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on June 27, 2024
As the business world revolves around globalization and faster results, top executives, data analysts, and even marketing managers look forward to real-time analytics. It enables them to harness the power of streaming data in their business and gain a vast amount of valuable information that can inspire the growth of the business.
A manufacturing giant takes global production to the next level by leveraging real-time analytics to predict equipment breakdowns before they happen, boosting productivity across all departments. This is the power of real-time analytics and this is where the real potential for any business is hidden: the potential to turn into the industry leader.
Real-time analytics enables you to possess the flexibility and vision to trump your rivals while building toward stable revenue decades ahead.
Key Components and Technologies
Organizations need to be equipped with an analytics platform that delivers real-time data for efficient strategic decision-making all over the pyramid. By leveraging the use of data ingestion tools such as Kafka and Flume, you would be in a good position to transfer stream data without interfering with your current systems. Apache Spark or Flink and other appropriate iterative stream processing frameworks facilitate real-time analysis, which in turn helps to respond actively to the changes occurring in the market and customers’ behaviour.
For faster access to data, implement in-memory databases like Redis for a fast scan of the data, or the scalability aspects provided by Cassandra or MongoDB. Last of all, BI tools such as Grafana or Tableau facilitate concise and effective communication of insights to the parties concerned, as it helps correlate with the narrative.
In today’s faster and more complex B2B environment, real-time analytical capability is not a frill, but a necessity. If businesses incorporate these constituents and technologies into their solutions. They can fully harness the power of streaming data and make a tangible business impact.
Powering Business Growth with Streaming Data
The change to massive quantities of data is ongoing and real-time analytics has become the latest buzzword. By using streaming data, it becomes possible to garner a lot of information and help diverse business organizations make decisions faster and more accurately.
Financial Services:
Chief Risk Officers and Fraud Analysts:
Real-time solutions allow fraud analysts or risk officers to respond in real-time to fraudulent activities protecting the financial health of an organization.
Investment Professionals and Traders:
Unlock rapid business results with timely recommendations as the market moves. Breathtaking market insights and instant visualization of investments and trades make this technology uniquely efficient for professional investors and traders
To Know More, Read Full Article @ https://ai-techpark.com/real-time-analytics-with-streaming-data/
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