This is the first of my three-part blog series on Real-time analytics
Real-time analytics marks a distinct shift in data analytics where data is converted to insights almost instantaneously without going through lengthy processing and profiling. No, it doesn’t mean that the data is not filtered, it simply means that the data undergoes dynamic analysis where logic and algorithms are applied to it to extract insights as soon as it enters the system.
The concept of Real-time Analytics
Vastly different from the usual concept of analytics, real-time analytics offers the benefit of on-the-go information for quicker and better decision-making. Since these insights are generated as soon as the user triggers a query or event, real-time analytics can reflect business changes as and when it happens. For an enterprise, this offers an immense strategic advantage since it can support unpredictable changes and even help predict future ups and downs in business performance.
Real-time analytics vs Conventional Analytics
Conventional analytics is handicapped with lengthy processing wait times resulting from the use of multiple data discovery tools and applications. Real-time analytics, on the other hand, relies on transaction data for modelling, optimization and simulation.
To put it simply, real-time analytics draws on real-time data to enable effective, precise and faster decision making giving the entire process a structured framework with a predefined logic. As such, it makes sense to use only the best and most advanced low-latency analytic tools and technologies to improve the quality of business-critical decisions.
The Importance of Real-time Analytics Tools
With the general data boom in this decade and the advent of big data, it is only fair to say that most enterprises have been left scrambling to transform this data into actionable insights and predictions. With more and more data being generated every second, the data sets have become truly voluminous and complex, requiring advanced and innovative data processing applications and tools.
According to one IDC survey, “We are creating more than 58 terabytes of data every second, and we expect to have some 35 zettabytes of digitally stored data by 2020.” However, with pace of data generation increasing continually, we might expect these numbers to inflate by the time we reach 2020.
Here is where real-time analytics tools act as a real life-saver. Seamless integration with data sources helps to capture and instantaneously process data as and when it is generated. Most tools are cloud-based without the hassle of server, infrastructure and clusters and offer the benefit of scalability.
Real-time Analytics Tools: Tableau and PowerBI
Two of the most innovative tools that support real-time analytics, as per Gartner’s Magic Quadrant for Business Intelligence and Analytics, are Tableau and PowerBI (by Microsoft). Best in the market and known for their robust performance, flexibility and scalability, these two real-time analytics tools allow users to process data-on-demand going from raw data to insights in minutes, anytime, anywhere on a single, unified platform.
Tableau: Widely known for its business intelligence-focused interactive data visualization and analytics products, Tableau offers multiple products that deliver powerful analytics to impact enterprise bottom-lines. It is a secure, end-to-end analytics platform offering instant data analysis in the form of beautiful visualizations and custom dashboards.
PowerBI: A suite of business analytics tools that deliver enterprise-wide strategic insights by connecting with multiple data sources, PowerBI drives ad hoc and dynamic analysis that offer a 360-degree view of business also through advanced reporting and personalized dashboards.
Real-time Analytics: Tableau, PowerBI Webinar on Demand
Learn how you can turn your data into real-time analytics and leverage these insights to drive customer value in the Tableau, PowerBI on demand webinar on February 2, 2018 at 01:00 PM EST.
CyByte has more than 5 years’ experience in developing and delivering innovative Sales Intelligence Dashboards, Realtime Analytics and Advanced Reporting solutions using Tableau and PowerBI. In this webinar you’ll learn about:
- Significance of BI
- Cutting Edge Technologies – Tableau & Power BI
- Salient Features of Tableau and A case study
- Salient Features of Power BI and A case study
- What does CyByte offer? How are we different?
Look out for the second part of the series, Tableau: An Overview and its Product Ecosystem