In order to compete in an increasingly data-rich landscape, businesses are investing significantly in automated and real-time data analytics. By retiring time-consuming and error-prone manual data processing methods, analytic process automation is enabling enterprises to achieve and maintain data management scalability. Real-time analytics tools are then providing businesses in fast-moving industries with a further competitive advantage.
Here’s how your business can streamline its data analytics efforts by taking advantage of automated and real-time data analytics:
The Advantages of Automation in Data Analytics
Automated data analytics relies on artificial intelligence (AI) / machine learning (ML) computer techniques to perform analytical tasks, detect relevant anomalies, patterns, and trends, and deliver insights to business users with little or no human intervention. As well as increasing the speed and efficiency of data analytics, automated analytics is the key to effectively analysing big data, ensuring data integrity and credibility of results.
In order for businesses to gather live data for instantaneous analysis, they must first have an automated data analytics infrastructure in place.
The Benefits of Adopting Real-Time Analytics
Real-time analytics is defined by TechTarget as “the use of data and related resources for analysis as soon as it enters the system”. The potential benefits of such applications for organisations include faster decision-making, increased business agility, and improved customer service. By making sense of data quickly, accurately, and responsively, businesses are able to seize opportunities and prevent problems as they arise.
The widespread availability of data combined with the accessibility of real-time analytics tools has made it possible for organisations in a range of industries to improve business intelligence thanks to continuous data-driven insights.
Examples of Real-Time Data Analytics
Author and thought leader in the field of business and technology, Bernard Marr, has compiled a list of some of the best examples of businesses that are using real-time data analysis in order to drive intelligence and gain a competitive edge.
- Social media platforms, such as Facebook and Twitter, using streaming analytics to identify, label, and/or remove fake news posts as they materialise
- Internet of Things (IoT) devices, such as smartwatches, continuously monitoring physical activity and location-based data in real-time
- Companies such as HSBC, Visa, and MasterCard analysing transactions in real-time and using pattern matching to identify fraudulent behaviour and keep finances secure
- Animal conservationists using real-time data analytics to track and monitor the health of endangered animal populations worldwide
Take Your Intelligence to New Levels with Slingshot Simulations
Have these real-world use cases for automated and real-time analytics inspired you to think about how your business could process live data and use it to drive intelligence? Contact the dedicated team of experts at Slingshot Simulations to learn more!