In recent years, more and more companies are able to collect large amounts of real time data from an increasing number of sources. But are these institutions really taking advantage of those real time data to gain a competitive advantage?
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Having the vast amount of data that big data provides in your organization's systems is one thing., but Be able to store, analyzing and visualizing that data in real time is something else entirely. More and more institutions need to have real-time information to fully understand what is happening within their organization.
What are the benefits and drawbacks you can expect from processing this real-time data from big data?
Advantages of real-time data analysis from big data
Institutions capable of processing data in real time find their investment has paid off. when they experience situations like the following:
- IT is relieved of a significant workload: This translates into significant cost savings and a boost to the performance of the professionals in this Department., that instead of spending their time answering questions, they can address issues of greater strategic relevance. While the implementation of analysis tools real time data Can be expensive, over time it is synonymous with lower costs.
- Customer service visibly improves: the follow-up resulting from Real-time data processing enables the organization to be proactive. and prevent future errors and problems. At the same time, it is easier for them to adapt their proposals to the real needs of the client, who notices how your shopping experience improves, which implies an increase in sales and a boost in the loyalty index.
- The risk is minimized: Real-time data processing and analysis makes it possible to identify any anomalies or errors instantly. Discovering and understanding these failures as they occur helps companies react quickly, thus mitigating the effects of any operational problems and preventing their spread.
- Trends are easier to spot: Variations in demand are recorded as soon as they are detected, promoting the essential actions so as not to lose alignment with the evolution of the market. This valuable information does not translate into Precise decisions that guarantee adaptation to customer needs at all times.
- More advanced fraud detection: in the same way that the appearance of several changes indicates the beginning of a trend, Real-time data processing helps alert you to signs that fraud is about to occur. The advantage is that this immediacy makes it possible to take measures in time to stop the action or limit the damage that could be caused.. Among the industries that have benefited the most from this capacity are institutions in the financial and insurance sectors..
- Competition monitoring: competitive analysis interpreted in its most advanced version, when it is done through the processing of the Real-time data is the only way to stay one step ahead of rival companies. The instantaneous knowledge of changes in their strategies or variations in their prices allows them to readjust theirs, without ever giving up your market position.
Challenges of big data real-time data analysis
While the analysis benefits real time data They are very difficult to overcome, fundamentally when it comes to working with big data, It is also true that it is not something within the reach of any organization.
To experience the benefits it offers, you must first be able to overcome challenges like:
- Cultural changes: using real-time knowledge requires a different way of working. It is necessary to introduce variations in processes and approach and ensure that all business users are comfortable working in one. data-driven organization, are prepared for this and have the essential tools.
- Investment in infrastructure: neither Hadoop nor many of the technological solutions on the market are ready to work real time data. A special computing power is needed at the same time of certain attributes that are not so easy to find, nor are they within the budget of all companies.
