It is important for Enterprise to have the data, reports, alerts, predictions and information at right time rather struggling for Real Time & Near Real time data acquisitions and integration. Everyone is boasting about the Real Time and near real time, but what is the realization? Are we using the data at right time?
Real-time business intelligence (RTBI) is the process of delivering information about business operations as they occur.
The speed of today's processing systems has moved classical data warehousing into the realm of real-time. The result is real-time business intelligence. Business transactions as they occur are fed to a real-time business intelligence system that maintains the current state of the enterprise. The RTBI system not only supports the classic strategic functions of data warehousing for deriving information and knowledge from past enterprise activity, but it also provides real-time tactical support to drive enterprise actions that react immediately to events as they occur. As such, it replaces both the classic data warehouse and the enterprise application integration (EAI) functions. Such event-driven processing is a basic tenet of real-time business intelligence
All real-time business intelligence systems have some latency, but the goal is to minimize the time from the business event happening to a corrective action or notification being initiated. Analyst Richard Hackathorn describes three types of latency:
1. Data latency; the time taken to collect and store the data
2. Analysis latency; the time taken to analyze the data and turn it into actionable information
3. Action latency; the time taken to react to the information and take action
Real-time business intelligence technologies are designed to reduce all three latencies to as close to zero as possible, whereas traditional business intelligence only seeks to reduce data latency and does not address analysis latency or action latency since both are governed by manual processes.
The term "near real-time" or "nearly real-time" (NRT), in telecommunications and computing, refers to the time delay introduced, by automated data processing or network transmission, between the occurrence of an event and the use of the processed data, such as for display or feedback and control purposes. For example, a near-real-time display depicts an event or situation as it existed at the current time minus the processing time, as nearly the time of the live event.
The distinction between the terms "near real time" and "real time" is somewhat nebulous and must be defined for the situation at hand. The term implies that there are no significant delays. In many cases, processing described as "real-time" would be more accurately described as "near-real-time".
The Change Data Capture (CDC) tool is booming to address the Real-Time, Near Real-Time data integration. Now the data is growing rapidly and the address the business ineed we must understand the need of Right-Time data and information.