Overall, companies are understanding the importance of real-time analytics, but they are having difficulty in accessing the data they need. The reasons? 30 percent of companies say data isn’t updated frequently enough and 27% say that they do not have support for predictive analytics. You need to have this analytics available and using them, will only help your business.
Real-time analytics includes business information on-demand, which provides a snapshot of what is happening in a business here and now, and leads to real-time insights. By having access to pull queries and receive instant results, leadership and decision makers can keep a pulse on every aspect of the business and take it to the next level.
This strategy is key for businesses, and they need to be tapped into this technology to enable the process. So, with that said, here are three main reasons why real-time analytics make a difference.
1. Data-driven decision making is key
Let’s face it – without basing decisions on facts and analytics, these decisions can be classified as glorified guesses. There are leadership professionals who will see a problem, survey their team, and find a solution based merely on conjectures from observations and gut feelings (which can be effective from time to time), but mistakes in implementing these solution decisions can lead to implications resulting in negative outcomes and loss of revenue. By looking at real-time data and insights, strategic, operational, and tactic decisions can be carefully reviewed and end up being much more effective and positively be affecting the bottom line. Leadership can also use real-time analytics to factor into predictive analytics and look at real-time KPIs to better understand employee performance.
2. Real-time data can lead to better efficiency
By tracking systems, products, and equipment performance in real-time, quick decisions can be made that can greatly affect the efficiency of an entire department. By understanding which operational analytics have an impact on overall business performance, decision-makers can be sure to track, measure, and tweak accordingly, which can decrease costs or lead to finding a “better way” to make processes run smoother.
For instance, by analyzing a delivery truck in real-time and tracking the route and fuel use, the overall process can be evaluated to find out if there is a better route that may minimize fuel consumption and increase the speed of performance.
3. Taking data to decisions can make customers happy
Customer intelligence through CRM applications can be a businesses greatest tool. With the ability to track individuals and their actions, businesses should be using this technology and harnessing and leveraging to create better customer experiences that are relevant and targeted. This is completely possible if real-time data is applied in real-time.
This can include geographical data that uses geo-targeting for releasing geo-specific deals to customers based on their past experiences, preferences and current location. Think relevancy!
To figure out the best way to work to plan and deploy real-time data, check out the Blueprint for Success, which outlines the why’s and how’s of getting it done.