Your organization produces endless megabytes of data on a daily basis. But how quickly can you turn it around into useful reporting and analytics information?
Having access to critical data in or near real-time can help your firm achieve a competitive advantage. For some firms, the lack of real-time data access puts them and their clients at a serious disadvantage. At Saxony Partners, we’ve helped clients achieve real-time data access through storage and management solutions, APIs, and other technology solutions.
The result: Less guesswork and more data-driven decision making.
Here are a five benefits of improved and/or real-time data access:
1. It gives you insights immediately.
This might seem obvious, but we cannot overstate the importance of having data insights right away. Data captured at the source, and processed and visualized at the touch of a button empowers your organization to utilize the information as soon as possible.
Your clients expect you to make decisions based on accurate, timely data. If your reports and analytics are reflecting outdated information, your decision-making capabilities will be negatively impacted, as will your forecasting ability.
Improved access to timely data allows you to make important business decisions based on what your data is telling you right now.
2. It improves reaction time and reduces risk.
Life comes at you fast. Global events, market fluctuations, or internal system malfunctions can happen without warning. Real-time data access will alert you to those problems before it’s too late to solve them. It can also help you capitalize on increased demand instead of missing out.
Implied here are the implicit risks associated with lagging data. There’s no benefit to making decisions based on inaccurate or old data. When you have fast, reliable access to your data, there is a natural reduction in problems caused by communication failures. All company information is stored within a single source of truth, and can be examined at any time to troubleshoot existing problems or avoid future risks.
3. It democratizes your data.
When making big, strategic decisions on behalf of your firm, you want to make sure you are leveraging data that will help point you in the right direction. But data isn’t just for the big decisions.
When access to data expands and improves, you can utilize it to drive decisions big and small. One Saxony client was able to take advantage of real-time data access in order to predict peak customer activity day-to-day. The right data, paired with robust analytics, can help you adjust and pivot when needed.
4. It provides a 360-degree view of your customers.
The advantage to having all of your data in one place is that you can begin to understand your customers better.
Real-time data access allows you to visualize what customers prefer or what problems they’re facing at any given moment. It can also help you to anticipate customers’ future needs so that you can gain more business from them in other areas. The more data you have about each customer, the more accurately you will be able to tailor products and experiences to their needs.
5. It encourages you to make business processes more efficient.
Reporting is traditionally time-consuming, tedious work – the kind of work that can lead to employee burnout. It doesn’t allow for your top performing employees to use their time and skillsets to their full capacity.
Once you have real-time data access, you can reduce the time needed for advanced repoeting. It allows your internal processes to become more efficient, frees up valuable employee time, and can stabilize headcount as you scale your business.
Do More With Your Data®
With real-time data access, the possibilities for data-driven decisions are endless. Aggregating your company data into a single, accessible source of truth allows you to realize its full potential for analytics and insights.
If your organization is looking for real-time data access solutions that can empower you for growth, reach out to us at Saxony Partners.