Real time data is the set of information that is collected from several sources and is immediately available for use. This information is further used by the business for several reporting purposes.
Real-time data means the updated information to the most possible extent. There are several means to use real-time data. It also comprises of data analytics and reporting.
Real-time analytics uses several technologies to provide the required information and reports.
To name a few are:
- Processing in memory (PIM)
- In-database analytics
- Data warehouse appliances
- In-memory analytics
- Massively parallel programming (MPP)
Advantages of real-time data
- One of the important benefits of real-time data is that it provides concise information. The latest details help the business to understand their stand in the market and will also help them to make appropriate business decisions.
- Another key use is that it always holds refreshed data which is highly useful especially for companies who directly deal with the customers through an active interface.
All major businesses use real-time data. From Twitter to Google search, real-time data is here to stick around for a long time.
Some of the other aspects of the real-time web are that other than offering swiftness it also allows syncing making it responsive and efficient. It also encourages data sharing between several applications which can give more effective collective data.
Get more definitions about real time and other ERP related terms here.