The modern business world moves at a rapid pace. Having to wait for the information you need can make a big difference to the bottom line. Not only that, but you need to have access to the latest information if you are going to take full advantage of business intelligence.
With traditional business intelligence tools, you have to rely on batch analytics. Data would be collected over time and then fed into the analytics system. While this can still be useful, it limits users to information that is at least a few days, if not weeks, old. This is where real-time data analytics can come in to take business intelligence to the next level.
With real-time business analytics, BI tools are always connected to your data systems and new data can be ready to process and query as soon as it is entered into the system. Users can have access to the latest data at their fingertips at all times.
With real-time data analytics becoming more common across a range of industries, access to this type of business intelligence is going to be a significant difference-maker in the future. In this post, we will look at some of the ways businesses will use real-time analytics.
The speed of information is one of the more obvious ways businesses will use real-time analytics. Decision-makers won’t have to rely on outdated information or wait for reports to be made to make critical decisions. With real-time data analytics, business leaders can have the latest information available whenever they need it.
With modern BI tools, users can go to the dashboard to find up-to-the-minute KPIs. You can query the real-time data to get the most relevant answers to the questions you have. Crux Intelligence even uses continuous analysis to track the most important data and to send alerts for anomalies and trends that may be important for different users.
Test in Real-Time
Testing can be more efficient when it is backed by real-time data analytics. Maybe you are performing user testing on a product or you are split testing a design for a webpage. Under older analytics methods, you would have had to wait to complete the test before you could get a clear picture of the results. With real-time business analytics, the testing team can see the results as the data comes in. This will allow them to make decisions faster and benefit from the results of the test without having to wait for an analytics team to provide a report.
Real-time data analytics can help with running a more efficient organization. With the right configurations, a smart BI tool can connect to a range of data sources to detect inefficiencies that can then be addressed by leaders at the company.
As an example, sensors in the machines on a production line could identify issues at a factory. A BI tool could also use employment data to help with retention. Logistics companies could use traffic data and whether to inform the routes used by drivers.
Improve the Customer Experience
Modern businesses collect all sorts of customer data. When it is fed into an intelligent BI tool, it can be used to improve the customer experience in a number of ways. Real-time data analytics can be used to create a more personalized experience for customers. It can be used to power a recommendation engine to help customers find the products they will like the most. Real-time analytics can also help a business send the perfect marketing material to a specific user at just the right time or it can be used to make customer support teams more effective at resolving issues for customers.
Stay Ahead of Trends
Identifying a trend at its peak is too late. Everyone is already in on the trend, and any advantage that was there is probably gone. With real-time data analytics, businesses can identify trends as they occur. This can allow a business to leverage a trend to its full advantage. Even better, BI tools that support real-time analytics and predictive analytics can reveal trends before they matter. This can give a business time to prepare and position itself for major changes in the market.
Crux Intelligence can support the real-time analytics needs of any organization. Our platform can connect with your current data infrastructure, and the intuitive user interface can put the power of real-time data analytics in the hands of any user.
Contact our team to learn more about how your business can use Crux Intelligence for real-time analytics.