Are you leveraging embedded business intelligence (BI) and real-time analytics for your company? If you are not, then you should be.
While you may not think that real-time data is critical to your business, consider the impact it can have in other industries. From personal experience and all of those medical TV shows, we expect surgical teams to get constant updates on a patient’s vitals via all of the sensors and monitors they use. But how do they know the surgical supplies they need will be available on time?
A software developer created an application for health organizations to handle this kind of real-time challenge. By embedding Izenda’s self-service BI, the surgical supplies are kept available and delivered to the operating room just in time for each surgical procedure. BI enables staff to track supplies on shelves and as they are removed for use in surgery. Managers see the real-time updates on the inventory of supplies and can order more as needed. Since the surgical supplies are delivered on time, surgical procedures start as scheduled. Surgical teams aren’t kept waiting, and procedures don’t get backed up (at least for that reason). This saves time, money and delivers care on a more regular basis.
A supply chain manager can update routes right up to the moment trucks leave the loading docks, and even change them during the day as customers cancel deliveries or even to take into account changing traffic. Delivery routes can change to avoid traffic jams. Logistics software applications can adjust routes as customers schedule freight pickups also.
These uses of real-time BI get applied in every industry vertical. Business end users of software applications want these features and their company CEOs should pay to get them.
Now, apply that to how you could use real-time data for your decision-making process.
What Once Held Us Back
C-level executives and managers used quarterly and annual reports to make major business decisions in the past. These big picture overviews still retain importance. But today’s digital world demands immediate answers and action. When competitors make adjustments every day, a business can’t afford to wait months to adjust to the changing marketplace. If it takes weeks to deliver a report, any chance of market advantage may disappear. Real-time BI puts a business at least on a level playing field, if not launching it ahead of other companies.
Faster processors, more memory and bigger data storage make real-time BI possible. Technology mostly has caught up with business needs. But if the technology and modern self-service BI software aren’t put to use, the opportunity will be wasted.
Without up to date information that is given in real time, the business could head in the opposite direction of your competition who does have the data and can make up to the minute decisions based on it.
Today’s Businesses Need Real-Time Data to Survive
Sales and marketing departments need to reach the best prospects for their companies’ products. Self-service BI can show them where they’ve been most successful, and where it appears they’ve been wasting time. By choosing the right data to analyze, they can draw insight into the successes and failures. Changes can be made on the fly to marketing strategies to reach the right customers with the right messages.
Real-time data brings insight into sales trends. One product selling 60 percent more than another could simply be that its inventory was on store shelves while the second product was still in the warehouse. Ideally, real-time data solves that problem by revealing how much product was seen by customers. Or it might show that a product has never sold well.
It’s one thing to guess that a lot of rainy days will lead to more sales of umbrellas and other rain gear, and a major heat wave will result in more air conditioners and fans being sold. But seeing the real-time data on how fast inventory sells enables a company to know if and when they should order more product.
The Impact of Real-Time Data
Just how much of an impact can real time data have on your revenue streams? In a survey by CIOinsight, 91 percent of businesses said real-time data made a positive impact on the bottom line for their company while 56 percent said it was critical to add real-time data to their streaming analytics apps.
Amazon and other online retailers use real-time data to create a sense of urgency in their customers’ minds. “Only 3 left in stock” may prompt some to make a purchase.
Let Izenda Be Your Embedded BI and Real-Time Analytics Provider
Izenda has a wide range of solutions for your business in both embedded business intelligence and real-time analytics. Click here to learn more.