Information is power and at the center of it is requirement for “reliable data.” We all agree that data is important to make informed decisions but is shear “data” enough for today’s businesses? In this age where enterprises are facing fierce competition and dwindling margins, investors are keenly watching their investments. For enterprises, to survive, thrive and even to stay in the game they need reliable market intelligence with the least latency.
Enterprises are looking for avenues to refocus their ‘customer centric strategy’. Incorporating disruptive innovations brought by accessibility to Internet and growth in Social media, Mobility and E-Commerce has changed the way companies do business. Core to these technologies is instant communication with real time capability to serve customer needs and gather opinions. Every day millions of emails are sent, data is collected by sensors, social media messages are read and analyzed, and customer purchase records are tracked. Everyone agrees, data or intelligence gathering is very well needed to succeed in current global economies. However, real opportunity lies in ability to decipher this data as it comes, learn firsthand about customer needs and deliver solutions to them before anyone else can even think of doing so.
Today, social media data is used by financial service institutions to carry out sentiment analysis and stock price prediction; retail and e-commerce industry is using it to predict purchasing behavior of customers. Businesses are enhancing customer loyalty by rewarding customers with offers directly sent to their mobile devices. Businesses of all types are using social platforms to directly engage with their audience.
It is imperative for firms to understand market environment in real time. Firms may do it to deliver better customer services, enhance and protect brand image, gather intelligence about product performance and fix any product issues early on. Having real time intelligence can help businesses make informed decisions actively and take corrective actions as they go. It also helps to align business goals with market trends and mitigate risks. Real time applications are finding its use across industries, market segments and line of businesses (LOB’s) such as marketing, supply chain management etc.
Bottom line to any business success is revenue, happy customers and any competitive advantage that they can gain from information technology. Success of “Real Time Business” will rely on availability of reliable data (both structured and unstructured) coming from various sources and ability to use it to their advantage. Enterprises will need to add effective tools; services and innovative technologies to make their dream of real time business come true.
You can learn more about Real-Time Business solutions here.
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Actionable Analytics To Be Driven By Real-Time Business Needs in 2013 and Beyond: Gartner
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