There are many measures that organizations can implement in order to turn themselves into more streamlined, agile, and cost-effective outfits. Being more discerning about the personnel they employ is one, and updating or refreshing their production equipment is another. Yet another is to re-examine their currently established work processes and see if what they’ve been accustomed to have become obsolete in the modern world, serving only to slow things down rather than speed things up for the better.
That said, there is one particular tool that has quickly gained traction in the business world, one that has the potential to drastically improve the way an organization works both from within and without. This tool is real-time data analytics or the quick and automated analysis of data as soon as it is created and becomes available for use by an organization. This gives businesses unprecedented capability in mining data for insights and using these to improve their processes. In this article, we’re going to explore how businesses and organizations across different industries are taking advantage of this valuable technology.
Real-time data analytics help banks detect financial crimes before they happen
One of the biggest headaches that banks and other financial institutions constantly have to worry about is the threat of financial crimes. Such activities involve criminals using deception in order to steal money from institutions or individuals, or to channel money towards criminal or terrorist organizations.
Being implicated in fraud and other types of financial crimes is a major blow to banks, as it besmirches their reputation as a trustworthy business entity, thus convincing their customers to abandon their services and switch to their competitors. It hurts not only their image but also their bottom line in a very drastic way.
Thanks to software solutions that rely on real-time data integration and analytics, however, banks now have the ability to immediately detect warning signs of a financial crime as it happens or even before it takes place. Using real-time data analytics, computer systems can automatically and constantly scour incoming data streams to discover patterns in client activities that can serve as red flags for activities like money laundering, financial fraud, or terrorist funding.
Real-time data analytics is helping content creators protect their intellectual property
Modern Internet-based media platforms have allowed creative individuals from all over the world—painters, illustrators, photographers, musicians, film makers, animators, and many others—to publish their own content easily without the need for significant capital outlay. Unfortunately, the Internet has also made these content creators vulnerable to unscrupulous and opportunistic people who can steal their content and monetize it for their own benefit.
Thankfully, media websites such as YouTube now make use of solutions that employ real-time data analytics to quickly analyze each instance of uploaded content, scrutinizing it for possible copyright infringement before flagging it automatically for the content owner’s immediate notice if infringement is indeed detected. This provides content creators a measure of control regarding who profits off their content without having to constantly scour the internet for evidence of stolen content.
Real-time data analytics helps in farming and animal husbandry
Agriculture involves farmers taking into account so many variables in order for their crops or their livestock to flourish. Needless to say, misinterpreting or miscalculating some of these variables can be very disadvantageous to farmers.
For instance, ignoring weather forecasts related to significant temperature drops or precipitation could end up in the farmer’s crops being left unprotected from inclement weather conditions, therefore causing huge monetary losses due to the subsequent destruction of their crops. Failing to take into account latest industry data regarding fatal livestock diseases, on the other hand, could result in a farmer inadvertently taking in sick livestock into their farms, which then spreads the disease to their healthy animals.
Real-time data analytics contribute to agriculture by allowing farmers to keep track of many of these variables much more easily and accurately. By receiving important information in real time, farmers can take batter steps to protect their crops or livestock from unforeseen events.
Real-time data analytics help miners do their job safely
Mining is another industry where the interpretation of data must be accurate every time, otherwise not only the revenues of mining companies but also the safety and lives of miners can be put at risk. One pertinent example scenario includes miners ignoring or missing the signs of damage or weakness appearing on the tunnel systems they use. As you can imagine, a catastrophic collapse or cave-in incident due to such an oversight can result in significant loss of lives.
By leveraging of real-time data analysis and sensor technologies, engineers and miners will be able to constantly keep track of the physical integrity of mining structures, allowing them to accurately predict potential cave-ins and prevent such incident from happening in the first place.
Real-time data analytics can help hospitals provide better patient care
The healthcare industry is also hugely benefitting from real-time data analysis—and not just in terms of preserving the bottom line of healthcare institutions, but also in improving the quality of care being provided to patients. One of the more significant ways real-time analysis solutions is being used by healthcare providers is in plotting out the best courses of treatment for specific patient groups or even individual patients.
For example, a patient’s treatment options may involve either a strict regimen of medication or a risky surgical procedure. By having real-time data analytics comb through the patient’s medical and health history, and juxtaposing this data vis a vis the historical records of other patients with very similar health profiles, healthcare providers can make an informed decision on the best possible treatment path for the patient in question.
Real-time data analytics can help educators better instruct their students
Teachers can easily benefit from real-time data analytics, especially when it comes to the learning progress of their students. By having a unified data system that keeps track of a particular students’ test, homework, and quiz scores from all subjects, educators will beagle to easily identify the areas in which the said student is having problems with. With this information on hand, they can then deliver the specialized tutoring these students require.
Real-time data analytics is one the most important tools that organizations from various industries can use to make their processes more agile, more efficient, and more cost-effective. Is your business or institution one of them?