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What is Real-Time Analytics?
Real time analytics is the analysis of data as soon as that data becomes available. In other words, users get insights or can draw conclusions immediately (or very rapidly after) the data enters their system.
Real-time analytics allows businesses to react without delay. They can seize opportunities or prevent problems before they happen. By comparison, batch-style analytics may take hours or even days to yield results. Consequently, batch analytical applications often yield only “after the fact” insights (lagging indicators). BI Insights from real-time analytics can allow businesses to get ahead of the curve.
Examples of real-time analytics
- Real time credit scoring, helping financial institutions to decide immediately whether to extend credit
- Customer relationship management (CRM), maximizing satisfaction and business results during each interaction with the customer
- Fraud detection at points of sale
- Targeting individual customers in retail outlets with promotions and incentives, while the customers are in the store and next to the merchandise.