Big data analytics examines large amounts of data to uncover hidden patterns, correlations and other insights. With today’s technology, it’s possible to analyse your data and get answers from it almost immediately – an effort that’s slower and less efficient with more traditional business intelligence solutions.
We have listed 5 benefits below of real-time big data analytics:
1. Instant error notification Real-time insight into error identification within the company can help reduce many operational problems. This can save the organisation from creating backlog or completely stopping an operation, thus making your customers continuously without any hindrance utilise your product/service.
2. Be informed of your competition You can be one or more steps ahead of your direct competition with the help of real-time big data analytics with the ability to instantly know if your competitor is modifying its strategies, for example, lowering their prices.
3. Service improves drastically This could enable you to have a higher conversion rate. The ability to monitor the products and the customer’s response to it, the organisation can then predict and take actions to optimise the efficiency.
4. Fraud prevention As the financial world attracts many criminals, real-time big data analytics can detect fraud at the moment it happens and limit the damage done.
5. Cost-saving Though the option of real-time big data analytics may seem like an expensive option, it offers in-memory databases that reduce the load on an organisation’s overall IT landscape by reducing the resources previously utilised to respond to requests for reports.
PXP Data Analytics
The Populous World XBRL platform (PXP) offers business intelligence solutions, and provides an easier understanding of data visualisation, accelerates a business’s growth and achieve longevity, by using advanced big data processing technologies effectively.
>>Does your organisation need big data analytics tools to make faster, intelligent decisions?<<
With PXP you can make your data easier to understand, simpler to communicate, and much more useful. You can create a company credit report containing company financial accounts and information – this includes a company credit score, built with multiple financial and non-financial datasets that take into account a company’s financial strength