A simple illustration would be how a taxi company delivers the right taxi to the right person at the right time. The company uses streaming analytics to first shorlist the most ideal pool of taxi drivers based on the customer's preferences. Once that is done, event processing comes in to pinpoint a car that best fits the customer's profile. In essence, streaming analytics gives a continuous macro overview of the situation while event processing delves into the micro details necessary to seal the deal.
With the use of real-time analytics, organizations can make better business decisions. Forrester recently published its 2015 Predictions for Asia Pacific. It stated that analytics spending will increase by at least 10 per cent across the region.
Examples of how instantaneous occurances of events can impact organizations, are as follows:
- News from a government agency could affect the price of a company's stock
- The stock of a key product at a store is rapidly dwindling
- A company reduces the price a rival's best-selling item
It is imperative for organizations to minimise the negative impact of the three examples above. This includes preempting such events by analyzing historical trends, employee experiences, and the latest market insights. For example, complex algorithms working behind the scenes give users quick and concise information that they can leverage to predict customer purchasing trends at any given time of the year to better manage stock movements.
A competitive edge can only be achieved if organizations act in real time. Decision-makers must be prompted within seconds on their laptops or mobile devices so that they can take the appropriate action in a timely fashion. As organizations move towards elevating their customer experience offerings to the next level, asking the right questions at the right time could be the difference between exceeding and falling short of expectations.
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