Saturday 20 October 2018
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The Real Benefits of Real-Time Data Capture

The Real Benefits of Real-Time Data Capture

Real-time improvement of your business operations

Real-time data capture holds the key to improving many areas of your business operations. Your organization receives a constant flow of data and analyzing it hours, days or weeks after the fact makes it difficult to maximize the value of this information. When you adopt real-time solutions, you introduce many benefits to your company.

Higher accuracy with predictive models

Predictive analytics tools are only as good as the data you feed them or have in your database. If they’re working on older data, then they can’t account for any sudden changes that may require a strategy shift. By incorporating real-time data capture into your big data platform, you boost the accuracy of your predictive models.

Higher accuracy comes from the ability to make better decisions and perform meaningful actions at the right time. It is about combining and analyzing data, so that the right actions can be taken at the right time and at the right place. The essence is to create value from disparate data.

More business agility

Your data analysis is available as the information comes into your organization. Your business agility speeds up as a result, which is essential in a world where startup disrupters turn entire industries on their heads overnight.

Your business decisions should be made in real-time as the world does.  To be able to access live information about your business, whenever it happens, wherever you are, and to spot opportunities and threats before your competitors do can be the tipping point for your success. Predictive analytics technologies can help you stay ahead of that curve

Disruptions can help you proactively resolve issues

Get ahead of emerging issues through a proactive approach. The benefits of real-time data capture shows you where something is going wrong immediately, so you can take care of it in the earlier stages before it becomes a major problem.

Not all disruptions in the business continuum are catastrophic. Having the ability to react quickly to any potential interference, enabled by technology, helps cut costs. The real disruption should be viewed as not having the analytics tools to decipher the multitude of data businesses create and capture.

While businesses will always be faced with unpredictable circumstances, predictive analytics cut down on the frequency and enormity of these instances. Ultimately, this offers ample time to identify potential issues and run what-if scenarios. The end result is a well-thought-out strategy, that reduces downtime and increases the bottom line.

Gain the competitive advantage

You have a clear competitive advantage when other organizations in your industry rely on slower data capture solutions. You could find yourself hours to weeks ahead of them, depending on their systems.

The use of Big Data is becoming a crucial way for businesses to outperform their peers. In most industries, established competitors and new competitors alike will leverage data-driven strategies to innovate, compete, and capture value.

In addition to the sheer scale of Big Data, the real-time and high-frequency nature of the data are also important.

Improved customer experience

The customer experience needs to be top of the line if you want to optimize your growth and retention rates. Real-time data capture allows you to customize their interactions with your company, so they’re always getting highly relevant and valuable service. The shift away from one-size-fits-all helps your customers feel important and valuable.

Real-time data capture¬† and the analysis gives you more ways to work with your data and use it for optimizing business efficiency. It’s time to put a lot of thought into how it fits into your organization’s infrastructure.

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