As the data generated across industries continue to grow, there exists a growing need to capture and analyze these data sets in real-time. The exponential rise in data is also placing enormous pressure on data management systems to ensure the movement of information from machines to data lakes and into analytics platforms. As such, data capture and storage are only a subset of the data management challenges facing businesses today, and deriving analytical value from data is where the actual challenge lies. Tackling this challenge without systems that analyze streams of data in real-time is now close to impossible. Hence, organizations are now trying to make the most of their data sets using solutions and tools that enable them to process and obtain insights from data in real-time.
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Business benefits of leveraging real-time data (Graphic: Business Wire)
Businesses looking to differentiate themselves will leverage streaming analytics to gain insights that they cannot generate from their existing approaches. Request a proposal to learn why it might be your next source of competitive advantage.
Real-time analytics or streaming analytics is a data analysis technique using which businesses can perform simple calculations on real-time business-critical data. Data processing, in this case, differs from the traditional data analysis techniques since it involves real-time data sets as opposed to historical data sets that are generally used for analysis. Though most businesses are aware of the need to enhance data management, most of them haven’t yet explored the true potential and opportunities that come with streaming analytics. To help business leaders better understand its benefits, Quantzig, in its recent article, exploits some of the uses cases across industries. Contact us to know how you can benefit by analyzing real-time data sets.
Streaming Analytics Helps Enhance Different Aspects of Businesses Critical Operations Across Industries
Streaming analytics works mainly with data flows, without complex analytical tasks. The primary purpose of it is to present the user with detailed information and help keep the state of data updated. Given those characteristics, streaming or real-time analytics can be used for the following purposes in the industries listed below-
Healthcare Industry: The use cases include real-time patient monitoring, risk assessments, patient data analysis, and health alert generation.
BFSI Sector: Market analysis, transaction processing, and currency state analysis.
Logistics and Transportation Industry: Sensor data analysis, IoT data analysis, and diagnostics & fleet maintenance.
Industrial and Manufacturing Sector: Process monitoring, predictive maintenance, and risk assessment
Retail Industry: User behavior analysis, customer journey mapping, and campaign management
Automated Building Systems Sector: IoT sensor data analysis, smart lighting, and home automation systems
IT and Telecom Sector: Fraud detection, system maintenance, and risk assessment
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Why Collaborate with Quantzig?
With a huge clientele, which ranges from CEOs to BU heads of Fortune 500 companies, we have played an active part in improving business outcomes of retailers globally. Our expertise and domain knowledge also reflects in the number of projects we’ve worked on and the results obtained. Quantzig’s team of 550+ seasoned analytics experts and data science professionals have the expertise and skill it takes to design and build systems tailored to the needs of your business and equip you with data-driven, actionable insights for prudent decision-making. Follow us on LinkedIn and Twitter to keep abreast of the upcoming trends in streaming analytics.
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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