All businesses dream of having real time process management at their fingertips. Being able to make that crucial decision that could save you time, increase profits, or jump ahead of the competition tends to only happen periodically - perhaps at the weekly team meeting or when a business process breaks down. Unfortunately, real time data isn’t available to most small businesses today, let alone predictive analytics.
For those unfamiliar with predictive analytics, it analyzes current and historical facts to make predictions about future business opportunities. This could be used to help product purchases predict product demand for ordering, or help Hollywood movie producers predict how well their movie will perform at the box office.
Whatever business you’re in, getting faster access to information that drives decisions can change business processes. With the pace of business accelerating, processes must regularly be reviewed and updated. Truly flexible operations should be able to adapt anytime - in real time. If not, you’re missing the boat.
Process and data problems are key indicators of stagnate companies, who have issues with keeping their data updated, detailed and accessible. These companies suffer by making inaccurate decisions based on old data - because it would take too long for fresh and relevant data. Can you see the problem now?
It’s a no-brainer that companies who use super efficient processes and utilize technology to assist in this initiative will be the winners. This includes taking weekly or monthly operations and making them faster - even in real time. An example could lay in the travel industry where online hotel prices adjust based on current occupancy and forecasted demand to maximize profit.
Instantly accessible data-driven decision making influences the expectations of customers and business users alike. Customers can trust the information is current and accurate, while employees can respond to the changes accordingly. Other key point it that everyone in a company makes decisions, whether it’s strategic, tactical or operational - making real time synergy possible.
Obviously making this possible overnight isn’t that easy. The complexity and scope of designing a system to update your business process and deliver actionable real-time data varies greatly from business to business. It will often require a high volume of data from multiple sources and multiple devices. This includes transactional data, historical data, text from emails, forms, web logs, location tracking. It is a daunting proposition, but attainable.
Remember, three important things are needed to make this happen:
- Real-time data
- Predictive analytics
- Information from multiple sources
LinxSmart develop business process application to help your business succeed in this competitive market. Speak to an expert today by calling 905-385-0546.