Updatability used to be a huge challenge for data analysts because they couldn’t be sure their source data was fully up-to-date; and even when these analysts could be ensured of up-to-the-minute data, the computers of the age were too slow to deliver insights in real-time. However, advances in computer technology now allow for this sort of fully-up-to-date insights to be created. This new ability―known as real-time analytics―is invaluable to businesses that need to deliver up-to-date data-based insights either to clients or internally.
Why Real-Time Analytics?
Very often, especially at larger corporations, executives need real-time information to make the best business decisions. Not having real-time metrics can even cost the company thousands of dollars. The latest computer technology makes automated real-time analytics available at a relatively low cost. As the cost of real-time analytics continues to decrease, its prevalence across nearly all industries continues to increase. It is more likely than not that one of your competitors is already using the transformative power of real-time analytics, and even if not, adopting a real-time data analytics practice is just the sort of economizing advantage your organization is looking for.
Use Cases For Real-Time Analytics
There are countless problems which real-time analytics could help solve, but here are some especially clear-cut examples.
Fraud Detection at Point-of-Sale
All sorts of advanced machine learning-based fraud detection solutions exist these days, but these solutions are not nearly as useful if the fraudulent transactions they identify can’t be prevented before they happen. In order to rapidly identify and prevent such transactions, points-of-sale must have access to both (a) up-to-date data on other transactions, e.g., past fraudulent transactions using the same credit card, and (b) the computing speed to algorithmically ascertain whether each transaction is legitimate within seconds.
Every day, investors trust financiers to manage trillions of their hard-earned dollars. In order for these professionals to effectively allocate capital, they need access to up-to-the-second data on the prices of stocks and other financial assets; for in a business as competitive as this one, a profit opportunity that exists one second may not exist the next. That’s where real-time analytics come in, maximizing the transparency of financial markets by delivering fully-updated data and insights.
Self-Help Reporting Tools
Automated reports can be created using Excel, Tableau, PowerBI, or other reporting infrastructure, such that the reports reflect changes in the source data as they happen. For example, if your organization has a sales report, real-time analytics would enable that report to automatically update as soon as new sales occur.
Opportunities For Your Organization in Real-Time Analytics
If your organization has a potential use case for real-time analytics but you’re not sure where to start, you’re in the right place — the experts at Boxplot Analytics are especially passionate about granting the benefits of real-time analytics to organizations of all sizes. Set up a time today for a conversation over Zoom to discuss your real-time analytics options.