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Making the Case for Real- Time Analytics

By SiliconIndia   |   Friday, 18 January 2013, 11:13 Hrs
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Bangalore: The competition is strong today for any industry. Seeking to drive business performance towards positive growth, organizations are making use of BI and analytic tools to glean insights that will help in formulating a strong strategy. It will also enable making operational decisions in real time.

Real time analytics has already been cited as the next step in the evolution of business intelligence deployments, states Beth Stackpole on Consultants say that real-time tools are yet to reach complete technological maturity and real time implementations were for the most part limited to bigger organizations that had IT budgets and a large number of analytics professionals.

Roy Schulte, an analyst at Gartner claimed that a major deterrent in adoption of very powerful real-time analysis systems is the need for major capital that must be allocated for software license fees and human resources who can develop and manage these systems. However, such applications can provide instant access to operational data, which could be important in business processes that require quick responses to events or changing market conditions. Being able to make BI driven decisions as events unfold would be necessary when you need to keep the customers satisfied.

As the cost of processing power goes down, real-time or near real-time analytics would become more affordable. When it comes to sales, there are plenty of processes that would be more efficient with the usage of real- time data. However, does that make it a one- size- fits- all BI implementation?

Although it offers many fresh opportunities, real- time BI and analytics has not been made for every organization or every business case. The company must decide whether providing end users with access to the most current data will enable better outcomes or just be overloading them with too much information. What is done with the data is very important.

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