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article | 23 Nov 2022
Real-time data analytics is changing the world
Przemysław Pala
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Real-time data analytics has the potential to change the world in a number of ways. We want to focus on a wide spectrum of this notion.

 

First, it can help organizations make better decisions by providing them with up-to-the-minute information about what is happening within their businesses. This can allow businesses to react quickly to changes in the market or within their own operations and make adjustments accordingly.

Second, those fast analytics can help improve customer service by allowing organizations to identify and address problems as they happen. This can lead to happier customers and improved retention rates.

Finally, it can help businesses save money by reducing the need for manual data entry and analysis. It can also detect frauds, crimes, and infringements in real-time, assisting organizations in avoiding costly penalties. In sum, those fast-as-lightning data has the potential to significantly improve the way businesses operate and the way consumers interact with them. It is an exciting technologic way that will majorly impact the world in the future.

 

Why is it necessary for businesses today?

real-time data analytics
Real-time data analytics is the process of examining data as it is being generated in order to identify trends and make decisions.

 

This is different from traditional data analysis, which looks at data that has already been collected. Real-time analytics is vital for businesses because it allows them to make faster, more informed decisions. For example, if a company is monitoring online sales data in real-time, it can quickly adjust its inventory levels to meet customer demand. Additionally, it can be used to identify patterns and trends that might not be apparent when looking at historical data. This information can be used to make strategic decisions about marketing, product development, and other business areas. Ultimately, it gives businesses a competitive advantage by allowing them to act more quickly and effectively than their rivals.

 

In what ways can such fastly gathered data improve end-user satisfaction?

 

How can such immediate processing of data and its analysis benefit businesses?

Firstly, it can provide organizations with up-to-date information about their customers and their behaviour, allowing them to make decisions that are tailored to customer needs.

Secondly, it can help organizations identify and address performance issues in real time, helping them to avoid problems that could lead to costly penalties.

Thirdly, it can provide insights into customer trends and behaviours that can help businesses make more informed decisions about marketing, product development, and other areas of the business.

Finally, it can help businesses gain a competitive edge by allowing them to act quickly on data and make decisions faster than their competitors.  Overall, this kind of data can provide numerous benefits for businesses, helping them to better understand their customers and stay ahead of the competition.

real-time data analytics

 

Benefits of using real-time data analytics in marketing campaigns

 

It has become increasingly important in the world of marketing. In the past, companies would have to wait weeks or even months to receive campaign feedback. This meant that they often had to make decisions based on limited information. However, with the advent of the above-mentioned analytics, companies can now receive feedback almost immediately. This allows them to make more informed decisions and ensures that their campaigns are more effective. Additionally, it allows companies to identify and address problems quickly. This can help to reduce costs and improve customer satisfaction. As a result, it is clear that it provides a number of benefits for marketing campaigns.

real-time data analytics

Analyzing data in the very moment improves a company's operational efficiency

That fast data gathering has the potential to revolutionize the way companies operate. By continuously monitoring operational data, businesses can identify inefficiencies and bottlenecks as they happen. This allows them to take corrective action quickly before these issues have a chance to cause major problems. In addition, it can help businesses to track their performance over time and identify trends. This information can be used to make operational changes that will improve efficiency and help the company to save money. As more and more businesses adopt such solutions, we are likely to see a significant increase in operational efficiency across a wide range of industries.

“62% of firms on average globally found that access to real-time data made processes more efficient.”

CEBR Report

 

Walmart case study showing quick data usage effects

In 2001, Walmart was the largest retailer in the world, with over $200 billion in sales. However, the company faced several challenges, including a decline in customer satisfaction and an increase in competition from other retailers. In order to address these issues, Walmart invested heavily in technology, including a platform that would allow the company to track customer behaviour in detail. The platform was called Retail Link and quickly proved to be a valuable asset for Walmart. By understanding how customers were shopping, Walmart was able to make changes that improved the customer experience and increased sales. For example, the company began stocking more popular items with customers and reduced out-of-stock items by 50%. In addition, Walmart used Retail Link to identify new product and service opportunities. As a result of these and other initiatives, Walmart regained its position as the world's largest retailer.

 

What do numbers say to us?

An executive summary report produced by the CEBR (Centre For Business & Economics) entitled “Real-time data: The speed to business value” gives a very precise overview of the matter.

Here you have some of their findings that we found valuable and eye-opening:

  • Potential revenue increases of 28.1% across the board, potentially totalling almost $4.2 trillion
  • Over 80% of firms reported revenue increases after deploying real-time analytics systems and processes
  • A rise in positive customer feedback for 98% of firms
  • More efficient processes for 62% of businesses
  • $321 billion of non-people operational cost savings, with a potential to reach $379 billion in the future
  • A reduction in data anomalies in all industries and locations
  • Total increases in Gross Value Added (GVA)1 of $1.9 billion across all countries and sectors from using that processed data system to process and manage data, with a potential to grow by a further $868 million
As you can see, the results of the report are astonishing and very powerful. The message is simple, and most of you already know the answer by now. It’s not and if, but when to properly use real-time data analytics.

 

 

Real-time data analytics is the answer

It is clear that gathering and understanding big data in a blink of an eye provides considerable benefits for businesses across the globe. In today's competitive marketplace, companies need to have access to accurate and timely information to make informed decisions and react as quickly as possible.

Instant processing of acquired data can help businesses with that by improving marketing campaigns, operational efficiency, and customer satisfaction. For these reasons, among many others, it is crucial for businesses to invest in such platforms.

 

If you want to improve your business, reach out to Neontri, and let’s have a coffee call together. This will help you make better decisions, improve operational efficiency, and increase customer satisfaction. The way of processing data in an extremely short period of time is essential for any business that wants to stay competitive, and we are here to help you with that!

In the latest business case, we used these technologies as part of the project that you may find useful and right for your future projects:

  • Apache Bean - a library for pipelined data processing. It is agnostic in terms of which platform it is run on.
  • Dataflow - a service fully managed by Google Cloud. It allows you to run Apache Beam jobs. We only pay for the time when a task is running.
  • Cloud Run - a service fully managed by Google Cloud. Allows you to run services and only pay when they are used. It also has autoscaling capabilities.
  • BigQuery - a service fully managed by Google Cloud. A data warehouse that allows quick analysis and minimizes costs.

You may also like the following:

  1. Entering the world of big data
  2. How clouds diminish time-to-market for IT products