5 Real-Life Applications of Real-Time Analytics

April 22, 2014
168 Views

ImageOf all the capabilities big data has, perhaps the most important for all different kinds of businesses is the ability to gather enormous amounts of data and analyze that data in real-time. It gives instant feedback and vital information to help the company succeed.

ImageOf all the capabilities big data has, perhaps the most important for all different kinds of businesses is the ability to gather enormous amounts of data and analyze that data in real-time. It gives instant feedback and vital information to help the company succeed.

Presto as a service is a fairly new platform that can take huge amounts of data and analyze it in seconds, making real time analytics accessible to Hadoop users. Let’s take a look at five different reasons why you should implement real-time big data analytics.

1. Crisis Management

Nobody wants to deal with a crisis, no matter the size. Unfortunately, most companies will have to, in one form or another sometime during their existence. That’s just the way of things. Fortunately for those companies, dealing with a crisis in today’s world is much different than it has traditionally been because of big data. With real-time analytics, companies can see immediately what is being said about them all over the world across different mediums including: TV, radio, internet and social media. After gathering this information, companies can then take action, whether that’s alerting media that they made mistakes in their story, or whether that’s taking in what has been said and finding ways to improve on those things.

2. An Increased Company Vision

Big data in real-time is so successful because it give companies tools and a vision they couldn’t get any other way. In the past, it’s taken weeks and months to get a comprehensive vision of how the company is doing. Many times this vision isn’t revealed until the end of a quarter, or until the end of the year. With big data, that has changed. Companies now have access to how things are doing on a minute-by-minute basis. Is a particular marketing strategy working? How’s the pricing of a new product being received? What are consumers saying about our new line? How have they responded to our recent humanitarian efforts? Things like this can all be analyzed at an unprecedented speed.

3. Quicker and Less Costly Changes

Change is always happening in the business world. Competition and innovation make it impossible to sit still. If you don’t change, you’re not going to succeed. In today’s world success often comes by how quickly you implement those changes. Real-time big data analytics gives companies that capability. Also, it allows companies to try things that they otherwise wouldn’t because of cost restrictions. With real-time analysis companies can make changes so quickly and then analyze their effectiveness quickly too. They aren’t going to lose a significant amount of money if they implement a dud. In the past doing something like this would have been too cost prohibitive, but now it’s a complete possibility. It allows companies to experiment more, which generally brings better products to the consumer.

4. Better Apps and Website Management

The world lives and breathes online. It’s time that your company does too. Apps and the Web are key to a companies success. A companies ability to provide consumers with a positive experience with an app or online site is going to, in large part, determine its success. And with real-time analysis it’s increasingly easy for companies to monitor what is and isn’t working online. Quicker changes can be made and consumers are left happy.

5.Better Resource Allocation and Money Management

With the ability to see results in real-time, companies now have the power to implement changes in real-time. This should make them extremely efficient in how they use resources and manage money. If something isn’t working companies don’t have to wait months or years to know, they can find out immediately and implement change immediately. They can see where resources are being efficiently used and where more resources need to be allocated.

In the end, the benefits of real-time analysis are huge. Companies can’t afford to avoid big data, they won’t survive in the long run. Real-time analytics will transform your business and increase your effectiveness while improving the customer experience. It provides an immediate company vision that can be used on a daily basis to make improvements and recognize success.

 

Image Source: Pixabay