Sangeeta May 22, 2014 No Comments
The recent 2014 IDG Enterprise Big Data Research study puts business spending on big data-related initiatives in 2014, at about $8 million. While analytics software and human analysts form part of this spending, 49% of the enterprises surveyed is slated to invest in hardware like storage and server, 44% plan in cloud infrastructure.
The challenges of analytics in the Cloud
While internal storage solutions offer data storage and computation, cloud infrastructure unlocks the potential of data by improving operational agility and scalability of an organisation. Real-time analytics is also made possible, helping businesses gain that ultimate edge based on real-time analytics as and when required, using analytics-on-demand or analytics-as-a-software (AaaS) models.
Real-time Analytics – the key to successful business strategy
With SMAC technology adoption, demand for real-time analytics pervades almost all businesses, from the retail to fraud, banking, media and more. Horizontal solutions also call for analytics in real-time, to bring immediate value to analytic roles and strategies, and unleash the power of business data and online resources for dynamic analysis. This is viewed on a seamless dashboard, and used when wanted, needed or requested; as on-demand or continuous real-time analytics.
On-demand and Continuous real-time analytics
How can real-time analytics be leveraged?
Real-Time Analytics can be leveraged through dashboards vide free-to-use or pay-as-you-go cloud models, to keep team members informed about what goes on within and outside the business. Aspects that have an instant impact on business processes are factored in a real-time.
A best-fit model is the stock market that we view in real-time through continuously updated visual dashboards on a web platform, TV or mobile device. This data is used to drive actions related to trading, investments, and so on. Another popular application is Customer Relationship Management (CRM), where real-time analytics provides insights into customer behavior, to empower businesses with competitive insights. Data and analytics at that very moment, (like retail store footfalls till that time, on that day) is provided for quick decisions, “fixes” or customer engagements.