Data is one of the most crucial resources the companies have in present times. Now that the usage of digital mediums have typically increased the companies have realized that they can utilize this data to reach their customers in a better fashion. It is not just the matter of serving the customers but also sustaining in this market filled with top companies racing against each other for capturing the market share. In this age of modern technologies, everything is gaining pace and so are the business operations that need to match the dynamic environment. This obligates the companies to respond instantly which is possible only through the powerful real-time analytics.
The response time which was initially minimum two days for a company dealing in web technologies has now reduced to a much lesser number, i.e., milliseconds. Unlike the batch operations that are typically suitable for long-running applications, real-time processing is somewhat defined as instant. For instance, Hadoop architecture which processes jobs in batches, make its response time longer. On the other hand, MongoDB is a fast-processing technology used for real-time analytics.
What Exactly Can We Do With Real-Time Analytics?
Real-time analytics provides multi-faceted benefits to the companies and that is the reason a retail giant like Walmart has created its own Data Cafe, an analytical hub in order to get to9 the bottom of every issue and solve it instantly.
Forbes reported back in September 2016 that 68% of manufacturers are currently investing in data analytics.
Let’s find out why real-time analytics is going so popular…
Monitoring Consumer Behaviour:
Today the companies can analyze the taste and preferences of the consumers the moment they log into an e-commerce portal. Not just this but these portals are able to recommend other products on the basis of the selection made by the customer. Ever wonder how do these e-commerce companies come to know what did just click on? This is all the real-time analytics that makes it possible for the businesses to track the activities of their potential customers.
When you log into your Facebook account you notice the advertisements of products that is probably what you were searching online. But how does a social media platform like Facebook comes to know that? It is real-time big data analytics that allows the companies to project targeted advertisements on the basis of your transaction or surfing history. With 1.59 billion accounts Facebook tracks the activities each and every activities of all its users and collects around 98 data points and sells those data to the companies after which we see various advertisements on our Facebook wall.
Facebook stores, accesses, and analyzes 30+ Petabytes of user generated data.- Wikibon
Cost And Time-Saving:
A report by Fathom reveals that U.S firms incur a huge loss of around $600 billion each year because of the poor quality of data. Hence the companies which are striving to stay in the game has deployed real-time analytics which has not only reduced the time lag between a request and its response but has also saved a lot of cost. This in turn allows the businesses to process more business operations within the same timeline and invest that time in formulating innovative ideas to achieve competitive advantage.
Threat Detection And Prevention:
In this information age where data is the new currency, the prime threat to any organization is the loss of its valuable data. Real-time analytics allows the systems to track the inside and outside activities and alert the system from any potential threat. Though companies deploy various other measures to secure its confidential information but have not remained successful in predicting the potential risk.
How Can We Empower The Real-Time Analytics?
Though we know that real-time analytics facilitates the companies to do a lot more than they can do without it, but it all depends on how the systems are being operated. The companies themselves need to be alert even after implementing the real-time analytical tools as these are machines and mistakes are bound to happen. Some of the means by which a company can empower its real-time analytics are-
- Periodically monitor the infrastructure to avoid consequential mistakes from occurrence
- Track historical activities to monitor the kind of operations performed by the tools
- Make the system intelligent by deploying artificial intelligence
- Monitoring the results of real-time analytics to spot the mistakes and recover it before it is late
- Shift your architecture to cloud to make it fast and accessible.
Some of the big data tools with the help of which you can empower your real-time analytical platforms are…
|Spark||Runs 10 times faster than Hadoop|
|Storm||Scalable and fault-tolerant|
|Gridgrain||Real-time, in-memory grid; replacement of MapReduce|
|SpaceCurve||Able to find patterns in multidimensional geo|
According to MarketsandMarkets, the real-time analytics market is expected to reach $17.30 billion by 2021 from $3.08 billion back in 2016 at a compound annual growth rate of 34.8%.
This clearly depicts the staggering growth witnessed by real-time analytics in the market. Starting from manufacturing to retail and healthcare, this concept is revolutionizing the world with its unparalleled power and speed. However this is just the beginning of a new digital world altogether where your gestures will be able to tell the kind of experience you have got with a blink of an eye.