Uptake of Real-Time Data Analytics
Today, technologies like AI and machine learning don’t just power our everyday devices. They also push business analytics forward, giving companies a competitive edge. Each industry gets unique insights from data analytics. But, the top players are now using real-time data for extra leverage.
Why the Buzz Around Real-Time Data Analytics?
Data analytics isn’t new. Yet, the surge in data volume and the power to use data as it streams have changed the game. A study by the Harvard Business Review, “Real-Time Analytics: The Key To Unlocking Customer Insights & Driving The Customer Experience,” highlighted this shift. It found that real-time analytics are making big waves among businesses.
Here’s what they reported over the past year:
- 70% of enterprises are spending more on real-time customer analytics.
- 60% use it to boost customer experiences.
- 58% saw a jump in customer loyalty and retention.
Making Data Work for You
What does it take to build an effective real-time data foundation? You need a system that’s secure, flexible, scalable, and quick in delivering data. This system must get the right data to the right people fast, supporting swift decision-making.
Here’s what’s essential:
- A flexible structure lets you tweak data processes as customer needs or market trends shift.
- Security is critical. Any system must prioritise data privacy from the start.
- Scalability ensures your system can grow with your customer base.
- The system should simplify tasks, not create more. It’s about timely data delivery.
- Temporal modelling brings out time-related data changes clearly.
- You need quick data access to shift from reactive to proactive decisions.
- The system should support regular improvements, tapping into advancing machine learning.
Conclusion
Real-time data analytics boosts performance and customer service. It also creates a culture that values analytics. Companies need to commit to growing their skills in analytics, data engineering, and business intelligence for the long haul.
Curious to learn more? We can help you tap into the strategic worth of your data.