September 10th, 2019 by
Real time is the ability to receive information and process data immediately it arrives. Real time big data analytics is the ability to perform meaningful actions and make ideal decisions at the opportune time. It entails combination and analysis of data to ensure that the right actions are taken at the right time and place. In business enterprises, the essence of real time analytics is to gain value from disparate data.
Real time software used in the transportation industry for decades. Long distance trailers and trucks are equipped with global positioning systems (GPS) and sensors that track their routes and ensure timely delivery of goods across borders. The aim of real time software application in the transport industry is optimization of travel routes that guarantee fast deliveries. The real time sensors also report about fuel consumption habits as well as safe driving habits. As such real time analytics are not only applied to ensure timely delivery but also help business owners to save on fuel consumption costs. For instance, logistics companies utilize real time analytics to conserve energy and eliminate fuel wastage by recommending shorter routes in a bid to ensure timely performance.
The tech industry
The rise of social media has facilitated simple and interactive communication between the business community, their potential and existing clients. Social media is a real time channel that connects businesses with clients. In light of this, businesses utilize web analytics to analyze and integrate data that that they rely on to develop a personalized association with all their customers despite their unique tastes and preferences. Real time web analytics assist businesses through offering social media analysis used to determine customer patterns, enhancing sales through reinforcing products and services that customers are interested in, and providing a holistic end user view in a bid to engage their interest levels.
The manufacturing industry
In a bid to maximize profits, manufacturing industry are constantly seeking new ways of reducing production costs including embracing technological advancements. Notably, manufacturing industries are slowly adopting industry 4.0 that seeks to utilize machine based communications and sensors that operate in real time. This is automation of manufacturing processes that will reduce the industrial dependency on manual labor and operations. Ultimately, manufacturing industries will produce more and save resources they would have spent on manual labor and machine operations. The industrial automation process facilitates integration of manufacturing workflows in such a way that, completion of an industrial process in a USA factory can trigger subsequent flow of industrial processes in an affiliate factory located in another part of the world. Such flow of work processes is facilitated by data and analytics.
Gas and oil industry
Should a single component fail during an oil drill, the repair process can be time consuming and quite expensive because the required tools and personnel may not be available or notified in real time to address the problem. Moreover, it is hard to maintain a comprehensive inventory of all available tools and parts. However, with the use of real time analytics it would be easy to predict component failures and take action to address the problem before it cause losses. This guarantees preventive maintenance and saves on operation costs as opposed to incurring emergency repair costs.
Real time analytics offer power of data to different business and operation enterprises. Moreover, we have become a real time society where people expect immediate access to information as events unfold. As such, there is a rise in the use of applications that offer insights on data and what to do with it.