerges. Current dynamic insights help marketers to predict any changes or shifts in trends and to target shoppers more specifically.
When customer-related data exists in different silos, it can limit effective marketing. It helps to have all the data in one central place for marketers to gain a 360-degree view. A unified customer view enables them to provide relevant and meaningful interactions with customers that can help with customer acquisition and retention.
Identify competitive opportunities
It is possible to process mixed workloads (both transactional and analytical data) within the same architecture when using in-memory computing. Accurate information that’s easily accessible means more capacity to identify competitive opportunities and target the right customers by honing in on their needs and preferences. Marketers can also adjust a promotional campaign if they know in real-time that a certain product is selling to a specific demographic and not to another.
In-memory computing alone won’t offer a sustainable competitive advantage unless marketers know how to use it and identify their specific information needs. It not only makes online work collaboration between sales and marketing teams more efficient but can also improve marketing processes. When operational data is in a single database that holds all customer transactions and updates and can handle analytical requests in real or near real-time, marketers and the processes they use become much more efficient. For example, they can retrieve customer information at any time, even if they’re on the road, through mobile applications. They can also create more comprehensive reports.
Availability of analytics for marketing campaigns and being able to respond quickly to real-time information means marketers take fewer risks and can improve performance. They don’t have to rely on outdated data that may no longer be accurate.
Create more value for customers
In-memory computing offers the kind of real-time insights that enable businesses to respond appropriately at every stage of the customer journey, from asking new customers to subscribe to an email list to finding ways to retain them once they’ve made a purchase. Users can even get self-service access to the information they need, offering new levels of customer insight to apply for core customer-facing processes.
The bottom line
In-memory computing allows for the analysis of large data sets and is simple to set up and maintain. Several factors are driving the push to use in-memory computing, such as the need for fast and accurate analytical data for marketing purposes.
Many marketing use cases show how in-memory performance offers a considerable advantage. It offers real-time insights into customer behavior that can allow marketers to personalize offers. Marketers can immediately identify when a marketing campaign isn’t working and make adjustments. Predictive analytics give them the ability to make more accurate predictions about how an audience will react to a particular move. They can quickly assess which products are selling well and which aren’t and respond to customer service issues before they become an issue.