Real-Time Business Intelligence Means the Past Is Only a Moment Old

Real-time business intelligence

To make the time-sensitive decisions required, you need real-time business intelligence.

It’s a foregone conclusion that data is the way of the future. No industry is free from collecting and analysing customer data to maintain and grow their business. Companies spend exorbitant amounts of money each year to collect data from customers, transactions, and internal affairs. The use of business intelligence to analyse data to glean valuable insights will guide the company’s direction. This enables them to make data-driven decisions every step of the way.

Business intelligence is necessary for every company to utilise the data they collect. It’s not enough to examine everything after the fact. By the time you’ve collected the data, analysed it, compiled a report, and made the presentation, the critical window to act has most likely passed.

What Is Real-Time Business Intelligence?

Massive amounts of data are being continuously created every day. From data encompassing customer shopping habits, manufacturing costs and shipping times. Every part of our do business continually generates data that can drive decision-making.   By taking advantage of real-time business intelligence, companies can analyse data instantaneously to yield critical insights. These insights can provide companies with up-to-date information to help them make decisions in the moment.

Real-time business intelligence can make the difference between failure and success. Unlike a traditional analytics setup, where data collection and analysis delay arises, real-time business intelligence delivers the insights to you almost immediately. Companies operating in fast-paced industries where every minute counts find this particularly useful. Whether you’re a ride-sharing platform trying to navigate logistical difficulties or a manufacturer trying to minimise production downtime to stay competitive.

How Real-Time Business Intelligence Can Benefit Your Company

Make time-sensitive decisions

Data-driven insights are powerful tools for a company. With the insights provided by data, you can analyse which marketing tactics are providing the highest ROI and which are losing you money. But while these insights are helpful in determining long-term strategy, they can’t help you make time-sensitive decisions if they’re not delivered in real-time.

Think about a ride-sharing platform like Uber. In their case, the ability to analyse data in real-time is crucial. This allows them to enable surge pricing or accurate time-of-arrival estimations. Without real-time data supplied by real-time business intelligence, insights into customer behaviour and driver availability would arrive much too late for them to do anything. The use of real-time business intelligence gives them valuable information right when they need it. This helps them to maximise profits and improve the customer experience.

Harness more accurate insight

Real-time business intelligence not only helps you make time-sensitive decisions but also increases the accuracy of the insight you’re getting. For example, a company is deciding whether or not to renew a marketing strategy. They’ll usually rely on one of these insights to tell them how successful the advertising campaign is. If the insights they’re getting are too old, they may wind up ending the new marketing effort too soon because they’re unaware of its recent increase in success. By getting real-time data, they can see exactly how well it’s performing in the moment and make their decisions with greater accuracy.

The same might be true for the opposite situation. When deciding how much of a product to order, a company will need to know the immediate level of customer demand. If they’re faced with insights that show the high levels of demand of that product from two weeks earlier, they’ll be unaware if demand has sharply dropped since then. The more recent the data being analysed, the more accurate the decision-making.

Detect issues earlier

Addressing problems in a timely manner is vital to preventing customer dissatisfaction or costly delays. The earlier you can detect an issue, the faster you can deal with it and minimise damage. For example, if your website or app is down, you need to know this as soon as possible in order to resume functionality. You can’t wait until you receive customer complaints to deal with the issue. You need real-time data to alert you to problems as soon as they occur.

Detecting problems with real-time business intelligence can also help you prevent a small problem from becoming a catastrophe. For example, issues such as cyber fraud can deal unimaginable damage to a company if left to run rampant. With real-time data to alert you to the issue, you can pinpoint the problem right away and prevent your company from haemorrhaging cash.

Improve customer experiences

The last thing a customer wants is to be kept waiting. If a customer runs into an issue, they expect timely communication and a quick fix to their problems. But even better than good customer service is the ability to prevent most of these issues in the first place. Real-time business intelligence helps you optimise the customer experience by avoiding delays, ensuring adequate inventory, and providing them with a personalised experience.

A retail business can use real-time business intelligence to increase the ordering of a popular product to meet customer demand. They can also create timely sales on certain products in order to move inventory. This will make space for more in-demand products. By looking at each customer’s purchase history, a company can use real-time data to personalise the customer’s in-store experience and leave them feeling tended to and understood.

Data is the one trend that is definitely here to stay. But it’s not enough to rely on data analysis reports from week-old information to make decisions for your company. In order to stay ahead of the curve, anticipate customer demands, and nip problems in the bud, you need real-time data. This requires a real-time business intelligence solution capable of providing you with timely and accurate reports. With real-time business intelligence, the past truly is only a moment old.