Mobile devices, sensors, people in social media generate and provide live content continuously.
When big data from various sources in greater volumes is generated swiftly, the value in real-time data and insights are getting more important each day. Organizations now need to respond to customer requests in real time, manage assets and to inform & equip employees immediately when they need in that moment.
`Every problem creates an opportunity. In our case: Innovation`
Until very recently, companies were using historical data to analyze trends and make decisions. Thanks to the improving technology parallel to our needs, real-time data and insights enter to our lives enabling us to use current data to make decisions while business processes are already executing.
You might wonder in which cases you can use real-time analytics. Examples of such analytics can be:*
- Using pattern recognition to detect fraud, even while the fraud is taking place, in order to intercede and interrupt it
- Using predictive analysis to make adjustments to active business processes, such as orders, shipments, payments, customer targeting etc.
- Harnessing geospatial data to optimize the movement of personnel, materials, inventory etc.
- Enabling teams to collaborate with each other, applying real-time transactional data to optimize 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 optimize operations
As you can see from the variety of uses, we can easily say the growth opportunities for organizations are endless as well;
Real Time Data and Insights increase Business Productivity, Staff Productivity (marketing-IT-sales etc.), and optimize operational costs. It enables the organizations to address business opportunities, frame data-driven services, 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.
To see the benefits in actual numbers, SAP recently announced some interesting business value highlights from their customers who used their real-time data insights SAP HANA Platform (November 2016, IDC Whitepaper):
- 575% five-year ROI
- $19.27M average annual benefits per organization compared with annual average investment of $2.41 million over five years
- $52.6M higher annual revenue per organization
- 23% more productive application development teams and
- 29% more efficient database management
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.