The traditional face of IT and business analytics is transforming at a rapid pace and the use of in-memory computing technology is becoming a less expensive way to manage business intelligence. With the growing demand for the availability of data, businesses need to find ways to access accurate information.
An in-memory analytics solution allows a business to gain insights and information without having to rely on IT departments. Rather, the solution encourages self-service which saves time and resources. Business intelligence is transforming and evolving around big data solutions and in this article, we discuss some of the benefits of using in-memory analytics.
1. Data blending from different sources
Once a company has chosen its platform, it can combine data from various sources and these can include news feeds, data warehouses, spreadsheets, and social media. This simplifies the process of collecting data from different sources.
Data blending is an ideal process that effectively combines data from different sources into an integrated structure. It is a quick and easy way to avoid time consuming and expensive data integration processes.
Depending on the tool an organization, non-technical employees can also easily access and understand the information. Data blending allows for optimal interaction with data to gain valuable insights and generate insightful reports based on real-time data from different sources.
2. Faster access to real-time analytics
In-memory analytics allows for the readiness and availability of data as soon as it is ready. This allows businesses to make informed decisions at a faster rate and this saves a business a lot of time and effort in gathering information.
Businesses can now operate from a more informed standpoint instead of relying on information being processed over a few days leading to lagging indicators. The use of real-time analytics has grown in its popularity and various industries have adopted the tools to streamline their data processing.
In-memory analytics contribute to client relationship management and a business can easily identify fraudulent activity at POS.
3. Working on an easy-to-access dashboard
In the past, it would be difficult to access information outside of the parameters of a business’s office because all the information is stored on hardware onsite. However, in house analytics allow a business to be accessible from any device.
This is ideal for any business as the culture of working remotely increases. When building a dashboard, certain elements need to be taken into consideration to create a tool that serves the entire organization.
The first place to begin is with an operational overview of the business needs and key performance indicators. The KPIs will determine the measurements for various operations to create operations.
Once the dashboard is created, its complexity will depend on the number of tools used, the number of people using the platform and the number of data sources.
The display metrics should be in line with company goals to determine whether they are being met and what is outstanding. The dashboard is also a simplified way to generate reports as analysts can download spreadsheets to gain a single view of the data.
4. Simplified working strategy with big data visualization
At times, companies are dealing with large volumes of data that need to be processed at a rapid rate. This can be challenging for some businesses as they may struggle to sift out valuable data.
With data visualization tools, the analyst is able to review large volumes of data through a graph and easily spot trends and market drivers. Ultimately, data serves businesses by providing a wealth of information that helps a business thrive.
Big data visualization tools can easily display correlations and relationships between certain actions and client responses. It also simplifies reporting to management and creates easy to read graphics with the relevant information.
5. Optimal safety and security
One of the main concerns of migrating to cloud-based solutions is the compromise and breach of data; thus, security is extremely important. A business needs to protect its in-memory computing platform by doing the following:
- Installing a security system: as with any asset, a business needs to invest in protecting its information. Depending on the service provider, a security system might already be in place but it is best to purchase security software if not. There is a wide range of DIY security options available.
- Identify crucial data: a business needs to add extra precaution to information that could be targeted by hackers. If a business operates in eCommerce, an extra layer of protection should be added to customer information such as credit cards and contact details.
- Define levels of access: a business should assign access according to roles in the company and the relevance according to the role. Not everyone should have access to everything because data breaches can also happen internally. The business is also easily able to trace events and ensure accountability and transparency across the business.
- Create strong passwords: This is of utmost importance. Everyone in the company should be assigned a password that is strong and is not repetitive. For instance, it is not a good idea to give all users in a specific department the same password. A business needs to ensure that each member has a different password to avoid data breaches.
- Regular updates: One of the ways to ensure optimal operations of cloud-based software is to ensure that it is updated at all times. A business can do this automatically but it is important to also manually check on available updates.
Big data and analytics are changing the way in which businesses operate and measure themselves as it has become a catalyst in various industries. Businesses can easily benefit from streamlining their data solutions by saving time and money on data storage.
In-memory analytical solutions make the job of an analyst much easier and ensure that a business runs smoothly. Accuracy in information is of utmost importance in the digital age as consumers demand more convenience and businesses need to keep up with an ever-changing marketplace.