Data analytics is a key driver of business success in today’s economy. However, not all business data is delivered in real-time. This means that if you are receiving data after the fact, you may be looking at information that is already out of date. Making important business decisions based on data that is not in real-time could put you at a great disadvantage.
Today’s CIOs must embrace the fastest, most efficient means of analyzing data. Speed is crucial and accuracy is everything. If your company is producing and collecting large volumes of data, the faster your data systems can process and interpret this information, the more quickly they can leverage the power of their intelligence toward a positive business and operational outcome. Enter real-time data analytics.
If you are making decisions based on data that does not represent what’s happening right now, you’ve missed the boat
Today, the data that flows through a company’s systems and is mined for its insights is generally used within a 24-hour period. As computing speed and power continues to improve, systems that deliver their insights in real-time will become the systems of choice. The faster and more efficiently we are able to receive and process our data, the better we will be at predicting the future.
The many benefits of real-time data analytics
Some of the benefits that can be gained from real-time data include:
1. Improved customer service
Having access to real-time data allows customer service representatives to respond more quickly and efficiently to a customer’s needs. They won’t have to be put on hold as the rep finds account information or customer history as it will be available on a dashboard as soon as the call is connected. Management dashboards can also be leveraged to identify bottlenecks in the incoming queue, helping them deploy personnel to the right departments more quickly.
2. Gives managers at-a-glance control
A single dashboard provides managers with a snapshot of how things are going in their department right now, allowing them to adjust improve efficiency and productivity.
3. Improves operational efficiency
In logistics, for example, real-time data can alert stakeholders to any delays or issues in the supply chain so that workarounds can be found immediately. This, in turn, reduces delays and improves customer satisfaction from end-to-end.
4. Keeps employees engaged
Being able to visualize their own productivity and performance gives employees the ability to correct as they go, leading to improved outcomes. Real-time data can also be gamified to better engage employees in the quest for excellence.
5. Identify strengths and weaknesses
With access to real-time data, managers can immediately see who is hitting their targets and who may be lagging behind. This allows them to allocate help to those who need it most and it also provides a way for good work to be identified and rewarded. Employees who need extra assistance get what they need and top producers get the accolades they deserve.
The time is now for real-time data
For businesses who have come to depend on data to drive their important business decisions, accuracy and efficiency are key drivers of success. However, all that data and analytics may be useless if the insights they deliver are not up to speed.
In the quest for better data collection, analysis, and utilization, real-time data is the answer. Companies that embrace this trend will be leading the charge in just about every area of operation.
If you would like to learn more about real-time data analytics and what it can do for you, reach out today.