What Is Real-Time Data Analytics and Who Uses It?
June 2, 2022
When an opportunity or problem occurs, businesses need to act quickly. Using a flow of constantly moving, or streaming, data, real-time data analytics makes immediate action possible. According to Gartner, applying smart AI technology to real-time data brings companies closer to achieving “continuous intelligence.” It is all about capturing new data and processing it as it happens, allowing businesses to be proactive in seizing opportunities and preventing problems in real time.
Real-time analytics is increasingly important in collecting data for a wide swath of industries, including financial services, delivery and logistics operations, pharmaceutical chains, manufacturers, social media companies, mega-retailers, and gas and oil behemoths. It is becoming the best way for companies to make connections with what their customers’ or clients’ needs are at the time they need it.
Keep in mind that real-time analytics involves fast-moving data that’s often messy or unstructured. Necessary procedures such as data validation and cleansing will need to be completed on the fly, meaning more processing power and expense. The advantages of getting it right, however, can be huge.
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