Real-Time Data for Faster Data-Driven Decision Making
Real-time data is collected as events happen and can facilitate data-driven decision-making. With processing powered by Artificial intelligence (AI), machine learning (ML), and automation, real-time data can be converted into actionable insights. This gives businesses a competitive advantage, with the ability to make better and timelier decisions with real-time data.
Older systems with technology constraints only process data in batches. This means that information will be delayed, and reports do not reflect real-time data. As a result, it is not possible to monitor the business in real-time to support data-driven decision-making. In this case, decisions must be made in retrospect, using old data.
Large amounts of data can sometimes slow down your system’s ability to process the data for your analysis. Analysing data in real-time can provide your business with a strong competitive edge – the ability to monitor your business in real-time and faster decision making.
6 Benefits of Real-Time Data
- Up-to-date and complete view of the customer
- Identify changes in demand
- Enable proactive corrective actions
- One source of truth
- Increase in productivity
- Availability of information on-the-move
Up-to-date and complete view of the customer
With real-time analysis, you can immediately see what customers prefer, their historical purchases, issues they have faced, and interactions with your business. This gives your sales team the ability to provide a more personalised service to each customer.
Identify changes in demand
Quickly identify consumer and trend changes to proactively change product and service offerings. Real-time data enables businesses to react towards changes in demand.
Enable proactive corrective actions
Keep track of all workflows and processes in real-time to identify issues and take immediate corrective actions. This can prevent the issues from escalating into larger problems.
One source of truth
All information is centralised in one system, combining data from multiple sources. Staff can easily access and share information from within the same system. It is also easy to query data and create required reports without the need of IT help.
Increase in productivity
Real-time data reduces communication failure, accelerates data consolidation, and improves productivity. With the entire company’s data in one location, it will make information access easier for all team members.
Availability of information on-the-move
Salespeople on the move can access stock availability and customer information in real-time. This empowers salespeople to make business decisions while doing sales calls
Real-time information and ease of access in SAP Business One
SAP Business One, the small business management solution, can help transform your business into an intelligent enterprise. The real-time data technology platform called SAP HANA gives businesses the ability to access any information instantly.
The Enterprise Search function makes data access simpler. Search for any information similarly like how you would use a search engine. Drill-down data to get the information you need. Save time and get the results you need – fast.
Learn more about enabling real-time data for your business by contacting us below.
Build up your knowledge of ERP functionality, emerging technology and industry insights with the 2022 ERP Buyers’ Guide. Save time and effort by getting things right the first itme with trusted ERP advice.
SAP Business One is an affordable Enterprise Resource Planning (ERP) software designed for small to midsize businesses. As a business management solution, SAP B1 streamlines business processes, provides real-time information, and help boost overall business performance. The solution covers finance, sales, customer relationship, purchasing, procurement, inventory and manufacturing in one centralised system, enabling accurate and precise information retrieval that assist in reporting, forecasting and analysis.
SAP B1 Modules:
- Warehouse & Production
- Purchasing & Procurement
- Inventory & Distribution
- Reporting & Admin
Read More on SAP Business One
What Is Hubspot and What Can I Do with It?
HubSpot Lead Scoring 101: Finding Quality Leads
How to improve employee well-being through workplace training