In our previous article, we discussed the importance of capturing real-time data when managing a fleet. However having loads of raw data flooding in is one thing, being able to visually organize and analyze it all in real-time is a whole different challenge for most fleet managers. Increasingly, companies and industries demand real-time insights in order to fully understand what is going on within their organizations. What are the advantages of real-time data analytics, where are the challenges, and which tools can be used for real-time processing of the live data?
“In God we trust, all others must bring data.” (W. Edwards Deming)
If oil was the fuel that propelled the Third Industrial Revolution, data is the new fuel that will run the Fourth Industrial Revolution. Systems that think on their feet and empower executives to make quicker decisions have become ubiquitous across all industries. The core of these software/hardware systems is their ability to accurately provide data in real-time.
The benefits that real-time streaming provide are immeasurable in regard to business analytics. Here are five definite benefits that no enterprise can turn a blind eye towards:
- Real-time KPI Visualization
- Accurate Customer Profiling
- Proactive Business Process Management
Real-Time KPI Visualization
Executives and managers are experiencing a never before felt need to be agile in their decision-making. With the inclusion of many supply/sales channels and the vast amounts of data that they create, decision-making has become more sophisticated and data-driven. Managers need to monitor their KPI (Key Performance Indicators) on a real-time basis to know the truth about operational performance and its immediate state of affairs.
KPI visualization on a Dynamic Dashboard of data collected from real-time streaming analytics can help identify functional areas that need immediate improvement, new opportunities that can be leveraged and risks that need to be mitigated.
Accurate Customer Profiling
The customers of today have dynamically changing spending habits. Their spending habits are inspired not only by prices but also by several other customer experience factors. Real-time streaming analytics helps an enterprise pinpoint the factors that triggered customers to make, repeat, or drop a purchase.This helps in accurate customer profiling and targeted product/service offerings. Also, the data helps in creating tailor-made up-selling and cross-selling bundles that will increase sales.
To remain competitive, business processes must adapt to meet evolving customer preferences. Real-time streaming data helps the business know the factors behind each customer action. Based on such intelligence, it is possible to optimize the business process for better efficiency of both resources and sales outcomes.
Proactive Business Process Management
Another associated benefit of real-time data is that it helps spot trends and prepare for contingencies. Think, planning alternate routes for the supply chain in the event of a road closure. Real-time streaming analytics enables the business to be more proactive in uncertain situations than react to it after the event has taken place. This can prove to be a huge relief in situations where even a minute of unexpected downtime can lose the business to a profitable opportunity.
Every modern enterprise needs to bank on its data to conclude where its business is heading. If such data can be gathered on a real-time basis and analyzed by powerful computing systems, it can give powerful insights.
For more information on the possibilities of real-time data collection and management, feel free to visit our SM2 pages, leave any questions you have here on The Coencorp blog, or contact us. We would love to chat!