How Your Business Can Benefit From Real-Time Data

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Jan. 24 2024, Published 2:41 p.m. ET

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Today’s business environment constantly evolves, especially due to advanced technology. As a result, businesses need to make informed and proactive decisions to stay ahead of the competition. The more adept you become in your decision-making processes, the smoother your operations will be. A great way to ensure you make the right decisions for your business is using real-time data, as it helps companies enhance efficiency and productivity. Research confirms this, revealing that 80% of companies recorded an increase in profit after incorporating real-data analytics into their decision-making processes. Here is how your business benefits if you do the same.

1.Instant decision-making

Although you may have many years of experience in your business field, allowing you to make some excellent decisions, you’ll still face some limitations if you fail to incorporate real-time data in your decision-making processes. Adopting real-time data creates an opportunity to monitor various aspects of your business, depending on your industry. As a business owner or entrepreneur, it pays to have operational insight into your company and to be aware of every relevant operational process. For instance, if you’re running a supply chain company, using real-time data can help you make proactive adjustments to prevent the usual bottlenecks that plague supply chain businesses. As a result, you reduce delays, material and labor shortages, decreased customer satisfaction, and other common problems. The secret, however, is to know how to interpret the data and use it effectively. It’s not enough to have the data and have no idea what to do with it.

2. Customer engagement and personalization

Customers are vital to your business’s success and sustenance. Therefore, your product or service may likely not thrive on the market if you sidestep your clients. One way to get it right is to understand customer habits in real time, including what they want, how they prefer their service delivery, and how much they are willing to pay for what you’re offering. You can only get the right answers to these questions when you make meaning from the real-time data you have collected from the market. With such data, you can craft bespoke marketing strategies that suit your business. It will be challenging for a competitor to copy your tailored marketing strategies because yours were based on specific numbers or data relevant to your operations only. Many small businesses that benefitted from real-time data analytics say it helped them identify customer preferences. You stand to benefit the same when you rely on data to boost personalization and customer engagement.

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3. Proactive issue resolution

One problem that plagues businesses is the rate at which issues are resolved. Sometimes, the temptation to wait it out is more compelling because of more pressing tasks and operations to be completed. However, that cannot be a wise business move because issues must be quickly solved to keep them from escalating. One way to effectively do this is to rely on data. Real-time data monitoring presents a great opportunity to monitor, identify, and address potential issues before they cause significant disruptions. It can be an equipment failure or an internal network issue causing downtime at the workplace. With relevant data in hand, you can decrease the potential shocks such unforeseen events can cause. A proactive issue resolution saves you time, resources, and the inconveniences that come with delayed solutions.

4. Fosters your business’s on-site efficiency

Does your business run field operations with roles split between the in-house team and those out of the office? Field service operations are vital to several industries, including construction and maintenance. Sometimes, the nature of your job requires on-the-go access to critical information and a timely liaison between field and office staff. When that happens, it will be tedious for your office staff to split their time between the office and the field. At a time when businesses rely on digital technology to simplify tasks, you can do the same to improve overall project timelines. Depending on your business type, you can use field service apps to determine technician locations, check job status, and more. Consider investing in resources like the field service app BuildOps and leverage the ease it offers to streamline business operations. Before you know it, your business will have improved internal communication, make efficient use of resource allocation, and reduce downtime.

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5. Strategic planning and forecasting

Relevant data is a crucial aspect element when planning your business’s future and growth. Such data facilitates more accurate projections, forecasting, and strategic planning. A key trait of successful business owners is the ability to assess current market trends and use that information to make data-driven predictions. The 21st-century business owner is tech-savvy and prefers to make strategic moves only when aided by verifiable data. That is a good thing because the market is not static, and unless you adapt to changing conditions, there is little you can do to keep your company ahead of growing competition. According to research, companies relied heavily on huge textbooks over three decades ago for credible information on business forecasting and others. Today, however, precise, real-time data is the name of the game and is leading the way for strategic planning and forecasting. Even better, data provides the agility you need to seize opportunities in a dynamic business landscape.

6. Improved marketing and ad campaigns

Modern business marketing relies heavily on real-time data to plan ad campaigns. It is a real game-changer for any company that wants to gain traction in its ad campaigns, and you can enjoy its benefits when you use real-time data analytics. Your marketing team can make data-driven adjustments, understand user engagement, and leverage instant feedback to finetune ad campaigns. Doing this allows businesses to target the right audience for their products and services. You will realize over time that data used the right way can foster higher returns while optimizing your ad expenditure. Businesses that leverage this do better in their marketing and ad campaigns.

Making the most of real-time data will help you enjoy the benefits highlighted above, yielding tangible results for your business.

[Editor’s note: This article was written by one of our trusted partners.]

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