Applications of real-time analytics

How are the latest trends increasing demand for Data Scientists?

February 9th, 2023

Many companies across the word are using real-time analytics and big data to make better decisions, understand their customers and stay ahead of the competition. Real-time analytics allow a business to fully understand what is happening at the time of the event rather than after; it can give them better transparency so they can make faster decisions.

Real-time analytics are being used by multiple industries and are being applied in the real world. Take a look below for some ways real-time analytics are being applied.

Sport

Anyone that watches sport will be used to seeing real-time analytics in action (even if they don’t realise it). Real-time analytics are particularly prominent in racing. Whether that is motor, cycling or even marathons, real time analytics and times are available for the viewers to access, letting the viewer track the progress of their favourite athlete and giving them the ability to compare and predict winners. And this data is not just benefiting the viewers though it is also helping the teams and athletes to understand their progress.

Insurance premiums

Car insurance providers are starting to use real-time analytics to set their prices and decide on the premiums for each individual driver. By using tracking systems, the company can have access to the real-time analytics and can set prices and premiums based on each individual’s driving ability, rather than just their age and experience.

Shopping experience

Online retailers can use real-time analytics to understand their customer’s journey and make sure the web experience is tailored and unique to them. By tracking how the customer is using the website while they are active, online retailers can customise certain experiences to that user. As well as this they can use this data and analytics to make personalised recommendations on future transactions.

These are just a few real applications of real-time analytics, and there are many more examples being used across the world. I’m excited to see the future and how real-time analytics can keep improving our lives.