What are Real-Time Analytics Tools?

Real-Time Analytics Tools:- There are some occasions where it is necessary that data is to be processed immediately So, in that case, a real-time system based on an online data processing system that has the capability of processing & updating computer files using terminal quickly enough to affect decision making.

In a real-time system, all operations like validation, updation & transactions are performed simultaneously.

Features of Real-Time System

1. It is a form of online data processing system.

2. It processes data immediately.

3. A real-time system is one, in which response time is within a limited period of time.


The requirement of Real-Time System

1. The system will require the use of data communication equipment to feed data into the system from remote terminals.

2. The use of direct access device to store data.

3. The system requires some form of information retrieval system via monitor or some form of inquiry system.

4. Extra hardware in the form of communication link like more computers system etc. are required.

5. Backup system.

6. More trained persons are required to perform operations.


Example of Real-Time System/ Applications of Real-Time System

(Banking System)

> Consider the bank having many branches. Each branch has to serve its customers and it is not economically feasible to equip each branch with its own computer. So an on-line communication link is created with the banks central located computer system.

> This communication link assumes the form of special installed telephone lines. These lines are unbroken communication links between the branches & the main head office computers & is used for the transmission of customers data.

> The bank’s computer system could be designed to process customer data right as it enters the system.

> No delay would exist in the handling of customers data & all accounts must be updated immediately.


Traffic Control System

The traffic control system is another important area of real-time applications.

> In this category, the real-time system is used to reflect green, yellow & red light in a time-bound fashion & in a prescribed order.

> It should be taken care that two signals of opposite side should not have the same color.

> This requires proper handling of hardware & time-based scheduling.

> Traffic control signals are 24 hrs service provider. So a special software is used for the ticking of clock & adjustments of lights to occur in proper time order.

Merits of Real-Time Analytics Tools

1. Files are always up to date & on-line.

2. No need for costly & time-consuming data preparation.

3. Very quick retrieval system.

4. The system is able to handle random data input at random time intervals as an event occurs.

5. Enable excellent perfection of management information for decision.

6. 24 hours service provider.


Demerits of Real-Time Analytics Tools

1. The need for an extreme backup system.

2. Trained staff is needed.

3. Development cost is very high.

4. Extra hardware is needed.

5. Communication links need special attention.