Unlocking the power of real-time data to grow your business

Guest post by John Tallon, AI & Data, App Innovation, and M365 Productivity, Practice Director, Storm Technology

Nowadays, companies collect and generate reams of data, with more being generated every single second. Yet, many are struggling to harness the full potential of this data for informed decision-making.

Unlocking the value of real-time data, facilitated by innovative solutions like artificial intelligence (AI) and proven business solutions such as enterprise resource planning (ERP), is becoming increasingly critical for companies to acquire customers, maximise profitability, and stay competitive. From visualising data to automating operations, organisations can use real-time analytics tools to inform decisions, delivering tangible business results.

Visualising data

Imagine having a crystal ball for your business – that’s the magic real-time data analytics brings. By collecting and analysing this information, organisations can take advantage of real-time visibility of their overall business performance. In today’s fast-paced world, businesses demand immediate access to information.

Tools that provide real-time access to data analytics, such as Microsoft Fabric and Power BI, allow companies to perform detailed analysis of information and generate reports, as well as predict trends for forecasting and planning. In fact, manually compiling reports can become a thing of the past, with users able to access and collate this information with minimal effort, whenever necessary.

This is particularly beneficial for sectors like retail and manufacturing, where real-time data analytics not only improves inventory management but also enables quick adjustments to operations in response to changes in demand. By quickly identifying opportunities for cost savings and new areas of growth, businesses can shape effective strategies and maximise profitability.

Improving efficiency

A survey by McKinsey Digital found that when data quality is low, about 30% of company time is spent on tasks that don’t add much value. Automation software cuts out manual work in tasks like collecting, cleaning, and transforming data, as well as filling in gaps. It makes a business’ processes smoother, less prone to errors, and ultimately more productive. This allows businesses to handle their daily tasks with greater efficiency and effectiveness.

Various tools cater to different business needs, workflows, and operations. For instance, solutions such as D365 Business Central provide real-time data which is beneficial for finance, sales, service, and operations teams. It combines all information in one centralised hub, providing a comprehensive overview.

Additionally, enterprise and financial systems help reduce the time spent on manual tasks such as compiling financial reports, managing inventory, and processing orders. These tools not only streamline processes but also offer a clear understanding of the latest operational data, saving time and enabling flexibility and accuracy across various business operations.

Supporting priorities

One key area where leveraging data proves to be a game-changer is the customer experience. According to McKinsey, data-driven companies are 23 times more likely to acquire new customers. In essence, the extensive use of data enables companies to be more customer-centric, responsive, and adaptive. In the arena of customer service, real-time data analytics equips support agents with the ability to quickly access important information, making their responses faster and more accurate.

But the ripple effect extends beyond customer service; it resonates with sales and marketing teams as well. They recognise significant value in harnessing current data to craft campaigns that truly resonate with customers, enriching the overall customer experience and journey. Companies championing this data-driven approach not only enhance their service but also benefit when satisfied clients recommend their products and services to others.

In other words, leveraging real-time data makes business sense. It supports smarter decision-making and aids strategic planning, providing insights into potential opportunities and challenges, thus enabling businesses to better prepare for the future.

Moving forward…

As organisations navigate the business landscape ahead, it’s crucial that they leverage emerging technologies such as AI to equip themselves with essential insights for aiding efficiency, enhancing customer service, and fostering growth. That means getting to grips with real-time data and deploying technologies and partners that provide access to and deliver value through same.

By recognising the significance of data as a key asset, businesses can steer towards a future where success isn’t just a goal but a data-driven reality. It’s time to cut through the data noise and chart a course towards success.

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