Access to real-time data and insights has become critical to decision-making processes and for delivering customised user experiences. Industry newcomers typically go to market as ‘real-time’ natives, while more established organisations are mostly at some point on the journey toward full and immediate data capability. Adding extra horsepower to this evolution is the growth of ‘mobile-first’ implementations, whose influence over consumer expectations remains formidable.
Nonetheless, sole reliance on real-time data presents challenges, challenges that predominantly circle matters of interpretation and accuracy.
In this article, we explore why inaccurate real-time data and analytics transpire, explain the commonplace misinterpretation of both, and look at some of the tools that help businesses progress toward true real-time data competency.
The Risks of Using Imperfect, Legacy, and Unauthorised Real-Time Data and Analytics
Businesses risk misdirecting or misleading their customers when they inadvertently utilise imperfect or legacy data to create content. Despite real-time capability typically boosting the speed and accessibility of enterprise data, mistakes that deliver inappropriate services can undermine customer relationships.
Elsewhere, organisations invite substantial risk by using data without proper authorisation. Customers will often question how a company knows so much about them when they are presented with content that’s obviously been put together using personal details they didn’t knowingly share. When such questions turn to suspicion, the likelihood of nurturing positive customer relationships shrinks.
Misinterpreting Data and the AI ‘Hallucination’ Effect
Real-time data’s speed and accessibility are also impeded when full contexts are absent and can lead to organisations making hasty and incongruent decisions. Moreover, if the data is deficient from the start, misinterpretation of it becomes rife.
Today, the risks of flawed data and human oversight are exacerbated by a novel problem. Generative AI technology is known to ‘hallucinate’ when fed with incomplete datasets. At significant risk to the organisation, these large language models fill any gaps by inventing information.
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