Whether you refer to it as real-time analytics or operational intelligence, the ability to gain strategic insights into the performance of many aspects of your business as and when they are taking place can make it easier to make the best possible decisions in response to changing market conditions and improve service for customers and suppliers alike.
In many cases, companies will already have the data they need to analyze available on their existing CPM, CRM or ERP platforms but are yet to make use of it. Read on to learn more about the benefits of making full use of the data at your disposal.
Superior logistics management
If, for example, your business relies on the transportation of goods, utilizing software that provides real-time data about estimated arrival times, driver location and traffic conditions can be hugely valuable. Possession of such data allows you to make informed decisions about changes in schedules, to reallocate resources based on customer demand, and to better manage your human resources in terms of hours worked by drivers and warehouse workers responsible for loading or unloading vehicles.
Failing to take advantage of this sort of software means you will lose out to those companies that do, as you will be unable to respond to outside forces in a way that ensures your business remains efficient.
Thanks to the growth of machine learning and artificial advantage, real-time data insights have the ability to provide companies with a strong competitive advantage. This means if you are not already analyzing and consolidating your data in real-time to allow your business to function as a knowledge-based, learning organization, your competitors will be doing so, and you will be losing out.
As digital platforms including eCommerce continue to expand, so too does the amount of data available to those within your business. To ensure your business remains at the leading edge of your field, it is vitally important to not only utilize this real-time data but to do so whilst adhering to GDPR. If your organization runs sap ecommerce, then products such as Omnia can provide your organization with products that deliver eCommerce or Supply Chain management in both B2B and B2C. Realtime reporting and analytics can bring huge benefits to your organization.
In-depth data analysis and visualization facilitate the process of finding hidden opportunities within consumer and business data. It was this kind of analysis that allowed retail giant Target to predict that some of its customers were pregnant even before their families were aware of it.
Improved B2B relations
The analytical capabilities of a modern organization no longer stop at the physical or virtual boundaries of the organization itself. Sharing real-time data with customers, partners and suppliers allows your company to acquire knowledge and feedback far more quickly and efficiently, driving both performance and growth while reducing waste and lowering costs. This can also boost your business relationships with partners and suppliers to the benefit of all.
The leading companies of the future will be those that develop the capability to learn quickly and adapt rapidly by making use of software that provides them with real-time data for their businesses.