With more businesses taking a data-driven approach to decision-making, the goalposts have definitely shifted. It is no longer just about who can access more data before others. It’s also about who can analyze the data and draw insights from it at the fastest rate.
So to enhance real-time analytics, many businesses are starting to rely on In-memory analytics.
What is In-Memory Analytics?In-memory analytics draws from the concept of in-memory computing. Ordinarily, data to be processed is usually on a hard disk within the system or one that’s connected to the system via a network. When needed, the data is called into the local system memory (random access memory).
However, the time spent calling upon this data and waiting on it to be available can slow down the analytics process. With in-memory analytics, the data to be analyzed is kept in the local system memory, basically having it on standby and ready for use when required.
Unfortunately, this approach requires DRAM, which is expensive and barely affordable on a large scale. Luckily, there are alternatives out there that come quite close to DRAM in terms of capacity and data persistence.
In-memory analytics also often applies columnar data storage and massively parallel processing to boost speed during the analytics process.
The business value of In-Memory AnalyticsFor starters, in-memory analytics can help you dig through the past more efficiently, enabling you to quickly arrive at the most potent upsell, shortest routing and cheapest inventory management, most efficient manufacturing procedure and more.
Secondly, in-memory analytics can help you decipher current situations as they unfold, which is ideal when trying to get ahead of outages, cyber attacks and other failures.
In-memory analytics also comes in handy when trying to arrive at the best price for products in various stores. If you’re looking to learn more about the best technologies underpinning business intelligence platforms and other tools that breed effective optimization tactics for revenue management,request a demo with GoalProfit.