Published on November 16th, 2020 | by Ayushi Sharma0
How Real-time analysis can benefit organizations
Real-time analytics allows the users to analyze the data as soon as it comes into the system by utilizing the power of logic and mathematics on the data. This gives insights in real-time allowing to make data-driven decisions quickly. All the questions get analyzed with high speed and with quick turnaround time, hence making it extremely beneficial for businesses demanding high-velocity workflow.
Real-time analytics can be of two types i.e. on-demand and continuous. In the case of on-demand analytics, the user requests for the insights to be presented, and in the case of continuous analytics do not need the users to make the request, it can be programmed to inform the user as a certain event occurs. So, the on-demand is a reactive approach and the continuous is a proactive approach.
Value of real-time analysis
The businesses these days are growing at high speed, and so does the competition, staying ahead takes more than just doing the bare basic. This becomes especially true for dynamic industries where things can change and fluctuate in real-time. Business needs to be equipped for not just capturing this real-time data but also to generate insights in real-time. This empowers not just the top tier but also the people who are making and implementing changes right now. Historical data analysis is certainly important but for industries where let’s say consumer demand and behavior tend to change in real-time, businesses need to make immediate decisions to enhance consumer experience and also to increase their revenue. Here is an example of how real time analytics enhances a consumer centric business. The brands can track the orders in real-time and recognize trends as and when they are taking shape and make quick decisions to utilize the trend. For e-commerce, managers can see the customer activity live like the page views, clicks, and cart updates which enables them to make better recommendations increasing the chances of conversions.
There are very many benefits of real-time analysis like quick decision making, reducing risk, and analyzing consumer behavior in real-time.
The business situations can be volatile and changes can take place suddenly, for example, market trends transition, consumer behavior change, manufacturing equipment malfunction, and more. Using real-time intelligence, the decision-maker can gauge the situation appropriately and take the right actions quickly and prevent any losses and optimize the current workflow.
Testing in real-time
With real-time data, it becomes much easier to test many things, for example, marketing campaigns, websites, and mobile applications. These tests allow users to make changes based on data-driven insights.
Monitoring customer behavior
Consumer behavior is an ever-changing thing and with real-time analytics, it becomes easy to have that competitive edge the companies are always looking for. Brands get to know the reasons, trends, and other background information regarding consumer behavior. Managers can make fast-paced decisions to enhance their engagement level and experience.
Employees in all the departments can utilize real-time analytics for various processes. The IT teams can identify the bottlenecks, HRs can make the processes efficient and operations can identify anomalies live. This helps in stopping any revenue leakages and make the company’s internal working optimized.
It can be undoubtedly said that times have changed, and everything has gone fast, from businesses to consumption patterns. The companies need to utilize emerging technologies like real-time analytics to stay ahead in this new world. It does not just provide real-time insights but along with machine learning implementation, companies can make futuristic strategies that can help them stay ahead of the trends and always a step ahead of the competitors.