Our previous article discussed the importance of capturing real-time data to feed your fleet management system. However, having loads of raw data flooding in is one thing. Being able to organize and analyze it all in real-time visually is a whole different challenge for most fleet managers. Increasingly, companies and industries demand real-time insights to understand what is happening within their organisations entirely. What are the advantages of real-time data analytics, where are the challenges, and which tools can be used for the real-time processing of live data?
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 provide data in real-time accurately.
The benefits that real-time streaming provides are immeasurable concerning business analytics. Here are five definite benefits that no enterprise can turn a blind eye towards:
Executives and managers are experiencing a never before felt need to be agile in their decision-making. Decision-making has become more sophisticated and data-driven with the inclusion of many supply/sales channels and the vast amounts of data they create. Managers need to monitor their KPI (Key Performance Indicators) in real-time 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.
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 create tailor-made up-selling and cross-selling bundles to 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, optimising the business process for better efficiency of both resources and sales outcomes is possible.
Another associated benefit of real-time data is that it helps spot trends and prepare for contingencies. Think about 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 them after the event has taken place. This can prove to be a massive 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. It can give powerful insights if such data can be gathered in real-time and analyzed by robust computing systems.
For more information on real-time data collection and management possibilities, please visit our SM2 pages, leave any questions you have here on The Coencorp blog, or contact us. We would love to chat!