In a world where nothing is ever really new, what does innovation mean? It could be a product that the world has never seen before, or it could mean that you and your team have never done it before. Does it have to be economically viable, or can it be an art form?
Until recently, businesses were forced to use incomplete or diluted historical data to analyse trends
Mobile devices, sensors, social media and website users generate and provide live content continuously.
When big data from disparate sources increases exponentially the value in processing and making use of that data in real-time also increases exponentially. Organisations now need to respond to customer requests, manage assets and to inform & equip employees in real-time to ensure business and customer success.
Until recently, businesses were forced to use incomplete or diluted historical data to analyse trends and make decisions. But now with the advent of real-time analytics and customer feedback companies are able to make near instant decisions and pivots to ensure they remain aligned with their customer base and market.
Some instances of real world uses for real-time data
Using pattern recognition to detect fraud, while it's taking place.
Using predictive analysis to make adjustments to active business processes, such as orders, shipments, payments and customer targeting.
Harnessing geospatial data to optimise the movement of personnel, materials and inventory.
Enabling teams to collaborate with each other, applying real-time transactional data to optimise their cooperative efforts, and to provide a better quality self-service experience to customers
Incorporating data from the Internet of Things (IoT) such as sensors and smart apps to optimise operations.
Real Time data and Insights empower businesses to increase productivity and optimise operational costs. Enabling the organisation to address business opportunities, make data-driven decisions, determine operational cost inefficiencies and improve customer relationship by;
Tracking and managing financial performance and workflow on-time,
Acquiring better business results through business strategies based on real-time insights,
Developing more productive and valuable applications and services that translate real-time analytic insights,
Identifying operational cost,
Increasing the productivity of IT staff by requiring less administrator management time and managing database environments,
Improving core customer-facing services: Engaging with customers by understanding and responding to business patterns, and taking immediate actions e.g: giving them real-time product recommendations,
Tracking of consumption precisely by keeping inventory up to date , and more effectively stocking goods to match demand and
Improving sales operation by analyzing staff performance on a daily basis.
Conclusion
When executed well, organizations can benefit from Real-Time Data and Analysis by optimizing decisions and implementing repeatable business outcomes across all operations and procedures.
Acting on performance immediately with real time data analysis will improve your competitive position through innovation and make your organization flexible and adaptive in strategic decisions.
