
14 BIG DATA QUARTERLY | SUMMER 2022
ARE ORGANIZATIONS READY FOR THE REAL-TIME REVOLUTION?
Somewhat—but they are only just beginning to embrace it. Typ-
ically, business decision makers have had to analyze historical
data to assemble patterns that might predict upcoming events.
However, with the advent of real-time data and analytics, insights
on present events, and the use of leading-edge AI technologies,
inferences may be drawn about future events.
While there are many perceptions about what “real time” is, a
general definition includes the processing of data within millisec-
onds as well as the ability to provide access and insights within sec-
onds to users or consuming applications. This is rapidly becoming
a sought-after capability among today’s organizations. Seventy-
seven percent of respondents to a recent survey by the services
provider and consultancy Accenture indicated their adoption
of real-time data had increased over the preceding year. Things
are changing too fast these days—witness the disruptions of the
COVID-19 pandemic and continuing supply chain issues—to rely
on historical data or even current analytical models. In addition,
developments such as the proliferation of edge devices and the
Internet of Things have completely altered the data equation.
“To find new patterns in data and better anticipate future
decisions, new data sets—including real-time data from across
the value chain—are being processed by new analytic approaches
based on artificial intelligence,” the Accenture report’s authors state.
This is “learning from the future,” as Accenture puts it. How-
ever, at this point, only 31% of the executives it surveyed said
they are completely confident in their ability to foresee, and
respond to, behavioral changes that affect demand. “Companies are
not being held back by technology,” the report states. “Improved
access to diverse sources of granular data and advances in mod-
eling techniques mean that the right predictive tools are increas-
ingly available. Instead, organizations are being held back by
mindset, cultural, and organizational constraints—and their
approaches to decision-making. Vast improvements in technol-
ogies have enabled greater connectivity and securely managed
information flows, helping organizations overcome the con-
straints of distance. The pandemic—which triggered the biggest
experiment in remote working at scale—has shown that it is
indeed possible to collaborate well at a distance.”
Meeting the demands of the rapid evolution to real-time
business requires the following perspectives and approaches:
Here are seven recommendations to make the most of real-
time capabilities:
1. Adopt a “real-time first” mindset. Many applications and
requirements now coming down the road will likely have
real-time components to it—either in users’ ability to access
information on operational status, or in delivery of services
to customers. It’s key to think about ways to incorporate
KEY
CAPABILITIES
for REAL-TIME REAL-TIME
ANALYTICS
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