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Why Real-Time Data Analytics is Important?

If you’re not aware of what real-time analytics is, stick around the article, and here you’ll find EVERYTHING related to real-time analytics.
We are now living in a world where real-time data is becoming more and more important. What companies have realized is actually data has a shelf life and the sooner we can use this data and turn this into insights, the more it can be useful for our companies.

So real-time data is about using and analyzing this everyday data as soon as it becomes available. The benefits of real-time data analysis mean that we can make faster and better business decisions. We can also create more intelligent and smarter products and services. Things like recommendation and customizing our services, and we can improve and automate our business processes.
Let's look at some examples

Detecting Bank Frauds

Real-time data analytics is already used by banks to detect potential fraud. So they will monitor how we're using our cards, the purchases we are usually making, the geographic locations when we're making our purchases.
And if something doesn't look quite right; the artificial intelligence algorithms will automatically detect that this is potential fraud, and they can add another layer of security checks into this.

Website and Apps

Are now using real-time data so their apps might monitor to see; where you are at this point? And they can identify these micro-moments where they realize you are at an airport. Maybe this is the time to serve you with an ad for travel insurance.

So more of these micro-moments are enabled by analyzing; what we do on the internet? What we are searching for? What apps we're using? When we're using them to produce better services?

Automation

Real-time data also enables automation things like self-driving cars or self-flying planes and ships that can autonomously cross the oceans wouldn't be possible without real-time analytics. So these systems use camera data, sensor data, LIDAR data. That is continuously evaluated and streamed and processed on the spot and without real-time analytics, it would simply be impossible.

Automated Data Feeds

To use real-time analytics, companies need to have automated data feeds, so much data is now available from anywhere. You can stream satellite data, web data, and social media data, but we need to feed this data in real-time into our systems.

And then we have the infrastructure in place to process it in real-time. So we need data feeds and systems to use real-time and analytics. The good news is that a lot of this is now available as a service. So even small and medium-sized companies may think that we don't have the infrastructure in place to connect our systems to weather data. And use it to analyze and predict customer behaviors.

You can now go to companies like IBM and Microsoft and Amazon that will offer you real-time analytics capabilities. You simply rent a bit of server space they might already have automated data feeds from weather services and satellite data and so on available. And you simply subscribe to it and start using it.

Final Thoughts

As our world becomes more data-driven; streaming data and real-time analytics become increasingly important for businesses. If you want to learn more about this topic; stick around the SIZ community’s posts and benefit from them. Cheers!

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