Write short note on Real-Time Analytics Platform (RTAP) with example.
Real-Time Analytics Platform (RTAP) :-
A real-time analytics platform enables organizations to make the most out of real-time data by helping them to extract the valuable information and trends from it.
Such platforms help in measuring data from the business point of view in real time, further making the best use of data.
An ideal real-time analytics platform would help in analyzing the data, correlating it and predicting the outcomes on a real-time basis.
The real-time analytics platform helps organizations in tracking things in real time, thus helping them in the decision-making process.
The platforms connect the data sources for better analytics and visualization.
Real time analytics is the analysis of data as soon as that data becomes available. In other words, users get insights or can draw conclusions immediately the data enters their system.
Examples of real-time analytics include :-
Real time credit scoring, helping financial institutions to decide immediately whether to extend credit.
Customer relationship management (CRM), maximizing satisfaction and business results during each interaction with the customer.
Fraud detection at points of sale.
Targeting individual customers in retail outlets with promotions and incentives, while the customers are in the store and next to the merchandise.