Three Reasons Your Company Needs Real-Time Analytics
A consensus seems to be developing among business analysts that more and more upper management types at small to mid-size enterprises understand the importance of real-time analytics, but have encountered problems regarding collection of the necessary data. Almost one third of companies polled reported that updating their data is not conducted as frequently as needed and they do not have sufficient support staff to produce reliable predictive analytics. There is a growing consensus that (a) management needs these analytics available on a regular basis and (b) taking advantage of those analytics will certainly be advantageous.
Real-time analytics includes business information on-demand that graphically reveals precisely the current status of business activities so that members of management derive insights and make timely decisions. The ability to post queries and obtain virtually immediate results allows the appropriate individuals to stay abreast of every aspect of their issue. Obviously, this capability is very important. Strategy is key for businesses, and they need to be tapped into this technology to enhance the decision making process. The following are important reasons why real-time analytics make a difference.
Obviously, without basing decisions on facts and analytics, these decisions can be classified as glorified guesses. Many very successful executives will assess a problem, discuss relevant issues with appropriate personnel and devise an approach based only on suppositions and instincts. Sometimes this method produces a satisfactory solution. However, if the plan produces less than satisfactory results, the author of the plan cannot defend the plan as being logical. On the other hand examination of real-time data and insights, strategic, operational and tactical decisions can be carefully reviewed and end up being much more effective.
By tracking systems, products and equipment performance in real-time, quick decisions can be made that can greatly impact the efficiency of an entire department. Understanding which operational analytics have an impact on overall business performance allows decision makers to track, measure, and tweak accordingly, which can decrease costs or lead to finding a better way to make processes run smoother.
For example, by analyzing a delivery truck in real-time and tracking the route and fuel use, the overall process can be evaluated to find out if there is a better route that may minimize fuel consumption and increase speed of performance.
Customer intelligence through Customer Relationship Management (CRM) applications can be a marvelous tool. Having the ability to track individuals and their actions allows business owners to use this valuable information to create better customer experiences that are relevant and targeted. This is completely possible if real-time data is applied in real-time. This can include geographical data that uses geo-targeting for releasing geo-specific deals to customers based on their past experiences, preferences, and current location. Think relevancy!
If you are a leader of a Manufacturing, Wholesale Distribution, or Online Retail business, and would like to figure out the best way to work to plan and deploy real-time data, contact Cornerstone Consulting at 813-321-1300 today.
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With SAP Business One Provided by SAP Gold Partner, Cornerstone Consulting, Your Enterprise can Have Better Real-time Analytics Now
Why do so many growing Manufacturing, Online Retail and/or Wholesale Distribution businesses located in FL, as well as companies located through out the U.S., rely on Cornerstone for enterprise resource planning (ERP) systems, related services and technical support? As an award-winning Top Value Added Reseller and SAP Gold Partner, simply stated, our expertise is superior. Cornerstone Consulting has been providing state-of-the-art business software systems, as well as related technical support, to small and mid-sized manufacturing and wholesale distribution enterprises for more than thirty years.
Cornerstone Consulting’s areas of expertise include, but are not limited to:
- SAP Business One
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- Business Intelligence (BI)
- Business Analytics
- Bar codes and Scanning
- Cloud Computing
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If you’re interested in working with an advanced technology consulting, web development, and IT firm specializing in business automation and optimization, you have found your dream team. You can rely on Cornerstone to provide outstanding software products, related services and technical support for all areas of your small or medium sized business, such as: financial accounting, operations, customer relationship management, sales, inventory control and tracking, warehouse management, e-commerce, and more. Cornerstone’s highly-skilled programmers, trainers and consultants specialize in providing our Manufacturing, Wholesale Distribution, and Online Retail clients with optimal business process configuration, integration and automation.
Thinking about making your business highly competitive? We’d like to hear your ideas concerning re-engineering your operations with cutting-edge software and technology. We’re excited to discuss how your small or medium enterprise (SME) can not only run better but also out-smart your competitors. Call us today at 813-321-1300!