Friday, October 30, 2015

The Case for Real Time Data Analytics

Companies often approach the analysis of data, particularly big data, as a historical event. In other words the data is gathered and stored for future analysis. This, however, may not be the best way to gain the most benefit from that data.

Real time data analytics is founded on the recognition that data is created every day through transactions with customers and others. This data can be useful in offering better service to customers. The earlier it is put to use, the better it is likely to be.

CRM systems are founded on this principle. However, two problems often arise. The data is not analyzed on a timely basis. Also, a CRM system does not always pick up all the relevant data. And CRM systems often do not embrace complete data analysis.

Analysis of the data in real time means that service can be improved right away, if not for the immediate transaction being conducted, but at least for all future transactions. It is useful to think of data analytics in terms of real time analysis, at lest for those data items that offer the most potential for business improvement.  For more details on this subject, click this link.

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