Real-Time Analytics in Big Data for Quick Actionable Business Insights
Most business decisions depend on data. For organizations to make the right and wise decisions, real-time analytics and full access to data are vital.
Sometimes, business owners need to make a critical decision quickly, and this real-time data analysis is one of the sought-after solutions.
The analytics sector has been growing in the past decades. In 2018, it recorded a whopping $6.32 billion. Grand View Research predicts the market will grow at a CAGR of 29% by 2025, which is not surprising at all.
What is Real-Time Analytics in Big Data?
It is either a process or technology designed to measure, manage, and examine a large amount of data that small, medium-sized, or well-established companies collect as they enter their database.
Moreover, this analytics type allows businesses of all sizes to gather deeper insights without any trouble and take advantage of opportunities along the way.
Businesses have also started to improve their workflows, help any marketing campaign work, and enhance other internal operations to leverage the possibilities of data analytics.
Benefits of Real-Time Data Analysis
You are losing your repeat clients to other businesses. Your sales keep declining for the past days or months.
Do not relax. Your data monitoring is the culprit. Tracking a massive amount of information is where most businesses struggle. Similarly, if you have tried to monitor your data and failed, do not lose hope. Real-time data procession can ensure quick, reliable, and thorough monitoring. It may cause a dent in your savings account. But your efforts will pay off at the end of the day.
Generally, A/B or split testing is time-consuming and daunting. But say bye to any trouble with real-time business intelligence. With all data at your fingertips, you can either forecast decisions using big data with confidence or optimize data within a blink of an eye. Plus, you can carry out any type of testing.
Many businesses are afraid of investing in real-time web analytics because of the cost. But it is not as expensive as organizations imagine.
In organizations without real-time customer analytics, it is vital to hire and establish your IT department, which requires more expenses in the long run. Companies with the right analytics allow the workforce to access business intelligence instantly and minimize the bottlenecks in your analysts’ experience. It also helps your people be more focused on what needs to be carried out every day. Plus, it results in bigger savings and makes business operations smoother than ever.
Other benefits are highlighted below:
- Identify potential and costly errors.
- Study competitors and find their strategies.
- Detect frauds and take any preventive action.
- Lastly, better knowledge of sales.
How Does Real-Time Analytics Work?
It’s simple. It either pushes or pulls data into a specific system with streaming. Streaming, however, requires various resources. Other people raise concerns that streaming may be impractical for other uses. The trick here is to pull data in intervals. It can be a few seconds or hours.
Apart from that, this analytics method requires several components to work. These include stream processor, aggregator, broker, and analytics engine.
Aggregator pulls/gathers data analytics from multiple sources. Analytics engine compares each value of data. While streaming it together, it performs IoT data analysis.
The broker is responsible for creating the availability of data. Stream processor, on the contrary, executes logic and even performs analytics within a second or two.
Data Analysis for IoT Application in Real-Time Processing Using Microsoft Power BI and Azure Stream Analytics
Traditionally, the occurrence of a specific event is reported after a few hours, which can pose problems to businesses from different sectors.
Microsoft Power BI and Azure Stream Analytics allow you to read and even examine data whenever it flows into any system.
Azure Stream Analytics is responsible for analyzing and processing high volumes of streaming data from countless sources simultaneously. Microsoft Power BI will provide real-time dashboarding.
Data Visualization of Real-Time IOT Data in Microsoft Power BI
The business generates data on many key performance indicators, including sales revenue, costs, marketing performance, staffing levels, customer interactions, production metrics, and inventory levels.
But it is complicated for people to examine and comprehend much data. Things changed today.
As Azure Stream Analytics examines and processes streaming data, Power BI turns every granular data into easy-to-understand information. It is convenient.
But how much does Microsoft Power BI cost? It comes with two pricing plans as Power BI Pro and Power BI Premium. Power BI Pro is available at $9.99, while Power BI Premium costs around $4,995.
What are Challenges in Real-Time Analytics?
Although the speed may vary, analytics in real time must process data at the right speed. The architecture should also handle the increase of data volume and be easily scaled up when needed. Data architecture consulting is a recommended approach for this.
- Change Comes with Resistances
It is a huge challenge to implement real-time analytics in a company used to traditional intelligence methods.
Existing employees will be the main source of headaches, literally. Although this may open new opportunities, it may be a disruption to employees. The trick here is to clarify and explain the reasons for the sudden shift.
- Implement New Ways of Working
In conventional analytics, companies get their insights weekly. But this analytics process is different. Businesses can gather real-time data insights and generate Power BI reports, which is a different approach to analysis. For organizations to succeed, their working environment and culture must be relevant with this non-traditional method.
Every business dreams of standing apart from the competition. Once integrated into your business operations, it will be easy to make decisions. But the implementation is always challenging. Do not worry. Take your time, and there is no pressure. Also, there are experts to count on and hire.
Frequently Asked Questions
What is the value of real-time data?
Real-time data gives us enough information needed for business operations, from sales, employee engagement to marketing. Before, we needed to jump from database to database. Today is different. We can collect data in one place.
What can real-time data tell you?
Generally, real-time data provides businesses deeper insights about anything related to the business itself. It can help level up the quality of your service, improve your marketing, establish a highly competitive team, and more.