What is the Value of Real-Time Data?

It’s no secret that more and more organizations are turning to solutions that can provide real-time data to become more personalized and customer-centric, as well as make better business decisions. According to a recent Forbes article, “the prescriptive analytics software market is estimated to grow from approximately $415M in 2014 to $1.1B in 2019, attaining a 22 percent compound annual growth rate.” The article goes on to state that “by 2020, predictive and prescriptive analytics will attract 40% of enterprises’ net new investment in business intelligence and analytics.”

Benefits of Using Real-Time Data

Clearly, the demand for real-time data is exploding and will continue to do so, but why are so many organizations hot for solutions that provide real-time data? There are a number of reasons why:

  • You can run a report that has the most updated information, not from one month ago. This way when you reach out to a customer, you can see all customer notes so make your interaction more personalized.
  • Real-time data gives you the right information, almost immediately and in the right context. There’s no need to jump from database to database to find what you’re looking for because it’s all housed in one spot.
  • Immediate access to real-time data allows you to make better business decisions. If data is days, weeks, or even months old, it’s difficult to function effectively as an organization. The most updated information enables you to be more decisive more quickly and ultimately enables your organization to become more profitable.
  • You are able to analyze data more effectively when it’s in real time. Why? Because you can track what sources leads are coming in from, what sales team members are having the most success and even how much is spent on various campaigns.

Real-Time Data Adds Value

Ultimately, using a solution that can provide you with real-time data will add value to your organization. It allows your organization to function more efficiently and personalize customer interactions. All of these benefits result in a healthier bottom line for your company.