Real Time Insights– Transactional or Strategic Data Analysis

Access to Real time insights are important to influencing consumer decisions and behavior

We have all heard the common phrase “we know there are many choices for you and appreciate you selecting us and thank you for your business”. That statement has been used in airlines, retail stores, and the service industry for a long time. But, the significance of the statement, though seeming common place, is especially significant in today’s environment. Organizations have a traditional goal of getting closer to the customer and progressively achieve that goal based on how they define their customer and understand their customer. There has been a shift from customers being generalized to being grouped by preconceived types; by demographics, buying patterns, etc.

Today the consumer holds the key. Instant gratification has become the norm. The consumer of today has more choices, including:

  • A growing number of online retailers
  • A growing market of ecommerce sites such as Amazon
  • Access to information to make decisions at their fingertips with growing reliance on all things mobile
  • Ease of delivery – online retailers and ecommerce sites are rewarding key consumers with free or subscription-based delivery within two days and in some cases one day

All of these factors drive the need for organizations to not only keep up, but also stay ahead. This means enabling decision making at the point of influence with consumers. This also means enabling systems to support insights at the pace of consumer’s decision making.

Real Time Insights

We talked about insights across all data assets and speed of insights; the third element pulling all this together to truly drive insights at points of decision is real time insights. Real time insights not just for the relevant information, but the immediate situation. Real time analytics significantly influence consumer experience. Real time transactional data has relevance in providing insights across the complete information supply chain; from vendors, to consumers, to organizations, which enables user experience. Real time non-transactional data and transactional data enables up-to-date data, but with the ability to respond to immediate influencers of decision. These could be real time marketing, real time promotion or sales, etc.

The combination of tools and technology available today and the interface capabilities support and enable real time analytics. With the constantly evolving market and flow of dynamic information easily accessible to consumers, preempting behaviors and influencers need real time insights. Gone are the days when consumer behaviors were influenced or changed over a six month period. There are a lot more variables which influence behavior and therefore preemption needs to also be able to respond accordingly. People rely on their personal network or consumer feedback to quickly make decisions on what they like or do not like. With the options in technology and the impact of insights, real time analytics should be considered a given.

Is There a Solution?

Is it possible to have a data warehouse that can speed the consumption of traditional transactional sources as well as be able to load real time streaming and unstructured data without grinding to a halt?

Can you have a data platform that is able to scale and leverage modern, high power (yet still commodity) hardware to accelerate the preparation of the data so that it can be made available for querying as soon as possible?

Is there a way to evolve your data warehouse in order to adopt new innovative technologies that have become available in recent times, to support new business workloads such as Predictive and Advanced Analytics?

Would it be possible to replace your existing aging, and frankly struggling data warehouse, without facing prohibitive costs or high barriers to accessing new technical skills?

The answer is, yes (of course).

The Modern Analytics Platform

The Modern Analytics Platform delivers on all the requirements for a next generation data warehouse. Enabling organizations to radically simplify their existing legacy or overly complex solutions in order to lower running costs, improve agility and gain breakthrough performance to deliver real business value. Speed is a key factor in the success of any analytics initiative, and a Modern Analytics Platform must be fast.

Remember to follow the rest of the posts in this blog series where we will explore in detail the one remaining common challenge of traditional data warehousing; data management.

To find out how the Modern Analytics Platform addresses the challenges of real time insights, watch the video, The Modern Analytics Platform, to learn more!

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