By definition, Real Time Analytics is the use of or the capacity to use, all available enterprise data and resources when they are needed. Real Time Analytics is constituted by two factors- dynamic analysis and reporting. It is based on data entered into a system less than one minute before the actual time of use. Real-time data analytics, real-time data integration, and real-time intelligence are other names used to describe Real Time Analytics.
In real time analytics, the stress is mostly on the part ‘real-time’. It means that any analysis that is to be made is done in real time, that is, at the same instance that the event is occurring. Real Time Analytics finds its applications in many spheres of human life.
One of the most important fields is business software. Software has played a very important role in revolutionizing the way business is done in this age. It has automated many of the business processes, taken out the need for human intervention; thereby speeding up processes and minimizing the chances of error.
Just as necessity is the mother of invention, real time analytics in business is the product of the modern day business practice of cutthroat competition, where one’s loss is someone else’s gain. Unlike the previous era of monopolistic markets, today’s business is much more competitive and when it becomes competitive, customer becomes the king and customer focus is the name of the game. So how do companies serve their customers better? It is by providing them with fast and reliable service. So the whole thing boils down to making better business decisions faster. This is where real time analytics plays its role through popular software applications such as Customer Relationship Management (CRM) analytics and data mining. In this, data regarding all the customers of a business/enterprise are collected and analyzed by experts so that better and faster decisions can be made. It is about taking or executing some action based on an input or a series of inputs. To execute this action even predefined models of data mining are used.
Another very popular application of real time analytics is in the field of web programming. In some cases it is very desirable to monitor the traffic in websites. It may be done for various purposes such as to determine the popularity of websites, to improve the usability of user interface, to analyze the user behavior pattern etc. Woopra is a popular tool used to perform real time analysis of web traffic. Using this, user can determine the number of users who use or browse a website at any given point of time. This data can be used to determine the user friendliness of the site, the factors to be improved, the most popular item in the site or even the potential to generate revenue by placing advertisements.
Real Time Analytics is a broad term that may represent anything about data that demands acquisition and analysis in real time. But nonetheless, it is a very powerful tool at the same time, providing solutions to complex problems in domains ranging from pure sciences to software.
So your company wants to slice and dice its web analytics like a tomato? Your meetings are indicating that executive management wants to see the inside of what makes up that tomato. They want to see numbers; they want to see the pulp of it and the seeds that go into producing the next plant, or the next move in business strategy. Advanced segmentation can cut that tomato for you so you can show those that make the decisions what really going on.
As a tool, advanced segmentation can show you the inside of that tomato. It can show your management team what types of visitors are best to target which then opens the door for your company to present the most applicable campaigns. For those in control of moving your company forward, being able to zero in on a specific group of people is one very powerful money making tool because they can tailor ad campaigns to meet a specific need. And when a company meets a specific need they make money from a dedicated customer base.
The greatest thing about advanced segmentation is that you can cut that tomato anyway you want to or need to. Advanced segmentation allows you to filter any marketing analysis the way you command it to analyze information, but if you’re not sure you can always use the default settings. Regardless, you’ll be able to see what makes your visitors respond to your specific changes within a particular campaign. Your company will therefore be able to project and react to key trends and common reactions to any campaign.
How Does Advanced Segmentation Help You?
It used to be that companies, wanting to gather specific information about the visitors entering their web sites, had to set up filters and profiles themselves to get the information they were interested in analyzing. There was a time consuming process involved in doing this, especially considering that these profiles had to be set up separately and if there were a large amount of them this could literally take hours which in turn cost companies money in additional wages. Advanced segmentation however eliminates the need to create additional profiles and marketing information can be gathered very quickly with just a few clicks of the user’s mouse. In this sense Advanced Segmentation saves companies a great deal of time and money.
Another advantage of Advanced Segmentation is its ability to help companies test for potential goals and/or marketing campaigns. For example, a user can set up a funnel page on the website that filters specific information to a goal page. On the goal page certain parameters have been established. The parameters are basically the goals that were decided upon in the business meeting. Users can then periodically check the goal page, let’s say right before a business meeting, and analyze the progress being made toward a specific goal. This is invaluable information for decision makers. It easily answers strategic marketing questions. This again saves companies money because they can quickly modify website pages to meet goals more effectively.
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