One of the world’s largest online retailers, Amazon, has thousands of customers making hundreds of purchases every second on their website and mobile app. They are also vulnerable to online fraud, and to prevent that, the Transaction Risk Management Services (TRMS) team required each of the transactions to be screened to detect and prevent fraud. By collecting more than 2,000 real-time and historical data points for every order and using machine learning services, Amazon has been able to prevent several millions of dollars worth of fraudulent transactions every year.
This is one of the key ways where businesses can leverage real-time data to deliver a key business outcome.
Gartner predicts that by 2022, nearly a half of new business systems will embed continuous intelligence to leverage real-time context data for informed decision making. Using Industry 4.0 technologies such as augmented analytics, ML, event stream processing, business rule management and optimization, businesses can process real-time analytics to process current and historical data for continuous intelligence to respond to events in a timely manner.
Real-time data can empower businesses in many ways, enabling them to accelerate growth, prevent security breaches and respond to customer needs quickly to improve business outcomes.
This is one of the growth drivers for global real-time analytics, which is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.2% from USD 12.5 billion in 2020 to USD 38.6 billion by 2025. Enabling accurately forecasting for faster decision making is another growth driver.
In a dynamic world with ever-changing customer needs and newer technologies empowering businesses to compete in global markets, the traditional forecasting and customer service methodologies are proving inadequate. Businesses also need efficiency to lower operational costs and improve their profitability.
From improving employee productivity to an oversight of the entire supply chain and distribution networks are also becoming important to derive higher values. Real data analytics can enable businesses to experience multifold benefits including:
Decision making by far has relied on gut feel derived from past performance and experience and has been a hit-or-miss affair. Decision-makers can now process and analyze real-time data to assess the impact of factors influencing their business dynamically and not only create a long-term strategy but also make mid-course corrections where needed.
Improving productivity by resource optimization, reducing downtimes and timely maintenance of systems can also help reduce operational costs. Real-time data from across the enterprise can provide insights that can help plan operations and the working structure better. It can also help reduce costs of repair and maintenance, thereby improving the bottom line.
Businesses that can solve their customers’ problems dynamically will be able to win greater loyalty. In these times of social media where the word can spread really fast, customer delight has assumed magnificent proportions due to the widespread impact it can have. Constant improvement in customer service, prompt response to customer queries and complaints, and assessing and anticipating customer needs have become crucial for survival and growth.
With real-time data, businesses can catch the pulse of their customers and be ever-ready to cater to them meaningfully. Pricing and competitor information can help businesses know how to position themselves and accordingly define their marketing strategies.
As the Amazon example shows, real-time data can enable businesses to detect fraud early and prevent their occurrences. Similarly, potential network breaches can be avoided and other errors corrected in a timely manner. Improving website performance and identifying bugs and issues for app developers can help with enhancing performance and customer retention.
Be it creating marketing promotions, preventing operational glitches, improving supply chain management, delivering goods on time, responding to customer complaints meaningfully and promptly, real-time data can provide the required insights. What’s more, it is possible to be proactive, which can help tap opportunities and prevent interruptions, thereby enhancing the revenue and the market value of the company. Real-time data helps identify and predict problems, which ensures smooth functioning of the company with lesser downtimes.
To be able to benefit from real-data, businesses need the right technologies and solutions to store, standardize, access and process. They need tools that enable business users to visualize trends and arrive at decisions without depending on IT.
Indium Software, a cutting edge software solution provider, has experience in Big Data, data analytics solutions, data management, data science, IoT, and AI/ML. Its technology team is complemented by domain experts who have worked across different industries and understand the challenges and requirements to break free and accelerate growth.
Indium also works with the latest technologies such as Hadoop, AWS, Striim, Mendix, and other such cutting edge technologies and can create bespoke solutions to enable businesses to tap real-time data to meet their business goals.
To find out more about our real-time data streaming and data analytics capabilities on real time data, visit: https://www.indiumsoftware.com/striim/
If you would like to find out more, contact us now: https://www.indiumsoftware.com/inquire-now/
By Uma Raj
By Uma Raj
By Abishek Balakumar