Make decisions at the speed of your business
Better decisions do need to be faster decisions as the pace of business increases. Businesses working locally or globally need the best information continuously, more often delivered in a dashboard with immediate insights. The primary and most important benefit of real time data in the enterprise is simply being able to support decisions whenever and wherever possible.
Increase business agility and optimization
Business agility that has proven successfully in several industry sectors are the creation of small, well-informed, tightly focused teams called squads. By giving squads a mandate to act quickly so close to business operations, we enable faster and smarter responses to a changing business environment. However, this approach can only be effective if a squad has the needed data, which must continuously be kept up to date to match the team’s urgency. That’s a great use case for real-time data.
Quickly detect and address operational issues
Companies use real-time analytics to monitor the balance of incoming orders and product or parts availability so they can move quickly to increase supplies that are running short, and to detect the need for short-term contract labor if production, packaging or shipping is falling behind target.
Identity and act on short-term market changes
Industries such as stock trading is sensitive to rapid market fluctuations. Real time data is essential to business survival in these scenarios. Real time data is invaluable to all these scenarios. It’s possible to move more slowly if inventories and margins allow to take a deep breath and ride through some disruptions. However, few businesses have such luxury these days. Instead, we have had to become much smarter about using data to enable faster and more efficient monitoring of our markets.
Personalize the customer experience for online marketing
Online retails are a prime example of real time data usage and its effectiveness. Today, we are more likely to be recognized by a bot that has access to real time data from online behavior. And while the bot may not greet users, it certainly will ensure that the homepage, special offers, recommendations and, in some cases, even the color scheme reflect what it has learned about user behavior over numerous sessions. Numerous organizations use real time technology to personalize their websites and online advertising for individual customers, without people even realizing that it is working behind the scenes to serve up what they think of as the normal customer experience.
Improve customer service with up-to-date information
Customer service providers have heavily invested in real time data integration for their services and operations (Donald Farmer, 2021). For example, call center agents look up someone’s customer records, they should be able to see information on the local outage, faulty equipment, unusually high bill, canceled flight or other issue that prompted the call, right then as they’re talking with the customer. This kind of insight driven by real-time applications is standard practice now.
Keep tuned to my next post release, I would cover the topics related to Real Time Data Analytics : Tools used for Real Time Data Analytics. Come back and review this information on 1.31.2022.
Reference
Donald, Farmer (2021). 6 top business benefits of real time data analytics. TechTarget Network. https://searchbusinessanalytics.techtarget.com/feature/6-top-business-benefits-of-real-time-data-analytics