What is real-time data?
Real-time data corresponds to data that is available as soon as it has been generated. The data is actionable immediately by the end users, allowing real-time visibility on the data of interest. Real-time data is most often gathered from sensors, or applications.
How is real-time data leveraged?
Real-time data provides insights and is relevant to many industries such as banking, social media platforms, security, logistics, automobiles, etc. To understand how powerful real-time data is, Formula 1 is a great example to look at: In the industry, the sensors and the systems used are some of the most technologically advanced machines in the world. Data is obsessively being observed and analysed, the continuous flow of data from the cars is translated into insights that tell a story of car and driver behaviour. Thousands of scenarios are simulated, ideas are implemented and the data generated enables teams to gauge how those ideas perform. Data is digital fuel and the piece of the puzzle that can make a champion. Real-time data squeezes that final bit of performance out of any process and system.
So… why is real-time data useful?
- Accuracy: The data provides accurate information on a situation, which can provide insights prior to decision-making and enable informed decisions. Without accurate data, the margin for error is much wider.
- Faster response: It allows faster response time to unusual data, avoiding a potential issue that might cause even more harm further down the line which could compromise the credibility of your business.
- Improved processes: Real-time data often highlights patterns that were not identifiable due to the lack of data accuracy. Having more awareness allows teams to modify the way they operate, and improve their processes.
- Forecasting: Real-time data gives the ability to instantly test potential decision scenarios. It helps managers optimise processes while having full, remote visibility in real-time, allowing them to forecast more confidently.
Challenges
Finding the right way to capture and process real-time data is often difficult. What data would benefit your business by being available at all times? The next question would be: How to seamlessly integrate the data into daily processes? The data collected should be ready to be used downstream within seconds for the right team to handle and analyse the data.
The future of real-time data
Automation has become indispensable when it comes to capturing data instantly and processing it. The most digitised industries now leverage predictive algorithms and control models as well
