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
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 which reduce the load on an organisation’s overall IT landscape by reducing the resources previously utilised to respond to requests for reports.
Populous World XBRL (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.
XBRL allows Populous World to extract the reported financial terms and data from company annual reports submitted to Companies House. PXP allows users to extract XBRL data from our platform for their own use. Users can extract annual company credit reports that allows PXP to compare multiple company financial situations year by year, enabling users to maximise XBRL data to create their own reports and carry out credit risk checks.
>>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.