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If businesses in the US took advantage of real-time analytics, the economy could see a $2.3 trillion boost, according to a report by KX, a data analytics company. Of that sum, the manufacturing industry could benefit from a $1 trillion bump, and finance and insurance companies could see an increase of $637 million.
Gartner defines real-time data analytics as “the discipline that applies logic and mathematics to data to provide insights for making better decisions quickly.”
What does real-time data analytics bring to companies that could account for such a huge benefit?
Real-time analytics can help businesses achieve the following:
- Better Business Efficiencies – information and actionable insights are delivered faster.
- Better Tracking of Customers – understand the needs of customers
- Data Visualization – see and interact with accurate real-time visualizations of business data
- Identify Business Strengths and Weaknesses – provide insights into areas of the business doing well and areas that need improvement
- Identify Fraud and Crimes – flags suspicious activities
Kathy Schneider, Chief Marketing Officer at KX, said that “to truly thrive in the new data frontier, business leaders across every sector must be able to utilize real-time data with the context of historical data to make faster, better-informed business decisions. Anything less is no longer enough, and you risk being left behind.”