Lately, there has been a lot of hype surrounding streaming analytics. For example, Datanami named streaming analytics as the third out of 10 big data trends to watch in 2019. As the article notes, the quicker that business owners can act on new pieces of data, the better off their organization will be. Thanks to new technology, streaming analytics has the potential to be a real game-changer for different types of companies, including the mortgage industry and professionals who deal with real estate public record data.
To learn more about streaming data analytics — including what it is and how to use it to the fullest advantage, consider the following points:
What Streaming Analytics Is and How It Works
If you have heard the term “streaming analytics” before but are not exactly sure what it means, no worries — it is a popular trend but not everyone is completely familiar with it. As Dataversity.net explains, streaming analytics is the ability to continually calculate statistical analytics while working within the ongoing stream of data that is coming in. It also allows people to not only manage and monitor but also analyze the new data in real time. Because streaming analytics happens immediately, companies must act on the new data quickly, before it loses its power.
This data can come from a variety of places, including mobile phones and devices like tablets, the Internet of Things, transactions and click-throughs on a website. Streaming analytics features a number of “pros,” including the ability for companies to manage what key performance indicators are doing every day. This kind of data can help boost sales and identify errors. Streaming analytics also offers clues into customer behavior — for instance, what they are buying and not buying on any given day. As for the disadvantages of streaming analytics, not too many experts are currently working in this field — since it’s a fairly recent technology, companies might have challenges finding an expert to help them use this type of real time data.
Overall, streaming analytics and its real-time functions can process literally millions, if not tens of millions of pieces of data every second. Because this data is then processed immediately, instead of going off to a database, the tech allows for super quick decision making. If streaming analytics uncovers a security threat, for example, companies can instantly monitor their network and other assets to check where the issue is coming from, thus improving the overall security protection.
How Businesses Can Use Streaming Analytics in 2019
As for more specific ways that businesses can use streaming analytics this year and beyond, Datanami notes the following three uses:
Fraud Detection
To expand on the previously mentioned point, banks and credit card companies have used fraud detection programs for a long time, but thanks to the explosion of IoT-enabled devices, online commerce is now keeping a sharper eye on fraud. The way that streaming analytics can help determine if something is amiss is actually pretty cool: If an online shopper usually spends some time browsing on a website prior to making a purchase, but suddenly is making all sorts of immediate purchases with no browsing, streaming analytics can pick up on this, alerting the company to the possible presence of a bot.
Human Resource Departments
Streaming analytics can also provide valuable and immediate data for human resource departments; by applying this process to email, injury report, and other resources, managers can pick up on trends in their employees that either suggest the worker is burning out at her job due to excessively long workdays, or may even be out interviewing at other companies. These insights can allow companies to offer better compensation packages or reevaluate schedules and vacation times.
Customer Service in Real Time
Streaming analytics can also help detect how products are being used; if it determines that there is some type of issue, it can trigger an alert that will reach out to the customer. A good example of this is with smartphones; if web data captured by streaming analytics shows that customers are having problems with a certain feature on their phone, it could cause a chat box to pop up, asking the person if he or she needs help. Or if a potential home buyer is using his phone to look up a real estate public record website, streaming analytics could allow a mortgage lender to reach out to him, asking if they can help with the process.
Streaming Analytics: A Fascinating Trend to Watch
Streaming analytics is definitely here and ready to go, but it's in its newest stages of deployment. As 2019 unfolds, this type of technology promises to become even more influential and help in a number of industries. At DataTree, we are fascinated by streaming analytics and its many potential uses. If you would like to learn more about cutting-edge technologies, we invite you to bookmark our blog and check back regularly for the latest posts.
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Title: Streaming Analytics and Real Estate Public Record
Description: Streaming analytics is an exciting trend; learn more about how it works and how it may apply to a real estate research center or other related companies.