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Real-Time Analytics: A Spectrum of Applications

Posted In Technology Reviews - By Techtiplib on Friday, September 29th, 2017 With No Comments »

With the rise of digital and mobile communication technologies and the Internet of Things (IoT), transactions now occur at lightning speed and data are generated on an almost instantaneous basis. Given this deluge of real-time information, the way that businesses operate has also changed dramatically.

Gone are the days when companies had the luxury of time to analyze data periodically in order to do forecasting and business planning. Rather, if business owners were not able to study real-time data in a timely manner, they would stand to lose out on valuable opportunities to increase sales, improve profitability, and enhance customer experience.

Real-Time Analytics

The good news is that real-time data analytics is now possible for businesses and enterprises, thanks to technology-based solutions such as database replication software. Real-time information generated from various sources can be copied to a secondary database and updated responsively based on log changes.

Real-time data replication

Such techniques allow data to be studied extensively without disrupting them at their sources. The flow of information is kept in its constant and uninterrupted nature, while also preserving the integrity of data. The replicated data are then fed into separate analytical programs that generate valuable insights in terms of trends, patterns, forecasts, and so on.

Data replication is a valuable tool that is finding increasing use in many industries today. Decision-makers are able to make more confident, informed choices by being armed with reliable data and business intelligence. Here are just some of the many scenarios where real-time data analytics is applied and used advantageously:

  • Retail. With the boom of e-commerce and its continued growth, companies are finding ways to increase online sales further. Real-time data generated from consumer behavior while browsing or shopping online can be analyzed to determine other types of products that the customers may be interested in. These can then be offered in unobtrusive ways such as through e-mail direct marketing or exclusive promotional offers. As customer feedback also tends to be instantaneous these days, adverse situations can be addressed in a more timely and effective manner with the help of real-time data analytics and replication.
  • Utilities. The delivery of utility services is largely affected by factors concerning the utility infrastructure. Therefore, it is highly important to monitor onsite conditions for weather, climate, man-made disturbances, or maintenance issues. These information can be gathered and analyzed on a real-time basis, thanks to real-time data replication and analytics tools. Data on utilities consumption can also be monitored more accurately, so utilities providers are able to forecast demand in order to manage resources more efficiently.
  • Law Enforcement. Police work within the context of crime prevention is one area where management of multiple sources and types of data is vital. The amount of data being gathered and handled is also massive—from case histories and reference materials to real-time information such as those generated through video surveillance and GPS tracking. Data replication tools are extremely useful in consolidating all these points of information into actual, usable insights that law enforcers can use to perform patrols, make arrests, and complete other tasks in their daily work.
  • Shipping and Logistics. The magnitude of traffic that happens in shipping ports daily is huge, and a lot of real-time coordination and management of logistics is required in order to make sure these goods are moved out efficiently and on time. Real-time analytics is a big help for companies who want to optimize operations, automate tasks such as inspection and customs taxation, as well as reduce human error that may lead to adverse situations such as accidents as well as mishandled or misplaced cargo.

Real-Time Analytics in the Future

As many other industries become automated in order to keep up with fast-paced demands of businesses, real-time data replication and analytics will surely only find even further use and frequent application. Investing in technology-based data replication tools is more and more becoming a necessity for companies and enterprises. As such, finding the right customized solutions for their specific needs is likewise important.

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