Question

Provide an example in which real-time data can be used as a competitive advantage for corporations. Why do you feel this real-time data is an advantage? How long can the advantage last?

Answer 1

Netflix is the best example of a big brand that uses big data analytics for targeted advertising. Over 100 million followers, this company collects huge data, which is the key to achieving the industry status Netflix boosts. If you are a Follower, you are familiar with how they send you suggestions for the next movie you should watch. This is done using your past search and watch data. This data is used to give them insights on what interests the follower most in.

The following Advantages of Real-Time Big Data Analytics are as follow:
1.   New strategies of your competitor are noticed immediately. With Real-Time Big Data Analytics you can stay one step ahead of the competition and get notified the moment your direct competitor is changing strategy.
2.   Frauds can be detected at the moment it happens and proper measures can be taken to the limit damages. The financial world is very attractive to criminals. With a real-time Guard system, attempts to hack into your company are notified instantly. And your IT security department can take immediate appropriate actions.
3.   It is also a cost-saving. The implementation of a Real-Time Big Data Analytics tools may be expensive, it will eventually save a lot of money. There is no waiting time for business leaders and in-memory databases also reduce the Pressure or a burden on a company’s overall IT department.
4.   It also has Better sales insights, which could lead to additional revenue. Real-time analytics tell exactly how your sales are doing and in case an internet retailer sees that a product is doing extremely well, it can take action to prevent missing out or losing revenue and savings.
5.   Lastly, Keep up with customer trends in the Insight into competitive offerings, promotions or your customer movements provides valuable information regarding coming and going customer trends. Faster decisions can be made with real-time analytics that better suit the current customer.