Big Data has been around for a number of years, allowing businesses to collect a great host of information and gather it into one place, where it can be sifted through, analyzed, and then used in practice. However, Big Data – as the name suggests – is massive, and not all the information you gather will be valuable to your business or field in general. Finding what you really need can resemble finding a needle in a hay field, with several false alarms making you think you’re tracking the right data while it leads you to a dead end.
With the roaring competition of the modern day, having instant and accurate results for how to adjust your marketing plan, your products or services, your website, and more is crucial. A few-minutes delay can give your competition the chance to push ahead, meeting those consumer demands and leaving you without profit.
How can Big Data get any faster? The answer is, it can’t. That’s where real-time analytics comes into play – a new tool that has only recently exploded in popularity.
What is Real-Time Analytics?
The need for faster, more honed results has driven many businesses to go the extra mile and adjust the way they handle data. Big Data compiles the information into a figurative “lake,” which then must be filtered and sorted through to find the results needed later. Real-time analytics changes the approach, requiring businesses to make the extra time and effort in assessing the data, categorizing the data, and then depositing it in the “lake.”
This makes it vastly easier and less time-consuming to find the accurate, relevant data when it’s needed especially when using tools like Qubole's Apache Spark service. While this requires additional manpower and equipment now, it allows businesses to reap better results later on.
The Benefits Real-Time Analytics Brings to Businesses:
1. Faster Results
By categorizing the data rather than placing it in the “lake” while it’s still raw, when queries are sent in to retrieve the appropriate data, it can sift through the contents faster than ever before. This allows you to not only predict trends before they happen and make decisions based on the real-time information, but also benefit from an archive of focused information waiting at your command. Should a threat or barrier arise in your marketing plan, you can consult the data available to you immediately rather than waiting days or even weeks.
2. More Accurate Results
The greatest handicap of Big Data is its unfocused results. The information you collect may not be relevant to your business or project, meaning you will spend additional time going through irrelevant data before reaching what’s truly important. Even more frustrating, should you locate a thread you believe to be valuable, there’s a very real possibility that you’ll find it worthless once you have already followed it to its end. Real-time analytics allows to you reap more focused results that have already been analyzed and properly catalogued, eliminating those distracting ventures.
3. Less Expense
While the process of real-time analytics is more costly and time-consuming in the beginning, the benefits you reap in the long run will quickly make it the more profitable choice. Rather than devoting additional manpower and resources to sifting through the data last minute, you can make that expense now and avoid dead-end results or delays in receiving the information you need. This allows you to harness trends and connect with audiences more effectively than ever before, which will bring in greater profits.
4. Pleased Consumers
While the focus is to reach an audience before the competition, one must consider the final product the consumer is receiving. With real-time analytics offering faster results, more accurate results, and saving you expenses, you can devote money and time to improving the service you offer the consumer. The final product will be more honed and pleasing, earning you a positive reputation and encouraging consumers to choose you for your ability to cater to their needs.
Big Data is one of the most appealing tools available to businesses, yet it possesses many handicaps. You can think of real-time analytics as Big Data 2.0, allowing businesses to cut through the hindrances and experience greater results than ever before. In much the same way cloud computing has taken off, real-time analytics has equal potential to change how you operate your business.