This fast-paced digital era and the ever-growing consumer expectations need more than just data analytics to keep up and succeed. Businesses need data-driven insights not just quickly but on a live basis. Companies need to monitor their business performance in real-time, track the ups and downs, and prevent any possible issue proactively. Streaming data analytics helps the organizations stay up to date, right from identifying upcoming trends to capturing business opportunities as soon as they present themselves.
This process of analyzing data as soon as it is generated to get actionable insights from it is called real-time analytics. The ability to analyze live data with high speed empowers the business users to swiftly get appropriate answers and act without any delay. When the data that is being tracked have multiple complex KPIs to monitor, real-time analytics eases insight generation and quickens the decision making. It enables users to apply predictive and prescriptive models and create alerts on various thresholds. Users are able to visualize the live and historic data in the same report enabling them to make necessary references and deduce insights right away.
There can be two types of real-time analytics. First, the on-demand real-time analytics is a reactive method in which the user explicitly requests the analytics via query. For example, marketing campaign performance can be explicitly monitored by executives in real-time to identify any new trends or anomalies. The other type of real-time analytics is continuous where the approach is proactive. The analytics is regularly delivered to the user via alerts as and when significant events are triggered. The live stock market analytics is considered continuous analytics.
Why organizations are adapting Real-time analytics?
Enabling organizations to analyze data as soon as it is generated is certainly worth the time and money. Not just it allows for quick and intelligent decision-making on the part of leaders but also takes the whole data analytics technology a notch higher. Real-time analytics can prevent potential business losses due to the absence of appropriate instant insights and provide a competitive advantage like never before. This can be especially true for industries like media, BPO, e-commerce, and more.
How various industries utilize real-time analytics: