What is real-time analytics?
Real-time analytics includes the technologies and processes that measure, manage, and analyze the data your enterprise collects as it enters the database. Real-time analytics allows you to glean important insights more easily and capitalize on opportunities as they occur.
Businesses leverage the power of real-time analytics and big data to enhance internal operations, such as improving workflows and helping sales and marketing work more efficiently together. Real-time analytics tools also provide insight into customer behavior and marketplace trends as they happen, allowing you to respond rapidly and stay ahead of the competition.
Benefits of real-time data
The benefits of using real-time data include increasing time to respond or take action, minimizing risk, understanding customer behavior as it happens, and driving money-saving efficiency into your organization.
Increased reaction time
Sudden changes can happen at any time, including equipment malfunctions, market transitions, or consumer shifts. Real-time analytics allow you to understand these changes as they happen, so you can react quickly to a pressing situation and avoid lost revenue, serious damage, or brand fallout.
Testing in real-time
Real-time analytics allow you to test and refine everything from your website and app to your marketing programs and pricing structure more easily and effectively. When data is analyzed and available in real-time, you can take smaller, calculated risks to achieve higher rewards.
Monitoring customer behavior
Real-time analytics can help you gain a competitive advantage because they allow you to know how and why (and when) your customers make (or don’t make) buying decisions. With that knowledge, you are better prepared to make fast, effective changes to encourage high-value activities such as increased spend and engagement time.
People across your organization accessing business intelligence in real-time diminishes your IT team’s burden as well as the bottlenecks typically experienced by your analysts. Reducing such inefficiencies better scales human capital and results in cost savings. Also, the resulting, smoother process saves time and money.
Real-time analytics examples
Real-time analytics delivers the business intelligence you need at the time of decision. The following real-time analytics examples illustrate how businesses use it to their advantage.
Provide real-time data in formats customers want
Being able to serve up analytics data in real-time is a tremendous value add to your product and company differentiation. Real-time analytics provides your customers makes your product and service more valuable and sticky.
Make marketing campaign adjustments in real-time
Making data instantly accessible can help put your team on the same page for a variety of initiatives that require a swift response. From adjusting campaign parameters to modeling new campaign options, access to real-time data is critical to the success of all social media marketing initiatives — you don’t want to optimize your holiday ads the week after the holidays.
Differentiate a software product with minimal development time
Adding new business intelligence features to an existing enterprise software suite doesn’t have to involve lengthy development time. A properly selected real-time analytics platform can support a fast go-to-market strategy, integrating data to your customers to distinguish your product from the competition.