Real-time analytics is driving digital transformation in the business world. Today, enterprise companies like Nissan, Land Lakes, and Amazon are leveraging real-time insights from Big Data to maintain a competitive edge, increase revenues, and improve organizational agility.
As an entrepreneur, you can also use analytics to improve the consumer experience, create new products, and improve decision-making. Finally, real-time analytics tools allow you to track past and present events, identify trends, and take action to mitigate risks. Here are six ways real-time analytics can benefit your business:
1. USE BASELINE DATA AS A STARTING POINT
Collecting baseline data is a great starting point. However, more needs to be done to make the data valuable and useful. The raw data needs to be processed to make observations, identify trends, and develop new queries on connections discovered.
You can use cloud applications, data models, and databases to streamline data. Analytics tools like Tableau, Oracle, SAP, and SAS are technologies that can help you process your data into meaningful information that you can leverage to meet business goals.
2. EMPHASIZE PREDICTIVE QUALITIES
Your marketing team can use predictive analytics to drive growth. To succeed and become an industry leader in your niche, your team must focus on both the present and future. Predictive analytics can help you answer questions like “What products do consumers want to buy?” “When do they want to purchase these products?” and “What do customers need that no other business has given them?” Undoubtedly, predictive analytics helps you understand your customers and meet their expectations.
3. USE DATA VISUALIZATION TO COMMUNICATE
Data visualization makes it easier for your team to interpret complex concepts. Not everyone is an expert with numbers, and graphs provide an easy way for data strategists, content marketers, and engineers to interpret incoming data. Graphs make complex connections more accessible, and relationships between places, things, and people become less overwhelming as a result.
In addition, data visualization creates a clear picture that is helpful for scenario planning and risk management. You can use powerful tools like Microsoft Power BI and Tableau Desktop for these purposes.
4. REAL-TIME ANALYTICS INSIGHTS FROM THE C-SUITE
Real-time analytics can deliver the in-depth consumer insights needed for each touchpoint of the buyer’s journey. C-level executives are increasingly owning the analytics agenda. As a result, they are creating unprecedented opportunities for improving the consumer experience.
5. UNDERSTAND YOUR USE CASES
Enterprises need to know how to leverage techniques such as ad optimization, proximity marketing, and product recommendation algorithms to optimize daily operations. Specifically, real-time analytics provides useful insights that help you identify statistical relationships and correlations. This, in turn, allows you to create optimum marketing strategies that transform communications with customers. Basically, staying focused on these new techniques can improve customer outcomes, reduce churn, increase brand loyalty, and grow revenues.
6. REAL-TIME ANALYTICS FOR PRODUCT LIFECYCLE MANAGEMENT
Real-time analytics is a great way to optimize and scale processes in product development. You can use data to make critical decisions during the various stages of product development, which will lead to the product’s success.
Unquestionably, real-time analytics’ greatest value is in facilitating agile decision-making, identifying predictive trends, and achieving a high ROI.
Today, enterprise companies have extensive access to data that identifies purchasing behaviors and preferences. They can leverage real-time analytics to gain insights into consumer needs and expectations.
Generally, having a plan in place to leverage what you have discovered will set you up for business success. A data-driven enterprise isn’t an option; it’s a necessity in today’s fast-paced marketing landscape. At Helios Company, we develop real data-driven strategies for real businesses. Contact us to find out how you can make your data work for you.