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The pros and cons of real time big data analytics…

Understanding the real time big data analytics

By definition, this term refers to the procedure of analysing the huge volume of data in the instance it is produced or used. It is the procedure of acquiring important information at the very instance it is created in a data warehouse from the raw data. This form of big data analytics aims to focus on the real time analytics of big data within a live environment. It offers real time retrieval of big data that is stored within a specific system and running multiple analyses on it. This data is then sent to the user via a dashboard of analytics software.

The benefits of real time big data analytics
Some of the key benefits of analysing big data in real-time are:

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.

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.

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.

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.

Cost saving
Though the option of real time big data analytics may seem like an expensive option, it offers in-memory databases which reduce the load on an organisation’s overall IT landscape by reducing the resources previously utilised to respond to requests for reports.

The difficulties of real-time big data analytics
The only actual challenges for real time big data analytics are that it requires special computer power, as the version of Hadoop (allows you to process data with scale-able and shareable infrastructure) is not suitable for it. Also since your data and decision move to run-time, the organisation’s culture will very quickly have to adapt to it, which can be a challenge as well. However, it can be clearly seen that the benefits gained from the real time big data analytics easily outweigh the challenges.

Lou Chan, Populous World

To explore Populous World’s Business Intelligence XBRL Platform (PXP) and how it implements big data analytics for your business.