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If we compare modern business to a car – data will be the fuel material for its successful work. Every day companies have to collect, process and analysis a large volume of data and consequently it’s not always possible to make answer instantly. Real-time data analytics remove time lags between information collecting and processing and gives a ready answer here and now. It helps to improve business operations.

Gartner defines real-time analytics as «symbiosis of logic and mathematics that applicable for data to provide understanding and quick effective decision making. Sometimes analytics completes during some seconds or minutes after new data income».

Accuracy and speed are the determinative of data analytics. And modern business space needs such tool for rapidly information providing that helps to minimize costs, cut downtime and improve business decisions.

Real-time data analytics benefits:

1. Quick and effective business decisions

The main task of real-time data analytics is business information rapid receiving that is used for strategy and decisions improving/correcting, problems uncovering and fast response to them. Currently business demands rapid data processing and momentary answers. This tool provides such opportunity.

2. Operatiional processes improving

Real-time data analytics promotes better understanding of the working structure and recourses using. Hence, it allows to plan working processes rationally, reduce costs, track staff performance, identify possible weaknesses and improve operational processes.

3. Focus on customers

Customers are the main element of the banging business. «Satisfied customer = successful business». Reputation of the company creates with the help of customers. And as their needs will be met so the company’s reputation will improve. That’s why improved customer experience will promote business growth and performance. Tracking consumer behavior online and service customizing according to their preferences can be made by using real-time data (for example product design changing). Also real-time data collecting and analysis play an important role in customer interactions in contact centers and allow to know customers’ calls history and reduce the time gap.

4. Errors and frauds minimizing

Reduction of errors amount and operational efficiency increasing directly depends on using of real-time analytics. The ability to evaluate data every second enables organizations to respond to errors and problems in plenty of time. This toll integration into the security system enables early detection of frauds. Regular monitoring of the operational space allows identify suspicious movement, theft and hacking.

5. Agility and revenue enhance

As real-time analytics enables to make more efficient business decisions so business ability is increasing. Real-time data helps to identify and predict problems and risks that ensures smooth functioning of the company. Hence, revenue and market value are growing.

Quick expansion in automation and IoT connections will result in an exponential data growth. Consequently, real-time analytics will be indispensable and useful business tool across all sectors to improve outcomes.