Benefits of Real-Time Data Analytics for Businesses

Benefits of Real-Time Data Analytics for Businesses

June 14, 2023

Not so long ago, real-time data analytics was a dream. Now, it’s a reality, and it has numerous advantages.

In this article, we shall discuss the benefits of real-time analytics for businesses and how to drive them.

Benefit 1: Visualization

The visualization of business data is essential for the matter of speed and convenience. According to research, visual information is processed in the brain at 60,000 times text speed.

That means we, humans, work better with dashboards than tables and numbers.
Previously, visualization was presented in the reports after processing data for a certain period.

Now, we can see charts, diagrams, and dashboards as they evolve in real-time, signaling changes and trends and alerting us if there’s something we should worry about.

Benefit 2: Decision-making

As we see from the previous point, better access to data caters to aster decision-making. Yet, real-time data analytics can also make decision-making more accurate.

Think of this: when accessing tons of information being collected, structured, organized, and grouped in real-time, a person can use the advantage of spotting things that could have been overseen before.

Therefore, the decisions made get more accurate and reliable.

This benefit is obvious: like Martin G. Moore from Harvard Business Review says, “Learning to make good decisions without hesitation and procrastination is a capability that can set you apart from your peers.”

Benefit 3: Adaptation to market fluctuations

Some industries are more sensitive to market fluctuations than others. Therefore, untimely reactions to some markets even can cost them a lot.

Real-time data analytics allows us to be flexible, react to fluctuations in real-time, and avoid unnecessary losses.

For market niches like commodity trading, such an ability becomes vital. For others, it’s also essential: anyone can benefit from being reactive to what is happening.

To do this, you can develop a personalized analytics tool tuned to your business needs. Numerous companies, like MLSDev – DevOps outsourcing services, can help you with this.

Benefit 4: Satisfied customers

What customers like most of all are their needs being addressed as they occur.

Real-time analytics gives businesses a clear view of where customers may be unsatisfied, e.g., delayed deliveries, and approach the issues before customers complain about them publicly, e.g., sending e-mails with apologies and offering bonuses for the next purchase.

This caters to building trustworthy relations between customers and your business and, thus, helps shape a strong community of loyal clients who can easily share the good news about your exceptional customer services.

Benefit 5: Smoother operations

Real-time analytics can help you spot slow or unproductive links in your operations chains and fix or remove them if necessary. This will make your business process more productive and result in cost and time savings.

Summing everything up

The benefits of real-time business analytics are enormous, especially if you know how to use the best of them properly.

Therefore it is wise to address qualified business analysis services to learn more about incorporating profound tools into your business.

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Author’s bio: Anastasiia Lastovetska is a technology writer at MLSDev, a software development company that builds web & mobile app solutions from scratch. She researches the area of technology to create great content about app development, UX/UI design, tech & business consulting.


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