The latest generation of geostationary satellites carry sensors such as the Advanced Baseline Imager (GOES-16/17) and the Advanced Himawari Imager (Himawari-8/9) that closely mimic the spatial and spectral characteristics of widely used polar orbiting sensors such as EOS/MODIS. More importantly, they provide observations at 1-5-15 minute intervals, instead of twice a day from MODIS, offering unprecedented opportunities for monitoring large parts of the Earth. In addition to serving the needs of weather forecasting, these observations offer new and exciting opportunities in managing solar power, fighting wildfires, and tracking air pollution. Creation of actionable information in near realtime from these data streams is a challenge that is best addressed through collaborative efforts among the industry, academia and government agencies.