According to a 2022 study, 80% of companies experienced increased revenue due to utilizing real-time data analytics. In concrete terms, real-time analytics is the method of assessing real-time data and using the results of this evaluation to inform decision-making.

It’s the new frontier for user research and customer behavior analysis, as it gives real-time information about an enterprise’s products or services in motion and how customers interact with them.

Such insights allow businesses to identify market opportunities and make quick product or service modifications to address customers’ needs and reduce customer churn.

Benefits of Real-Time Analytics for Enterprises

Real-time analytics brings actionable insights to the fore for better decision-making. Here’s a rundown of the benefits accrued to enterprises across sectors:

Micro-Targeting Precision

Real-time analytics allows businesses to segment their audience into particular categories, enabling them to see what their customers like to interact with, how they make purchasing decisions, and more. This way, personalization can be facilitated to an unprecedented level of precision. Enterprises can tailor their messaging and offerings with exceptional accuracy and enjoy higher conversion rates.

Fraud Detection Agility

As per IBM’s recent analysis, the average data breach cost in 2023 is a whopping $4.45 million. Such an active threat landscape compounds the concerns for core industries (like financial services). However, real-time analytics can save the day. For example, with real-time analytics solutions, financial institutions like banks and insurance companies can quickly detect fraud cases that they wouldn’t be able to detect otherwise. They can even prevent them from happening in the first place.

Operational Anomaly Detection

Real-time analytics can help businesses by unearthing unusual patterns in machinery and operations. This helps identify anomalies before they become actual problems, helping industrial plants to be more efficient and run more smoothly.

Patient Treatment Personalization

Healthcare providers can utilize real-time data to determine which treatments a patient will respond to most positively or which treatments would be better suited for a specific condition or ailment. This improves healthcare delivery and reduces the likelihood of misdiagnosis, exaggeration of issues, and unnecessary delay.

Dynamic Pricing Strategy

With access to real-time operational insights, retailers can implement real-time pricing adjustments based on demand fluctuations, competitor pricing, and other factors to help them maintain a competitive edge in the market. This can maximize revenue and profits.

Challenges in Implementing Real-Time Analytics

By now, we’ve seen how real-time analytics can accrue several advantages for diverse sectors. However, there are some challenges as well that transpire from the inherent complexity of the analytics function.

Consider this; real-time data streams can be massive and rapid, requiring significant computing power and storage. Many real-time applications require a threshold for event rate beyond which the data cannot be processed in real time. That said, here are some major challenges in real-time analytics:

  • Complexity: Real-time data analysis is complex in nature. It involves transforming, monitoring, and processing data streams in real-time.
  • Latency: Data latency is measured in seconds or milliseconds. Real-time analytics solutions must process the data quickly to deliver actionable insights without delay.
  • Volume: Many real-time applications deal with massive volumes of data. They require robust analytics tools and techniques to deal with extensive volume.
  • Lack of Skilled Resources: Real-time analytics requires highly skilled personnel to handle massive amounts of data. These professionals must be domain experts and adept in data management and processing.

Navigating Challenges with Emergys’s Managed Services Prowess

Navigating the discussed challenges with managed services requires a strategic and comprehensive approach that aligns business objectives with advanced technological solutions. What does this entail? For a start, enterprises must look for managed services providers that offer 24*7 monitoring, enhancement and support, platform upgrades, and more.

Once partnered with expert service providers, organizations can leverage specialized skills to tackle complexities seamlessly and professionally. These managed service partners offer tailored solutions, addressing resource limitations and staying attuned to rapid tech evolution.

For example, at Emergys, we enable enterprises to leverage real-time analytics to:

  • Boost pattern and trend recognition
  • Unearth relatively deeper business insights
  • Develop a better grasp of customer needs
  • Narrow down the scope of business performance improvement
  • Effectively respond to changing market
  • Predict trends and shifts in demand

How do we accommodate this? Emergys’s real-time data analytics solutions offer organizations a potent combination of advanced analytic models, scalable and secure cloud infrastructure, and a rich palette of features. In this way, we link customers with actionable insights that boost the quality of their initiatives. For example, we provide them with:

  • 24*7 support for big data technologies and cloud platforms
  • Data storage and processing
  • Upgrades, maintenance, configuration, migration, etc.
  • Creation of visual analytics functions and reporting

All these managed services are designed to ensure a timely flow of actionable insights, facilitating continuous improvement in operations, democratizing access to data analytics functions, and reducing the total cost of ownership (TCO).

Excited to take the next step toward data excellence? Get a more in-depth understanding of our services. Contact us today!

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