The world moves too quickly to rely on data that was compiled yesterday. The push for real-time date analytics has never been stronger. Whether a company is saving lives through medical innovation or enticing customers with useful product suggestions, it needs to be able to rely on current and accurate information that can facilitate the need to make decisions in the blink of an eye. You might be surprised to discover just how many industries have already embraced the benefits of real-time data.
Time Is More Than Just Money
Time really is money in today’s digital world. Real-time data is allowing financial institutions and banks to vet applicants and approve loans by using real-time databases that offer complete financial histories. Large-scale financial institutions can even make informed decisions about what steps to take based on streaming market data that is available to them. Realtors are now using smart databases to predict the habits of borrowers and buyers.
Real-time data is also cutting the fat when it comes to how people shop online. Retailers are able to use data regarding shopping habits to suggest products and tailor each shopping experience to better serve their customers and increase sales. It is essential to keep up with the desires, impulses and habits of shoppers in this age of instant gratification. Knowing what a customer was shopping for a week ago won’t necessarily help a retailer know what they are searching for online today.
Even the medical world can take advantage of real-time patient data to make life-saving decisions. Physicians and hospitals in California are now moving towards creating databases that allow them to follow the progressions of certain diseases and illnesses by the minute. This type of technology proves that time is worth more than money. Time can be the difference between life and death.
Big Things Are Happening in the Present
An enterprise can’t stay competitive by acting based on what happened last week or last month. Real-time data gives enterprises the edge because it gives them the most accurate and relevant information. How can an enterprise stay ahead of the game? The solution is real time data analytics that is easy to use, maintain and apply. The one thing that every industry has in common is the need for data that is current and reliable. Data that is lagging can lead to poor decisions and unnecessary risks. A data system needs to do more than simply collect data. It is essential that a network solution is able to interpret and display data in ways that the end user can work into a comprehensive plan for making decisions. You can only be as good as the information you have. In addition, the data must be available in a way that makes it useful for both instant use and long-term analytics. Of course, all of the data floating out there must be safely guarded. A comprehensive technology plan for using real-time data must include safety features and integrity safeguards that protect an enterprise and its clients.