Real-time analytics tools promise faster insights and improved business processes, but they also pose challenges to organizations adopting them.
As use of real-time analytics grows in 2023, implementation mistakes cost time and money, lead to bad business decisions, and cause staff to lose faith in the potential of the technology.
The top area of investment in advanced analytics is complex event processing, as 52% of companies are already investing in it, according to a global survey released in November 2022 by the AI, Data & Analytics Network. Complex event processing is a set of technologies that can analyze massive streams of data in motion in real time. Another 37% of respondents said they were using streaming analytics.
Increasing investment into analytics technologies doesn’t guarantee success. Organizations risk losing time, money and morale if everyone isn’t on the same page with what real-time analytics means. Poor implementation can also lead to bad data causing bad decisions. And even good data analytics implementations are challenging, as real-time information can and should change business norms.