Why Your Business Needs Real-Time Access to Insights

MX Bites / January 20, 2022

Access to real-time analytics enables immediate action, allowing businesses to be proactive by grasping opportunities or preventing problems before they happen. By comparison, after the fact data processing relies on reports, meaning that analytics may take hours or even days to show important results. In cases where businesses are not utilizing any BI, it may take months to consume insights driving from data. In most cases, data will remain buried in some storage and never get consumed, let alone in real-time. 

According to Deloitte, 49% of respondents pointed out data as the most important factor in helping them make better decisions. The same study also shows that more than half of enterprises are using some sort of analytics in some capacity. However, most studies look at enterprises as a benchmark, while the majority neglect SMEs. Where are they, what analytics are they utilizing to move performance forward?

8 top business benefits of real-time data analytics
    1. Make decisions at the speed of your business
    2. Understand more about employees, customers, and financial health
    3. Increase business agility and optimize performance 
    4. Quickly detect and address operational issues
    5. Identify and act on short-term market changes
    6. Personalize the customer and employee experience
    7. Improve service with up-to-date information
    8. Minimize risks, reduce costs, and look for opportunities

The purpose of insights is to connect head and heart knowledge, information plus inspiration. However, the best insights and data stories reveal behaviors or phenomena and point to solutions or ideas. And because insights are grounded in human needs and desires, they lead to ideas that create value and more informed decision-making. 

You need accurate, hopefully, real-time insights to make informed decisions for your business whether it’s launching new products, understanding financial performance, or optimizing your customer and employee experiences. The difference-maker will be the speed at which brands react and act on insights. Your organization needs to move fast in fierce markets to remain competitive. That begins by having access to the right data when you need it. 

Our strategy practice at Hoick, helps businesses (SMEs too) understand, envision, and articulate data as a business strategy and make it accessible to everyone across the business.

Connect with us to learn about some breakthrough stories. 

👋  Till the next time…

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