Businesses soon realised that the crucial
information like where these visitors came from, what brought them there, when
and why they left was of great value for both the consumers and the sellers.
The development of BI(business intelligence) software which uses mostly logic,
mathematics and statistical models to analyse the traffic boomed within a few
years. The insights were very powerful and the predictive nature of the outcomes
became more and more accurate about consumer behaviour and its popularity gained
across industries from banking, transportation, defence to hospitality.
To make things more exciting, these analysis and reporting’s became lightning fast i.e. you can view the computed output almost immediately after your inputs within a few seconds, hence “Real-Time”.
The roots of Real Time Data Analytics lie in the
Aviation Industry, Defense Systems and Robotics. These sectors had dynamic functions that
accessed live data in real time to deliver highly responsive results.
Real-Time Analytics is considered a quantum leap in
the field of Data Analytics since it provides outcomes of an event at the same
time as it is occurring.
Benefits of Real Time Analytics
to capture instantly raw data and feed it in disruptive systems which enables
to retrieve and sort the data in a much faster way gives out results almost
instant trends, predicting outcomes and better options.
No, it doesn’t mean it comes at a lower cost. There is huge implementation and fixed costs but the benefits it carries in terms of scalability, quicker turn around times, faster transactions minimize wastage of resources and channelize dead end leads to higher profitability in the long run.
In contrast to Big Data which is often more in-depth analysis of all available structured and unstructured datasets collected over a period of time and may bring significant insights beneficial at a institutional level, real time outcomes favours the instantaneous decision making process with precise outcomes.
Summarizing the above, modern day businesses are heavily data driven and Real Time analytics has emerged as the hero we needed whether if we deserved it or not. It lets you analyze data as they come in and make important decisions within milliseconds to few seconds.
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