As the web gets faster, we want analytics and data just as fast. Many forward-looking companies like Facebook and Twitter already have their own systems in place to capture real-time data. But there’s nothing stopping the rest of us from using real-time analytics, too.
Here are 6 reasons how real-time analytics can benefit your business:
Better Decision Making: Business decisions backed up by accurate data always reflect the best results. Data is undoubtedly the key element in business decision-making. And when its real-time data, strategic, operational, and tactical decisions can be carefully reviewed and end up being much more effective and positively affecting the bottom line.
Operational Errors can be identified and resolved quickly: Real-time insights can be a great tool to identify the errors right where they occur and hence quick error resolutions. This ensures less operational failures and better operational efficiency.
Improved Customer Service: Consumer behavior is ever changing. And to keep up the pace with changing consumer behaviour is the biggest challenge businesses have to face. Using real-time inputs businesses can proactively monitor and respond to the changing consumer tastes. This improves the customer service dramatically, which could lead to higher conversion rate and extra revenue.
Better sales insights: Real-time analytics tell exact current status of how your sales are doing. Real-time sales monitoring can help the sales force to take quick initiatives in order to keep the sales on track and reduce the chances of a revenue miss outs.
Better visibility of competition: Using real-time business intelligence for competition analysis can be rewarding. Businesses can sense the changing market trends and significant competitor moves like price cut in real-time and be ready with their counter strategies.
Lower costs: Though Big data analytics tools might sound expensive but if used efficiently they might turn out improving your revenue charts and reducing your costs. Using real-time analysis, businesses can cut down their wait time significantly reducing the burden on a company’s overall operations.