From commerce to healthcare, sports, public services and finance, today’s world has developed a hankering for data. It powers the modern distributed economy and informs many crucial, far-reaching decisions.
SingleStore Inc.’s database platform is built for customers looking to efficiently actionize their real-time data in today’s data-intensive landscape.
“SingleStore is all about the moments that matter,” said Domenic Ravita (pictured), field chief technology officer and vice president of product marketing and developer relations at SingleStore. “When you have an analytical question about what’s happening in the moment, SingleStore is your best way to solve that cost-effectively.”
Ravita spoke with theCUBE industry analysts John Furrier and Lisa Martin at the AWS Summit New York event, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed how companies can cope with data intensity and how solutions like SingleStore help. (* Disclosure below.)
Why so much data?
From Uber Technologies Inc. using real-time data to track and enact pricing changes to Netflix Inc. using it for dynamic content recommendations, real-time data powers many of today’s business activities — not to mention within critical sectors like disaster management and healthcare.
While these data-driven value areas for users are great, companies are now realizing the sheer magnitudes of data at their disposal — and that it isn’t always fun to manage. In summary, society has reached what analysts call “data intensity,” and managing it will be a key competitive edge going forward, according to Ravita.
“In every moment, in every location and every dimension, the more data that you have, the better value prop you can give. And so SingleStore is uniquely positioned to and focused on solving this problem of data intensity by bringing and unifying data together,” he explained.
Today’s data avalanche is a result of multiple converging factors — the most important of which are a saturation of mobile computing devices, the maturation of connectivity technology, and the pandemic and its resulting pressure on the digital service economy, Ravita added.
Driving home the unification idea
No company undergoes a $116M funding round without first having a strong, tested product or solution offering. To that end, SingleStore’s cloud-native database solution has produced a couple of notable success stories. The first of these is IEX Cloud, a financial data infrastructure platform.
“It’s a data product, API-first. They’re providing a lot of historical information on instruments and that sort of thing, as well as real-time trending information,” Ravita said. “And so we bring all that together and simplify that. The benefit is simplification, unification and lower latency.
General Electric Co. has also leveraged SingleStore to desired results, Ravita added.
“Another example is GE, who basically uses us to bring together lots of financial information to provide a quicker close to the end-of-month process across many different systems,” he said.
Data intensity is the very reason why the industry can’t afford special purpose databases anymore, and unification solutions are the natural evolution, according to Ravita.
“In the cloud, you pay for every byte you store, process and move,” he stated. “So data movement is a cost in dollars, time and skill sets. And that’s why we think the industry needs to be simplified and why you’re seeing this unification trend across the database industry and other parts of the stack happening.”
Here’s the complete video interview, part of SiliconANGLE’s and theCUBE’s coverage of the AWS Summit New York event:
(* Disclosure: SingleStore Inc. sponsored this segment of theCUBE. Neither SingleStore nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)