Understanding Real-Time Business Intelligence with Sisense
It’s 2019, and it is overwhelmingly evident that the rapid pace of data creation isn’t going to slow down. In May 2018, Azuka wrote about the phenomena that is big data and the fact that only 0.5% of all data is analysed with this percentage shrinking daily. We are literally swimming in data, but even though there are millions of streams and touch points, our data comprehension cannot compete with the rate of data created every minute.
One of the few solutions to combat the enormous amount of data pouring into companies is to analyse it as soon as it is created. If data is generated and examined immediately, companies can begin gaining insights through real-time analysis. While traditional models focus on historical data to identify trends and patterns, real-time analysis allows companies to focus on understanding information as it is collected.
Real-time analytics help companies make better, faster decisions that impact their core business returns. Real-time business intelligence is no longer a shiny new toy company’s are experimenting with, it is a necessity in 2019. Understanding this need is vital for you and your company’s data going forward.
Analysing real-time business intelligence
Real-time business intelligence is the use of data and analytics processing tools that enable companies to access relevant data visualisations. Real-time information and analysis give companies the power to make more effective business decisions with up-to-the-minute details.
For companies to have the best data and real-time BI tools at their disposal, they make use of a combination of server-less analytics (data which is transmitted directly to a dashboard or visualisation) and data warehouses. This process allows dashboards to demonstrate real-time and historical data holistically.
Real-time Business Intelligence as a pivotal player in companies
Real-time BI understands data faster than traditional data analysis, making it easier for companies to execute more informed decisions. For companies that are producing gigabytes – even terabytes – much of this information loses its importance if it sits in storage for long periods.
Information about what is going on in your business as it happens, such as inventory levels, services and customer needs can be incredibly useful to decision-makers in your industry. Real-time analytics empower firms to perform their research and use the data they have available. Finally, enterprises have the power to identify and understands trends within their organisations and in their industries.
Real-time Business Intelligence best practices
The best ways to ensure you are utilising your real-time business intelligence tools are to identify a few of the BI best practices;
- Understanding the value of the data. The value of your data decreases as it ages, which makes time your most valuable asset in optimising your data.
- Infrastructures are vital for your data because once it is collected, it should be stored, scrubbed and parsed. A clear data warehousing solution coupled with an organised data flow can optimise your results.
- Knowing which data is the right data to collect is essential for your results. Focusing on the most relevant data will give you and your company the most appropriate answers to each situation.
Users of Real-time BI
Various industries, fields and sectors benefit from using real-time business intelligence and analytics. These industries, sectors and fields include;
- Customer relationship management suites (CRM’s) use real-time data to provide better service for consumers.Tailoring services and conversations can provide better engagement to consumers’ known preferences at the moment.
- Logistics organisations better understand their supply chains and workflows as they evolve. This allows for better decisions in emergencies or creates more efficient chains.
- Inventory managers can see their stock falling and rising as it happens, empowering them to make better calls about which products to order. Combining with historical trends, they can also create predictive models for ordering that automate time-consuming tasks.
- Manufacturers can collect real-time data from machinery and production chains, and see how they are performing, as well as their condition. This allows them to both improve efficiency and productivity and resolve any maintenance issues before they become a full-blown emergency.
- Risk analysts can take advantage of incoming data to continuously modify their risk models and make better calls on insurance, loans, and a variety of other financial decisions.
To fully harness the power of big data, there needs to be answers to the right questions. Your data can be your company’s secret weapon if you are able to use it correctly. If you are interested in a big data solution that can help you simplify complex data then find out more about Sisense – the world-leading, BI & Analytics tool. Sisense is the leader in the Visionaries quadrant in the Gartner Report.
For more information contact our Sisense product specialist Carmen Hattingh-Smit on email@example.com for a complimentary POC to see why Sisense is a leader in the field of BI & Analytics
While most companies are actively involved in collecting and data, many find themselves not investing in a business intelligence and data analytics solution due to budget constraints. Incorporating BI & analytics into your 2019 budget can be easier with these top tips.
As a company that focuses on providing solutions and not just products, Azuka is proud to have two fully-fledged data centres in Randburg and Durban, South Africa. Our local data centres are cloud-supported and play an integral part in our cloud-based applications and solutions. Azuka is proudly South African, with all our data centres supporting our own infrastructure, our own data cloud, licenses, hardware and software.