The world is trending in “Real-Time”, squeezed
down to hashtags in various social media platforms and search engines showing
trending topics to live previews. One such trending topic is “Real Time
So what is it anyway? To answer this question
lets break it down in to three parts: World Wide Web, Data Analytics and Real
A long time ago in World Wide Web (www), far far
away there were only a handful of useful websites and very limited traffic or
web visitors. What is the oldest website you can recall? With the advent of
new age technologies today we have roughly around 3.2 billions of internet
users and 328 million new devices being connected to the internet each month,
communicating with each other at speeds ranging in gigabytes for almost
everything we need on a daily basis right from education, grocery shopping,
social networking, a doctors appointment, paying utility bills etc.
With this explosive growth of Internet user base
or netizens, it became imperative to monitor this data for national security,
business & e-commerce and interests of consumerism. This is where data
analytics started taking shape. The early days of data or web analytics were
predominantly some basic software that monitored total number of online
visitors and how many eyeballs visited a website.
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.
Business owners could experience the thrill of
watching live visitors to their website, their browsing behaviour and while at
it they could even suggest next “call to actions” to reach a step closer
towards the desired solution.
For consumers decision-making process has never
been so quick and easier, backed by a detailed history of browsing behavior,
customer database records, previous purchases and transaction history,
solutions/suggestions are presented within a few seconds.
For example, think about Google Maps, or any
navigation software that guides you the best route with least traffic.
Although very complex algorithms are running behind the scenes, but the
simplest way to understand about how it is achieved is traffic data collected
from counting vehicles at each traffic light. We can use “Hadoop” or “Spark” to
analyse this data. Among useful insights can be “traffic hot-spots”, “traffic
trends over time” etc. It is interesting to know after a one hour, there was
traffic in “US-101”. On the other hand, It is much more useful to know there is
traffic now, so one could avoid it.
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.
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.
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.
115-116 Spon End, Coventry - CV1 3HF United Kingdom