Article

Asena Atilla Saunders
Asena Atilla Saunders 6 February 2017

Innovation with Real-Time Data and Insights

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 decision making.

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 gets more important each day. Organizations now need to respond to customer requests in real time, manage assets and to inform & equip employees immediately with what 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

*IDC Whitepaper

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

realtimedata2.png

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.

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
Digital Marketing Vs. Traditional Marketing: Which One Is Better?

Digital Marketing Vs. Traditional Marketing: Which One Is Better?

What's the difference between digital marketing and traditional marketing, and why does it matter? The answers may surprise you.

Julie Cave
Julie Cave 14 July 2016
Read more
4 Important Digital Marketing Channels You Should Know About

4 Important Digital Marketing Channels You Should Know About

It goes without saying that a company can't do without digital marketing in today's world.

Digital Doughnut Contributor
Digital Doughnut Contributor 5 November 2014
Read more
Are virtual reality and augmented reality the next step for CMS?

Are virtual reality and augmented reality the next step for CMS?

In a fitting conclusion to a year many hailed as the “year of virtual reality” (VR), in December 2016, WordPress made it possible for users to create and publish VR content on any WordPress site. The change meant that users could publish 360-degree photos on their sites, and regular photos and panoramas could be viewed in VR.

Leonie Mercedes
Leonie Mercedes 16 October 2017
Read more
Collection Of The Best Email Testing Tools Online

Collection Of The Best Email Testing Tools Online

Don’t be afraid of email testing. There are many free or freemium tools online that can help you with testing your SPAM score, deliverability and even the rendering of your email. We feature 30 email testing tools in this article. Check out the complete list!

Roland Pokornyik
Roland Pokornyik 31 October 2016
Read more
Smash your customer acquisition targets with these AB tests

Smash your customer acquisition targets with these AB tests

Don't second guess what will work best to drive new customer acquisition via referral. Plan a program of AB tests to maximise results and you could benefit from a 5-7x improvement in results!

Angela Southall
Angela Southall 17 October 2017
Read more