Business decision making increasingly relies on data. In order to make the right decision, it helps to have access to data in real time. Up to the minute access to a snapshot of your business might help you make a critical decision- just in time to save an account or bring a competitor’s customers on board. If you rely on out of date information to make your decisions, you may be relying on trending tools, experience or even intuition to guide you. Anyone who follows the weather on a regular basis can see where trending tools get you most of the time.
With access to real time data, you avoid the discussions of where the trends might be heading. You can look at a snapshot of where things are at the time when a critical decision needs to be made, allowing you to take the path the data shows is best. This can give you a competitive edge when doing business in today’s tough global market where there are rivals in every corner of the globe.
In the past, only large companies with the significant IT support and big time processing power could leverage real time analytics. It is one of the reasons the big boys got to remain the big boys. But the era of the cloud makes the tools of the largest companies available to everyone.
Real time BI tools and the processing power to run them keep dropping in price. This means that even if you do not implement them, your competitors probably will. They will be able to make decisions with up to the minute data, while you are still relying on old information.
Access to real time metrics, like customer feedback as the customer checks out, can assist you in making changes to improve the customer experience. Visualizing current consumer trends can allow you to adjust your business on the fly, to cater to what your customers are really looking for.
They can also assist in cases of customer issues. Problems that customers have that linger for weeks on end will just chase them away and provide bad feedback for you. Being able to snapshot issues as they happen and resolve them before they become critical can help you save a customer relationship.
Imagine tracking shipments to see how to better handle fuel consumption of fleet vehicles. Or a call center dashboard to monitor and respond to changes in call volumes. Maybe you are looking for data on how to improve the efficiency of IT outages. No matter the application, access to real time data can assist in improving internal efficiencies, helping to reduce costs in the long run.
Today, business changes too fast to rely on outdated data. Real time analytics have become an indispensable way to add value to your business model.