What is real time analytics?
It’s the act of processing big data as it happens. And for those of you who don’t know what big data is – first and foremost, we’re glad you came out from under your rock.
Secondly, you may not realize it, but every tweet you send isn’t just your opinion on the restaurant you’re at, or an Instagram of what you had for lunch, it is part of the big data schema, providing information about who you are, where you are, and what you like.
We are creating more data than ever before. In fact, according to Innovation
Enabled: Real Time Analytics (via Fast Company) in the next 8 years, big data will grow 50 times. So how, as a business, do you manage that massive information se while maintaining a competitive edge?
Real-time analytics allows you to capture, organize, and analyze as the data arrives. For example, the two can provide retailers the opportunity to appropriate stock, or remove, inventory from their shelves.
It’s a fairy tale relationship for businesses, giving them the opportunity to answer questions in seconds, rather than hours or days in a traditional system.
In a nutshell, big data, paired with real time analytics, means big insight which leads to smarter decisions and ultimately a better looking bottom line.