Real-time analytics are generally done within seconds or minutes, helping your organisation boost customer insights, generate new business models, and become a market leader in driving a revolution in manufacturing, marketing, and service.
With 80% of companies stating that they saw their revenues increase after implementing real-time analytics, a business atmosphere has been created where small, medium, and large organisations can benefit from a business analytics solution.
In an increasingly competitive world, business owners cannot ignore the opportunity to expand their businesses. Despite understanding this, the majority of businesses still need to make full use of their data.
To stay ahead of the competition, more businesses are investing in real-time data analytics which makes data available for interpretation and visualisation. Here’s a closer look at some of the ways that real-time analytics are helping businesses increase their revenue.
Improving business performance
Improved accuracy in forecasting is one of the most important ways that analytics can help businesses increase revenue.
Real-time data offers businesses the ability to make quick decisions based on accurate and up-to-date information. When you employ systems that are designed to provide real-time data for every step of the business operation, you will see a decrease in costs and an improvement in your revenue.
Your employees will also feel empowered and confident in making decisions based on real-time data, leaving you with a business operation that runs smoothly, efficiently, and effectively.
Designing better-targeted marketing campaigns
When it comes to marketing, social media or other digital channels can be some of the most valuable platforms that companies can use.
They can help you reach several different target groups and allow your target audience to participate from their various accounts. Marketing teams can use real-time data to analyse and follow trends and adapt them to suit their marketing strategy.
Real-time data can also give you a better understanding of which channels have the most reach and create a positive impact on your audience. Businesses can use this information to modify their marketing budgets and strategies to suit these channels.
Building better relationships with consumers
Real-time data gives you instant information about your customers and their preferences, enabling your marketing team to understand their decision-making process. Using this knowledge, they can streamline the customer journey.
For instance, if your customers are inclined towards your brand because of a loyalty programme or membership rewards, your marketing team can focus on strategies to promote your programmes and rewards to attract more customers.
With the knowledge gathered through data analytics, you can also carry out customer segmentation to make sure that the right content is reaching the right audience. For instance, if you’re promoting a product to a younger age group, using social media may be the best option.
In addition, other demographic information can also help marketers develop campaigns that are relevant and interesting to them. This information can also be used by online stores to suggest the right products at the right time, which makes cross-selling and up-selling much more convenient.
Making better decisions, faster
Perhaps the biggest way real-time analytics are helping businesses increase revenues is by allowing decisions to be made rapidly.
Business leaders and marketers often make critical decisions based on assumptions about past patterns and trends. With real-time data, this process becomes much simpler, faster, and more accurate.
For instance, if you’ve seen an increase in sales at a particular time of the year, or if there’s an increase in sales of a specific product, the right analytics could help businesses identify the causes of these fluctuations and make better, more informed decisions that could increase their business revenue.
These trends can also direct businesses into marketing strategies that aren’t making any impact and allow them to ramp up their marketing efforts.
Detecting and addressing operational issues
By identifying and addressing operational issues, companies can divert any challenges that could impact their revenue streams. For instance, companies that use real-time data can track order statuses and the available inventory to swiftly replenish supplies that are running low.
Businesses can also identify the need for additional labour if they’re running behind on any of their business operations.
With real-time data, you can test how different business procedures will be influenced. You’ll be able to use the data to forecast whether there will be any issues or negative impacts on your business and make the necessary adjustments without much harm to your operations.
Summing up the power of real-time analytics
Analytics has changed almost every aspect of what it means to run a business in the contemporary business landscape, and the impact that real-time business analytics has had on organisations is substantial.
Real-time data analysis helps you effortlessly make this transformation while solidifying your company’s continued and consistent growth.
If your organisation is yet to invest in the power of real-time data analytics, working together with an automation expert can help you ramp up your business and marketing automation processes.
Get the automation solutions you need today and create a robust strategy that’s driven by real-time data analytics.