Is Real-Time Analytics Right for Your Organization?

social media team reviewing social listening analytics

Big Data: What Else is New?

Big Data has been around for years, but the concept of executing sustained, accurate, real-time analysis of that data has remained a challenge.

But that’s all changing. Because of the sheer amount of uncaptured data that currently exists, and the value that data holds, technological innovation – including automation technologies – has made real time analytics a reality.  Data capture is now more streamlined and precise, and a proliferation of firms and services are available to help businesses leverage that data, propelled by business demand. From a cost perspective, companies don’t necessarily need to make large capital investments or build complicated infrastructure. Big data storage and mining capabilities are more accessible, at a lower risk profile and at a smaller investment today. The barriers to entry are much lower than ever before.

Is Real-Time Analytics Right for Your Organization?

The industries in which data can enable actionable insights are where real-time analytics hold the most promise. A great example is the consumer packaged goods industry, where data analytics can inform strategies in manufacturing, quality and distribution of products. It’s in those areas where a brand is really able to capture data and identify improvement — and innovate.

The reason real-time data analytics has been primarily used in B2C industries is because the data offers instant, direct feedback. I like to think of it as real time focus group delivering deep consumer insights.  Brands are able to very quickly obtain consumer preferences at a large scale and then pair that data with other information to drive business decisions and action.

To learn more about other factors for real-time analytics adoption, as well as what’s on the horizon for data analytics, check out the original blog post from C3i Solutions.