26 February, 2015
The Real Value Of Real-Time
The speed with which businesses move is at an all time high. Immediacy and accuracy when it comes to company data is no longer a desirable perk, but a necessary requirement for leaders who wish to succeed in today’s ultra competitive environment.
As instant gratification plays a bigger role in society, so too does consumer expectation, which means that in order for a company to satisfy customers and increase revenue, they must be able to continually improve relationships and experiences at a faster pace and on a more personal level.
The technology that makes this possible is real-time business intelligence (RTBI), a process that delivers information about business operations as quickly as they occur. Just a few years ago, RTBI was something that only existed in theory; however, today’s processing systems have advanced enough to make it reality, and classical data warehousing has transformed into a much more actionable process.
Unfortunately, all RTBI systems still have some latency, but the lull between event and notification is becoming increasingly less (down to milliseconds and nanoseconds), as most platforms are now designed to reduce the time between the occurrence of a business event and the corrective action or initiative required to as close to zero as possible.
While all RTBI allows for almost immediate data access and analysis, different platforms offer distinct benefits. One in particular, which many business users value, is the dashboard visualization component. Good visualization is crucial for useful business intelligence implementation because it decreases the time between event and action even further by reducing the time it takes for humans to understand and react to the information being presented.
The ease of use, ability to process huge amounts of data and the self-service functions available are some of the many reasons users are aggressively adopting visual discovery tools.
According to a TDWI Best Practices Report, operational BI and reporting were ranked in a survey as one of the leading practices today, with 43 percent of respondents claiming to use them with some level of real-time technology, and 34 percent planning to adopt the same within three years.
Users are better understanding the potential of RTBI with intuitive visualization design and many who have implemented it are already experiencing the wide range of organizational advantages it provides.