Real-time analytics, also known as streaming analytics, is a subset of data analytics that helps businesses obtain real-time insights and predictions from large volumes of data to allow for optimal, immediate decision making. Real-time data platforms are often highly scalable and offer many capabilities rolled into one: real-time analytics, time-series databases, complex event processing, machine learning, and data visualization tools. These capabilities assist with the automation of business processes and workflows to increase productivity.
Streaming analytics firm KX and the Centre for Economics and Business Research (CEBR) have published an industry report on the business impacts of real-time analytics titled “The Speed to Business Value.”
The report’s authors surveyed over 1,200 companies in four sectors including manufacturing, automotive, finance and insurance, and telecommunications, and it found that 80% of companies surveyed saw increased revenues after introducing real-time analytics capabilities.
Companies were surveyed in regions including the U.S., U.K., France, Germany, Singapore, and Australia, and the report shows impacts both at the firm level and within the wider economy. According to KX, “The total potential revenue uplift is $2.6 trillion across the regions and sectors surveyed with a further $1.6 trillion of future additional revenue also possible.”
“We estimate a recognized increase in GVA (gross value added) of $1.9 billion across all countries and sectors from using a real-time data system to process and manage data. Potentially this could grow by $868 million further,” as was noted in the report’s executive summary.
“As the headline findings of this report show, by implementing real-time data analytics technologies, businesses globally can realize significant measurable business value,” said Kathy Schneider, CMO at KX. “From process improvements to cost reductions and tangible impact on business revenues, the benefits are wide-reaching. This study provides a call to action for businesses not yet leveraging real-time streaming data to modernize their approach and not get left behind.”
The report’s survey focused on seven main benefits of real-time analytics, or Value Outcomes as the authors call them, which are: processing and managing data, optimizing data architecture, detecting anomalous operational or financial activity, development and launching of new applications, products, or services, optimizing operational non-people costs, understanding real-time market and operational performance, and improved customer experience.