The competition encourages companies to develop efficient business operations and attractive pricing models. However, addressing the challenges in the modern supply chain requires relevant business intelligence. Also, new IT solutions enable self-updating report visualizations. This post will elaborate on real-time business intelligence and visualization with examples.
What is Real-Time Business Intelligence (RTBI)?
Business intelligence (BI) includes collecting data on the market, consumers, and competitors to understand industry trends. Therefore, business intelligence solutions assist corporations in developing performance and risk reporting.
RTBI means real-time business intelligence. This modified BI and visualization technology uses live data streaming and animated graphs to increase the quality and speed of reporting. So company leaders can avoid documentation delays. RTBI helps you streamline your decision-making activities.
Real-time monitoring of projects and market dynamics becomes easier since live data streaming can automate multiple reporting processes. However, companies must be careful when implementing RTBI to optimize costs and acquire valuable insights.
Insight extraction focuses on identifying data patterns that explain why some events happen in a specific way. Many data analytics solutions utilize open-source, external, and in-house technologies to make insight discovery fast and scalable.
Components of Real-Time Business Intelligence
Reducing latency is significant for realizing the benefits of real-time business intelligence solutions. Likewise, serverless architecture and increased memory capabilities allow you to acquire data from multiple channels. Later, you can process it without storing all of it in the business datasets.
Companies can reduce their expenses associated with data storage by ignoring irrelevant datasets. However, these savings might be necessary to handle the increased networking costs. You can also use the serverless services provided by cloud computing enterprises to optimize costs.
Nevertheless, RTBI allows fast problem identification and quick solutions using a custom combination of software and hardware. Therefore, you want to understand and integrate the following elements of real-time business intelligence solutions.
1| Low Latency Networking
Data analytics solutions consume computing power to process BI datasets and extract insights. However, the data volume is too extensive. So, transferring it in real-time to improve the business intelligence reports means the network must minimize response delays.
The low latency communication enables the transport of large datasets using multiple technological innovations. Also, the physical components of the IT ecosystem must support those solutions while providing multi-OS compatibility.
For example, imagine if real-time business intelligence solutions were to be an online game in some e-sports tournament. You must prevent framerate drops or lags in competitive gaming. Similarly, low latency networks facilitate almost instantaneous updates in the BI visualization dashboards.
Other examples highlighting the benefits of low latency networks in real-time business intelligence include:
- the real-time data visualizations in website analytics solutions,
- intensity measuring devices in an earthquake,
- urban traffic control through remote sensing.
2| Server-less Architecture
Managing the servers and databases can be overwhelming. After all, data analytics solutions require stable systems, but technical issues on the server-side cause processing problems. How can businesses outsource their server-side operations?
Consider AWS (Amazon Web Services) or Google Cloud. They maintain servers and IT infrastructure, freeing up resources on your end. Therefore, your team benefits from business intelligence solutions and real-time visualizations without cybersecurity risks or IT maintenance activities.
Several cloud providers allow developers and analysts to utilize their infrastructure to deploy applications, process data, and store confidential reports. This component of RTBI relies on two service models.
- FaaS (Function as a Service) includes your codes, business intelligence solutions, and reports.
- BaaS (Backend as a Service) involves provider-side automation of server maintenance and scalability.
Benefits of Real-Time Business Intelligence
1| Times Sensitive Insights
Selling some products and services requires well-optimized marketing campaigns. However, some marketing campaigns are relevant only for a specific duration of a festival. Once the festivities are over, you can no longer expect high sales.
The real-time business intelligence solutions help companies gather customer insights during holidays and special occasions. For example, selling a product or service during Christmas requires advanced intelligence.
Therefore, you can quickly increase the promotion of products that the customers prefer within the 24-hour window. Similarly, RTBI can provide corporations with valuable insights into their delivery and packaging activities.
Also, you can supervise your employees efficiently because you will get their productivity metrics promptly. Multiple levels of document recreation are no longer necessary once you integrate RTBI.
2| Innovative Management Workloads
Real-time business intelligence enables more flexible management philosophies. After all, reporting delays become so short that you can easily accelerate your decision-making.
However, adopting a new management philosophy requires additional push from all stakeholders. Remember, the “resistance to change” will most likely interfere with organization-wide deployment.
Besides, using real-time business intelligence solutions requires a responsible mindset. Otherwise, RTBI might hurt the professional relationship between managers and employees.
Companies that rely on old documentation methodologies might need help transitioning to real-time business intelligence reporting. This transition might be slow for multinational firms. However, the gains outweigh the transition pains.
3| Data Democratization
RTBI gives employees more power over their decisions while reducing the workload on managers. After all, documentation obligations decrease with the increased adoption of real-time business intelligence solutions.
Therefore, employees can contribute new ideas and help you develop innovative strategies. You can also break down the departmental silos using more interactive data accessibility and surveying techniques.
Automatically updating the data visualization dashboard enables less technical people to understand the organization’s reporting essentials. So, RTBI can improve employee training programs and foster a stronger sense of teamwork among employees.
4| Accelerated Risk Management
Conventional data reporting systems require more time to draft and finalize intelligence reports. However, new risks might emerge during this time, affecting business performance.
Real-time business intelligence solutions allow all employees to detect potential risk factors early in the planning phase of projects. For example, RTBI can help you understand the sudden decline in incoming online traffic. You can investigate the cause of this behavior and remedy it before it is too late.
Nobody needs to wait for a detailed report to realize that two machines in the factory require maintenance. You can also use live business intelligence solutions to ensure the shipment arrives at its destination without trouble.
Examples of Real-Time Business Intelligence
RTBI use cases vary from company to company since managers prioritize relevance. Generic techniques are often insufficient to address industry-specific needs. Therefore, business intelligence solutions tailor their components to meet the expectations of each client.
You can implement real-time business intelligence in marketing, employee safety, productivity measurement, and risk analytics solutions. Mostly, you will interact with automatically updating dashboards. They help you identify unwanted trends and devise remedial measures.
Let us explore some of the use cases of real-time BI techniques.
1| Enhanced Data Analytics and Marketing Solutions in E-Commerce
Real-time business intelligence solutions enable you to identify certain changes in product sales on an e-commerce platform. If you notice that people visit a product more often, you can place that product in more prominent locations on the website, e.g., headers and the top panels in the sidebars.
If you detect that a customer recently wrote a one-star review, you can email them to learn why they did it and why they were upset with your services or offerings immediately.
When someone views a product for a long time but decides not to buy it, you can quickly send them an email with special offers to encourage them.
Real-time business intelligence solutions can help customers learn the latest status of their ordered items throughout the delivery procedure. Therefore, customer experience (CX) improves. They trust you more since they can clearly see every activity through visualizations in real-time intelligence.
2| Live Data Analytics Solutions in Supervision and Safety
Workplace hazards affect employees working at your factory. So, you must identify risky behaviors and discourage them. Real-time business intelligence solutions give insights into how workers use their equipment. Supervisors can use these insights to prevent careless usage of company equipment.
If an accident happens, all managers will learn about it immediately. They will swiftly take appropriate actions.
Real-time business intelligence solutions also help you track employee activity and ensure productivity at the workplace. You can easily know which employees lack agility and who need a break.
RTBI can also help you validate overtime hours. So, you can ensure that employees get paid fairly. You also get to avoid paying for unqualified work hours. Workers cannot lie about their productivity since RTBI allows reliable visualizations.
Business intelligence is essential to staying resilient in today’s competition. BI datasets help you with competitive and marketing insights. Additionally, modern technologies allow you to use business intelligence solutions in real-time reporting modules, as explained with examples.
RDBI, or real-time business intelligence reporting, facilitates smarter decisions with reduced documentation and formalities. Moreover, simple visualizations make it possible to communicate with employees and customers more effectively.
Still, you require low-latency networks and a serverless architecture to deploy real-time business intelligence solutions properly. Technological challenges in implementing such advanced solutions are often intimidating. However, you can work on them with the help of reliable data processing partners.
SG Analytics, a leader in data analytics solutions, helps organizations acquire extensive insights into market performance and competitive business intelligence. Contact us today if you require high-quality research and reporting capabilities to develop data-driven strategies.