Modern businesses move fast and the speed of business is accelerating every day with no sign of slowing. To survive, companies must find ways to remove friction in their systems and business processes – leveraging real-time operational data and translating it into actionable insights that drive activities across the company. From strategic decision-making to low-level operations and customer experience, your entire company must have up-to-date information and insights to keep pace with the speed of business. It isn’t okay for your business to be waiting on daily batch updates.
Leaders need real-time insights to make informed decisions
Technology innovations, customer preference, global economics and market changes are causing the environments in which companies operate to change quickly and dramatically. Business agility is a necessity to survive and thrive in modern commerce. Market opportunities are short-lived, and threats are more impactful than ever. For leaders to be effective in recognizing changes in the environment and make informed decisions that lead to favorable outcomes, they need not only complete and accurate data, but also current data, so they can respond to changes in the moment. Competitors are looking at real-time data and making decisions. If your leaders are waiting for nightly batch processing, then opportunities may disappear before they can act.
Management needs real-time insights to achieve productivity, profitability and quality goals
Sales, customer service, HR, finance, manufacturing and logistics – almost every business process in modern companies are technology-enabled. This can be good if the systems and people involved in operations are working smoothly together and everything is going well. Just because a business process has been digitally transformed, however, doesn’t mean it is operating at peak performance. Managers depend on data-driven insights about these business processes to understand operational performance, process quality and cost drivers, enabling them to see where problems exist that require attention. The faster insights can be provided to managers, the faster they can respond and fine-tune operations to achieve company objectives.
Employees need real-time insights to do their jobs effectively
Modern businesses are complex, with operations spread across teams, IT systems and often geographic locations. For employees to be effective in their individual roles, they must understand what is occurring in the other parts of the company with which they interact. Manufacturing employees and planners need visibility of the sales-and-order-management pipeline. Sales teams need visibility to delivery schedules and logistics. Customer-service agents need visibility of customers’ orders. To manage this complexity and make informed, tactical decisions, these employees need accurate and real-time data insights. Data workflow delays lead to misinformed decisions and slow business processes. Modern businesses that need to move quickly can’t afford this.
Customers expect real-time insights as a part of the modern customer experience
Employees and company leaders aren’t the only people who have a need for real-time data insights. Modern customer experiences are highly automated, and customers expect the data they view on the company’s Website to be current. Product availability, order status, shipping data and returns processing are where real-time operational data drive digital customer experiences. If there is a change, then customers expect to see the change reflected immediately – they have little tolerance for waiting until the next day for data to be refreshed.
Businesses evolve quickly, in big strategic ways and in small tactical ways. Real-time data and information insights are what enable all parts of your business to identify, understand and respond to changes quickly and decisively. Vector from Actian is a data-analytics-database platform that enables you to collect and harvest data insights in near real-time and at enterprise scale. This can help you accelerate your business-process execution, monitor and better respond to opportunities and threats and provide employees and customers with the data they need to be informed and effective. To learn more, visit www.actian.com.