By Kali Bagary | 15 December 2017 |

Having the most up to date information gives a competitive advantage to any business. Real time information enables companies to really understand what’s happening inside their business NOW, enabling them to analyse and optimise everything – from business processes to automated system workflows.

Additionally, being able to truly capture a snapshot from ‘today’ also enables companies to understand what clients and prospects are interested in or looking for.

It’s all about being able to adapt to any situation; and quickly too.

Where and how can business capture this vital data as it is happening? The answer: literally, from everywhere and at any time. This is the crux of Real Time data. Sounds great? Indeed it is… however, the trick lies behind the scenes; how do you merge all these different formats of data into one element? and, how do you capture this constantly changing data – to ensure you have the most up to date version of ‘truth.’

Here’s where smart technology offers not only innovative, but also invaluable data collection sources:

  • IoT sensors: strategically placed sensors can continuously capture data (and can even have a benchmark set against the data collection, only sending updated information when a norm has been breached)

  • Geo location tagging: pretty much a standard functionality of any smart device on the market today. Offers immediate location information as the device moves, providing this feature has been enabled.

  • Active capture devices: such as video feeds, pressure mats and temperature gauges usually have a trigger that automatically provides update feeds to a central platform.

The benefits of these three innovations provide incredible opportunities; from a fridge sensor in large scale storage facilities notifying unwanted temperature rises, to providing localised information based on where a device is, to timing chip sensors crossing a pressure mat during a running race. Take the aggregated data a step further and link it to AI? The potentials are huge (now that’s an understatement!).

These devices all provide streams of continuously updated data, which feed into a central repository. Here data can be ‘sliced and diced’ into any desired format, giving an unprecedented flexibility into generating reports and dashboards on anything the business requires.

One such system is Streamcentral, which enables mass data collection from multiple sources with constantly changing data streams for analytical purposes. Last month we discussed Big Data. The second component this month is Real Time data. How it all pulls together to give businesses incredible insight can be seen in this diagram.

Simply Click here and scroll down to view the charts, Or call us on +44 1494 546 089 to find out how we can help you with your IT transformation.

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Our particular expertise is in the financial services and insurance sectors.

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