Real-time data is immediately passed along for analysis rather than collected and stored. Some such systems offer on-demand real-time analytics. In those cases, the platform does not send data until a person requests it. It’s immediately available once they do.
Other real-time data tools have continuous analytics capabilities. Then, the system provides an ongoing information stream, dictated by the parameters a user sets.
Here are six ways it can help companies in ways other methods can’t.
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1. Tightened Cybersecurity
Cyberattacks can be debilitating for the targeted victims, and the amount of information stolen in these events is typically vast. In an April 2021 attack on the Washington, D.C., police department, hackers got a whopping 250 gigabytes of data and threatened to leak it if they did not receive their ransom demands. That was also the 26th government cyberattack in 2021 so far.
Applying real-time data to cybersecurity makes teams more aware of cyberattacks before they happen. That knowledge allows them to respond to prevent incoming attacks rather than reacting after the fact.
An Israeli company called Deep Instinct has a real-time data solution that shows what’s possible. It can spot anomalies in 10 milliseconds after learning to detect them.
2. Enhanced Medical Care
Medical practitioners often refer to data from a point in time, such as after taking a patient’s blood pressure or looking at the results of recent lab tests. However, there’s an ongoing trend of referring to real-time data, too.
Some hospitals use it to identify patient deterioration, enabling care teams to act before the worst happens. Real-time data gives medical professionals a continuous picture of a patient’s status, allowing them to make better decisions about treatments, discharge, and end-of-life care.
Dozee is a real-time patient monitoring brand from Indian health tech startup Turtle Shell Technologies. A sensor placed under a patient’s mattress gives statistics about heart rate, breathing, and other vital characteristics. In one hospital project involving more than 4,000 patients, Dozee gave data that allowed for hundreds of transfers from intensive care units to other departments or recommended changes in oxygen therapy. The system provides an accuracy rate of more than 98%. Dozee’s business model also allows patients to rent sensors for home use. They can then automatically transfer the statistics to physicians.
3. Improved Fleet Management
Many people don’t immediately realize how crucial the logistics sector is for facilitating daily needs. For example, truck drivers play a vital role in ensuring grocery stores have shelves full of fresh milk first thing in the morning.
Also, the global e-commerce market totaled $4.28 trillion in 2020, with more growth projected in future years. Excellent fleet management ensures all those deliveries reach their destinations on time. Incoming information allows managers to make changes as new situations arise.
Business owners and fleet managers often use telematics software to get real-time updates about driving behavior, truck location, and vehicle performance. Some solutions allow users to receive updates that meet specific parameters. That option means they get the most relevant data without unnecessary or unwanted details.
4. Personalized Shopping Experiences
Successful retailers increasingly aim to provide universally seamless shopping for consumers, regardless of whether they buy things online or in person. Real-time data helps retail personnel personalize the shopping experience.
For example, a sales floor worker might have a tablet that gives real-time data to show that a person they’re helping looked for a particular item online before coming into the store. That knowledge helps them make better recommendations, identify which items the shopper may respond to best, and promote upsell opportunities.
5. Reduced Manufacturing Challenges
An unplanned manufacturing disruption can cost tens of thousands of dollars and lead to dozens of upset clients. That’s why company leaders often rely on real-time data to minimize such incidents and become more informed about all aspects of factory operations.
For example, real-time data can show which machines use the most energy or identify process bottlenecks. One solution used in additive manufacturing lets users monitor machine performance remotely, helping them make production decisions. Another perk is that it gives better inventory control. Managers can see how many supplies they have, prompting reordering decisions.
6. Increased Accuracy for Car Insurance Rates
Most people have experienced the frustrating situation of paying high rates for car insurance despite being exceptionally safe drivers and having few or no claims. The traditional method of setting premium rates takes driving history into account. However, it also relies on other characteristics, such as a person’s age, gender, and sometimes even marital status.
That system often makes many drivers pay more than they should. Relying on real-time data about motorists’ behavior is a newer option that insurance companies could use instead. It results in usage-based insurance (UBI). A study found that real-time data made people generally safer drivers, too. In one area, they reduced their hard braking events by 21% after six months.
Real-Time Data Facilitates Responsiveness
The modern world is full of data, but not all of it gets collected in real-time. These six examples highlight why people in more industries realize real-time data is the way forward.
Information that’s five minutes old can become largely useless, particularly in emergencies. Even in less-urgent situations, decision-makers benefit from having the most up-to-date content available. That allows them to make the smartest choices based on what circumstances demand.