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Real-time Data- an absolute necessity
“To do this, companies rely on a wide array of information they’ve pulled together over time. These metrics could include click-through rates, time spent on an ecommerce page, position in the sales funnel and number of return purchases and many more though in different ways.”
Whether it is real estate, construction, a factory or E commerce, a fashion store or a grocery store; real time data is significant universally. It can track everything from planning, stocks, inventory, logistics, deliveries, sales, employee movement or customer journey. This improves productivity leading to business growth. Hence real time data-an absolute necessity.
There is accurate inventory tracking and promotions generated to create customer satisfaction. Leveraging precious data; a consumer is made an offer. This is possible all because real time tracking is available today thanks to strides in technology. “With this information, businesses can gain better intelligence into their regular practices and processes,” according to TechTarget. This helps companies to be more effective. In case a company does not have up to date information it may have trouble which could remain undetected leading to inefficiencies and disappointed customers who abandon their cart. Using real time data they can design their promotions and manage their product prices, deliveries and clients in a more efficient and beneficial manner thus leading to growth.
Let us examine the reasons why we can say that real time data is necessary and useful.
- With real time data efficiency improves by reducing bottlenecks and reducing unnecessary slowdowns caused by lack of information. We can safely say that real time data improves productivity of a company.
- Real time data helps to save time because one does not have to waste time on tracking employee productivity or customer journey because every journey, every check in is logged digitally and many a time the work executed is more accurate thus preventing wastage and saving money.
- Real time data is important across businesses and industries and can work as a tool in the hands of the management to improve decisions and be accurately guided in times of crisis. It improves communication big time resulting in precisely informed decisions that are good for the business avoiding delays and human error by fixing problems as and when they arise.
- Real time data ensures that everyone is on the same page and at the same time. This can help to meet unexpected events smoothly. When everyone in the workforce is well informed a business whether it is Ecommerce or otherwise can function in harmony at the same time guarding customer data where required.
- Real time data is not just beneficial to business owners but also to employees because they can measure themselves and improve performance as well as check their errors and become aware of where improvement is most required. Any company which uses outdated systems is thus risking redundancy in the marketplace because it is necessary in order to stay ahead of competition in today’s world. E commerce may not thus just track customer data but also employee activity and the entire process of business has become data dependent and data driven. At the same time employees are motivated to do better.
- Another wonderful thing about real time data is that it can create employee happiness because the employer can track high performers to suitably reward them. It also helps the company to improve by providing required training for improving employee efficiency. It also helps in customer happiness because when shopping online he sees exactly what he likes and wants and enjoys perks according to his purchase records sometimes not even realizing how it happens, and that is nothing short of a miracle creating a joyous moment for the customer.
- Digital dashboards help to track customer data as soon as his journey starts. There is no necessity to look up customer history or manually track things because the digital dashboard can give readymade information based on real time data as well and real time data thus becomes an asset to the company besides giving it a competitive edge.
- With real time data comes improvement of the entire operations of a company. Tracking of stocks, raw materials, shipment, production where applicable, supply chain, returns and deliveries can be tracked accurately to avoid delays, create improvements, take preventive measurements and stay well informed in order to be successful. Supplier activities too can be well monitored and their drawbacks fine- tuned.