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|Ok. So What is Real Time Analytics?|
|What are Real Time Analytics used for?|
|How does Real Time Analytics work?|
|What are the Benefits of Real Time Analytics?|
|What are the Challenges of Real Time Analytics?|
|Industries who already make use of Real Time Analytics|
|Real Time Analytics with Google Analytics|
|Other Tools to Track Real Time Analytics|
|What does the future look like with Real Time Analytics?|
At the time of writing, as business owners, you rely progressively more on data to influence your business decisions on a day-to-day basis.
And why not? Let’s use it to our advantage. And now, with rapid advances in tools to analyse real-time data, the results we can glean are even more valuable.
Through a mixture of pioneering advances in technology and more robust data, many businesses are currently in a stage of digital transformation.
The data coming in – from many different sources – is being used to modernize procedures, products and approaches.
As this type of transformation ramps up, many businesses are beginning to understand that such data must be utilised correctly, as opposed to merely being collected and hoarded. Raw data is worthless until it can be analysed and processed, at which stage you receive your valuable analytics.
Erm. Real Time Analytics are: Analytics that Happen in Real Time!
Focusing on the happenings right now with your online offerings, you can track activities with ease.
Real Time Analytics can be used for a wealth of different research methods. Some of them include:
Working in the background to facilitate Real Time Analytics are:
All of these operating systems work on one premise: reducing latency. There no longer needs to be a huge void in time where we are waiting for our data to download, we can have it immediately.
Such immediate retrieval of your online data activities allow you to make fast business decisions. And the quicker you can make these judgements, the further ahead you stay from your competition.
Unexpected fluctuations can occur at any given moment. These can include problems with equipment, machinery, and changes in the market. Using Real-Time Analytics ensures you can respond rapidly in the moment, avoiding any loss to revenue, danger or otherwise.
The ability to retrieve this data quicker than ever before, means less risks are made when it comes to making those fast judgement calls. Contingency arrangements are made with ease.
Having the predictive capability to expect particular wants and requirements of your potential customers is like gold dust. You are free then to create unique content, backed by data, to know what they want to see, and when they want to see it.
Real Time Analytics permit you to assess and improve all your processes, including your website, your apps, your programmes structures. When data is investigated and presented in real-time, you can take less significant, assessed risks to attain greater returns.
Real Time Analytics encourages elevation above your competitors in your industry. This is because you can anticipate how and why (and when) your users make (or don’t make) purchase choices. With that understanding, you are better equipped to make rapid, efficient modifications to promote high-value actions, which could be greater engagement time on your website, or increased spend per user.
Money within your business can be saved by using Real Time Analytics, this is due to the nature of your data being readily available to access by permitted team members. There are no delays in retrieval of important data to share. This gives your business a much more streamlined process and procedure.
Sometimes, people can have differing viewpoints in terms of what is actually real-time.
From the perspective of analytics, some consider real time is receiving immediate insights, whereas other people are content to hang on for a few minutes whilst the data is collated and analysed.
Dissimilar versions result in conflicting requirements. A vague meaning means doubt about possible user cases, and which business responsibilities can be fixed.
Implementing real-time analytics involves key actions as collecting requirements, designing the solution's architecture, deciding on the appropriate technology, and fixing hardware and software problems. Due to the nature of these technical tasks, businesses sometimes skip over the question of how they should handle their internal processes.
The reason you’re implementing Real Time Analytics in the first place is because you weren’t happy with how your current internal processes were being carried out. Maybe equipment repair time was too long and too costly?
With real-time analytics, your needs for the maintenance team's procedure will certainly be different. Quicker solutions will be expected, as well as precautionary upkeep based on the data collected. To get the most value from the analytics solution, you should modify current upkeep processes, key performance indicators, and job types.
Your business can reap the benefits of real-time analytics if you view it as a great start to improving your internal processes.
If you are used to conventional business intelligence assisting your business’s processes, applying real-time analytics is a massive leap. However, you should not let this change become too distracting or cumbersome.
Don’t fear this upgrade to your processes and procedures, it’s a welcome change (for the better!) Encourage your staff members to be responsive to the new opportunities this data analysis will bring upon the business. Make them aware that new information will be readily available, and will assist them properly in their job roles and tasks.
To avoid interruption, top management should give the explanations for the move to real-time analytics, plainly clarify the chances it brings, and motivate them to succeed with this new way of working. Potentially there could be barriers to technology, so training can be arranged for your staff members to feel assured.
Even if you think that all alterations are for the better, ensure that your members of staff appreciate and share your understanding about the background and advantages of the new processes, and are willing to work with it positively.
When you execute real-time analytics, you will inevitably come across some stumbling blocks.
Just handle them head-on and use some of the hints in this article to help you overcome them, and improve your business with the implementation of Real Time Analytics.
Immediate processing of credit scoring enable financial businesses to approve or extend credit for their customers.
Real-time big data analytics is being applied to help decision-making in financial trading. Institutions use financial databases, satellite weather stations and social media to instantly be notified of these important purchasing decisions. Risk mitigation and analysis are key indicators for real-time data analysis used by financial trade businesses.
Focus On Campaigns
Companies can utilise use real-time analytics to deliver campaigns and motivations to customers in their shop, thereby increasing revenue.
The analysis of shoppers’ spending patterns and behaviour can foresee product or service suggestions, and now we are seeing the trends of being able to buy those household essentials before you’ve even run out of them.
Other possible uses for real-time analytics in the retail segment are:
All of this sums up a brand new level of complexity that’s new to most shoppers. Lots of shoppers are uncomfortable with the intrusion of their spending habits and patterns being analysed.
Advertisers can ascertain how successful their promotions are in real-time, down to the minute. The most forward-thinking businesses already use analytics to focus their efforts on developing demographics, and adjusting their marketing campaigns accordingly.
According to recent findings, 46% of out-of-home advertisement impressions produce online search queries. These promotions push user engagement to new labels and exciting creations. Monitoring such data, as well as inbound phone calls, interactions and referrals is a simple technique that any business can start to make use of with real-time analytics.
Smartwatches incorporate the use of Real Time data already, for example, saving lives monitoring individuals’ heart rate in real time.
Emergency and Humanitarian Essential Services
Real-time analytical engines can be connected to Drones, responding to information such as traffic, weather, and geospatial data to make more educated choices in order to react to emergency events.
Probably the best-known, and most universally-used free analytics tool, Google Analytics delivers a thorough, in-depth choice of analytical features, both for standard and mobile-optimised websites.
Google Analytics enables your business to monitor your advertising return on investment, as well as track your social networking platforms and applications in real-time.
Using the dashboard, you can quickly discover how your visitors are navigating your website, and what they are searching for. Use this data to decide on content additions to your website, and where the best place for it is.
Google Analytics’ content menu shows you in a simple format – which of your pages enjoy the lowest bounce rate, and which have the highest. Work out why your visitors are bouncing more on some pages than others, and consider if your content answers your potential customers queries and concerns.
Deploying Google Analytics leaves training mostly in your hands, so it’s a learn on the job type of situation. Which is well justified, as it’s a free service, however worth bearing in mind if you have a large number of employees who require training.
For the standard analytics package, it’s free of charge. Hurrah
A Premium service option is available to upgrade to. This gives you more advanced data analytics, unsampled reporting, and advanced, customised funnel reporting.
From individual entrepreneurs and start-ups to small/medium sized businesses, Google Analytics does the job very nicely, and is a great first port of call when it comes to entry level content analysis.
Chartbeat enables businesses to understand which elements of their content are keeping their audience engaged. Concentrating on analysing content now , rather than the method Google Analytics uses, which focuses on data and decisions predominantly founded on the past history of your website.
Chartbeat’s dashboard shows you your analysis in different sections, such as location, authors, and more.
Scrutinise data over all your platforms – your AMP (Accelerated Mobile) pages, articles, and native pages.
Use this dashboard to know how brand-new visitors engage in a different way to your most loyal visitors.
Chartbeat’s Real-Time Dashboard is super user-friendly, and makes it simple to see how your potential customers are engaging with your content at this moment in time. And that’s over different devices, channels and platforms.
This enables you as a marketeer to react and optimise your content for maximum audience engagement at peak times, which will make the most difference.
The video dashboard features allows you to easily see how many visitors are viewing each one of your videos, right now. You can also see which web pages are generating a lot of traffic, but don’t include a video, so you can take action to integrate videos on these particular pages to increase engagement even more.
Chartbeat’s sophisticated video dashboard can even inform you how much of each video is actually being viewed (to the second!), when that particular video is being abandoned, including data on ads, so you can see the effect of your ads on your visitors’ viewing patterns.
Due to the higher price point of Chartbeat, it may be better suited towards larger businesses, dealing with larger volumes of search traffic and data.
Choose between three plans - Basic, Plus and Premium.
The cost varies depending on the plan you choose from $9.95/month - $149.95/month.
Here’s what you get with each plan, in order to make an informed decision:
Chartbeat is aimed at middle to large businesses with upwards of 5 million pageviews on a monthly basis, and may be better suited towards businesses aiming at ecommerce.
Clicky’s ROI tool platform is used by nearly 990,000 sites globally for real-time monitoring, analysis, and responding to their website traffic. Clicky offers valuable insights to make content amendments and altering your users’ journey, and how they navigate your website.
All of the data on Clicky is in real-time, and constantly updated.
This enables you always have an overall view of the interactions on your website in real-time, and the changing analytics.
The Spy Feature in Clicky retrieves the data of live traffic feeds. This is a great tool. It integrates users that are currently on your website, visitors who clicked on links (and which ones), visitors who searched for something specific on your website, all in real-time. Hours of fun!
The video tutorials for Clicky’s services are not very thorough, and lack some information. Also, the user interface isn’t as intuitive as some of the other ROI tools on the market.
Clicky is free for a single site with under 3,000 daily page views, and pro-plans are available with access to more in-depth features.
Let’s take a look at the different plans available with Clicky:
Clicky gives a large amount of value for all businesses, be it small start-ups and blogging sites to larger corporations, who could benefit from the Enterprise package available.
The pharmaceutical industry is already making great strides in advancing technology, harnessing the power of Real Time Analytics. It is predicted that such businesses will use these processes that have been put into place to predict user behaviour, and the landscape of the pharmaceutical market as a whole.
This has the possibility to lessen costs through precise forecasts, whilst simultaneously improving sales and revenue by market optimisation.
In the past, this hidden degree of analytics was largely set aside for heavy manufacturing and government processes. However, the present generation of real-time analytics is so advanced it has a significant use in almost every single profession and industry you can think of.
From analysing market trends to monitoring potential consumer purchases and everything in between, this new arena of real-time data analytics is going to stick around.