The advantages and disadvantages of real
The advantages and disadvantages of realThe advantages and disadvantages of real-time big data analytics
Having a lot of data pouring into your organization is one thing, yet being capable of storing it, analyzing it and visualizing it in real-time is a whole different task. These days, more and more organizations want to have real-time insights so as to fully comprehend what is going on within their organization. If you are still considering taking up real-time big data analytics, here are some advantages and disadvantages that you had better have a look at.
1. The advantages of real-time big data analytics
First of all, mistakes made within the organization are known immediately. Real-time insight into errors could help companies react rapidly to deal with the effects of an operational problem. As a result, this can save the operation from falling behind or even falling completely or it can save your customers from having to stop utilizing your products.
Secondly, new strategies of your competition are detected instantly. Thanks to Real-time big data analytics, you are able to stay one step ahead of the completion or get notified the moment your direct competitor is changing its strategy or lowering its prices for instance. What is more, service develops significantly, which could result in higher conversion rate as well as extra revenue. As organization control the products which are utilized by its clients, it can pro-actively reply to upcoming failures. For instance, cars with real-time sensors can inform before something is going to go wrong as well allow the driver know that the car needs maintenance.
In addition, fraud can be realized at the moment it occurs and then proper measures can be taken to reduce the damage. The financial world is very attractive for criminals. With a real-time safeguard system, any attempt to hack into your organization are detected immediately. There will be better sales insights, which could lead to additional revenue. Real-time analytics will tell you exactly how your sales are doing and in case that an Internet retailer sees that a product is doing extremely well, it can take action to prevent missing out or losing revenue. The final benefit brought by real-time big data analytics is keeping up with your customer trends. Deep understanding into competitive offerings as well as promotions will offer valuable information in terms of coming and going customer trends. With the help of real-time analytics, faster decisions can be made to suit your clients.
2.The challenges of real-time big data analytics.
Apart from positive points, Real-time big data analytics also offers some challenges and here they are.
This technology demands on special computer power. At the moment, the standard version of Hadoop is not yet suitable for real-time analysis. It is also necessary to purchase new tools. However, there are some tools available to do the job and maybe in the future Hadoop will be able to process data in real-time.
Moreover, using real-time insights also requires a different way of working in your organization. If your organization commonly only receives insights once a week, receiving these insights every second will demand on a different approach as well as way of working.
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