Businesses are becoming increasingly reliant on data, and that data is always updating and changing in real-time. As such, the ability to analyze this real-time information is critical for companies looking to scale their operations and remain competitive.
In a recent Solutions Review article, Mark Palmer, TIBCO’s Senior Vice President of Analytics, Data Science and Data Virtualization, outlined key considerations for real-time analytics. Read on for more on how to accurately capture data in motion and make it actionable for your business.
Data-in-Motion is Mission-Critical
The ability to analyze data in real-time can make the difference between success and failure, particularly in mission-critical scenarios. Palmer offers monitoring production systems for an oil rig as an example. If the Business Intelligence dashboard only refreshes every 30 minutes, it will miss an alert that the temperature and pressure in one of the pumps are spiking. By the time this information appears in the dashboard, the pump would already be damaged and, as a result, production stopped. By analyzing data in real-time, however, this major production loss and other similar scenarios are avoided.
Automation is Powering Real-Time Data
Whether it’s an industrial manufacturer automating manual jobs, meteorologists drawing on real-time weather data to plan for natural disasters, or a consumer brand analyzing social media sentiments, these automated processes are generating new data sources for companies to mine.
The Secret is in the Visualizations
Real-time data visualization allows businesses to grasp large amounts of data much faster than if it were contained in spreadsheets or static reports. Analyzing and viewing changes in real-time engenders valuable insight into maximizing gains and minimizing losses. In addition, seeing trends in real-time allows companies to make decisions based on accurate and timely facts. Because users can transform data into their desired configurations, data visualizations can be easily shared and customized by various stakeholders throughout the organization.
As Palmer puts it, “Analytics on data in motion helps reveal what had been invisible.” The entire organization, ranging from frontline workers to the C-Suite, can make more informed decisions based on real-time information. When viewed from the macro level, it’s clear that this capability is a game-changer for companies across industries.
Head over to Solutions Review for more from Palmer on what the future holds for real-time analytics.