Is streaming analytics the asset you need right now?
The idea of streaming analytics or real-time analytics isn’t new, but the idea holds more weight than ever before with what’s going on in the world right now. Organisations need technology that empowers them to operate with greater speed and efficiency, and the ability to analyse data in real-time can do that. In this blog post, I explain what streaming analytics is and how it can help organisations during these trying times.
What is streaming analytics?
As the name implies, streaming analytics refers to analytics capabilities that can capture and analyse data as it is being streamed into the system. Unlike conventional analytics systems, real-time analytics does not require data to be stored and cleaned for analysis because the system is analysing data through continuous querying.
There are two types of real-time analytics: On-demand real-time analytics and continuous real-time analytics. The former focuses on a reactive analysis approach, while the latter takes a more proactive approach to analysis.
With real-time analytics, the system processes a query from a user to give results immediately. Meanwhile, continuous real-time analytics regularly updates the system with alerts in real-time without user input. Depending on their needs, some systems are better suited for some organisations over others.
Why is streaming or real-time analytics helpful to organisations?
Streaming analytics is a vital asset for any business because it can capture and process data as it is coming through the system. This allows the organisation to create contextually relevant reports based on the latest data. With this system, businesses can create and finalise their findings within minutes, allowing them to act faster and be more proactive.
Real-time analytics can be especially beneficial for organisations during these trying times. For example, if you want to create business plans for the future, you would want to know the latest information on the COVID-19 virus.
Streaming analytics allows you to integrate the data from a relevant database, as it is being updated, to create reports based on the latest data. Alternatively, the analytics system can also update an external database, if necessary.
Analytics platforms with real-time capability allow organisations to create their strategies around timely relevant data, which improves the quality of decision-making and gives them more accurate options. Furthermore, it improves the overall analysis process because it removes a redundant step, allowing businesses to generate insights at a faster, more efficient rate.
With streaming analytics, organisations are better equipped to handle the future. Organisations will now find it much easier to anticipate in terms of what might happen in the long run and plan for it. This is because real-time analytics reflects the latest developments in a situation, something which is invaluable when we need to know how the pandemic will hurt our fortunes and lives.
Data visualisation is another huge benefit of streaming analytics. Visualisation is vital for the processing of information – let’s face it, it’s much easier to analyse data when it’s presented as graphs and charts instead of lines of numbers. With real-time analytics, organisations are in a better position to analyse their KPIs with in-depth detail.
Organisations can breakdown and examine every granular view of their performance. This includes costs, sales and even information. Given current circumstances, the ability to analyse every aspect of operations could pave the way for innovative solutions to the massive problem that is the COVID-19 pandemic.
Under normal circumstances, streaming analytics allows organisations to better understand their customers and buying preferences. Given the pandemic, customer behaviour would have changed significantly, but how are they spending their extra time? How are they obtaining their necessities? Are they still in the market for goods and services? Are they out of a job?
Streaming analytics makes it easier for any organisation to answer these questions. Organisations directly involved in combating the virus would want to know the latest on people’s movements, the direction the virus is spreading, along with hundreds of other variables. Thanks to analytics, organisations now have that capability.
Investing in the right platform
Public and private organisations across different industries are having a hard time navigating the pandemic. During this time, every organisation is going to need every tool that can help them stay afloat.
Streaming analytics allows organisations to be more responsive, agile and smarter in their decision-making process.