Determining whether your company should redesign key systems to integrate real-time analytics into your processes can be challenging. For high transaction industries, like financial services or hospitality, being able to tracks information in real-time could be particularly valuable, potentially creating revenue increasing opportunities that may otherwise be missed. Similarly, manufacturing and productions environments may benefit from such analytics, particularly if IoT devices are used to manage operations and maintenance.
If you are wondering whether your company should be utilizing real-time analytics, here are some examples of why embracing the technology could be a wise idea.
Real-time analytics may create unique opportunities for service industry businesses where utilization is a key part of their success. For example, a hotel with empty rooms isn’t at full capacity, meaning there is an opportunity to increase revenue by finding additional guests to fill those vacancies.
If a hotel chain embraces real-time analytics, they can monitor reservations and vacancies at a specific moment. Then, they can create customized, spontaneous promotions designed to fill empty rooms, allowing more revenue to be generated.
Additionally, they can factor in points like demographic information and past usage patterns to help identify customers to target, which may impact the hotel’s odds of success.
Manufacturing environments can make the most o IoT devices when they partner the technology with real-time analytics. Production rates can be monitored to identify potential equipment issues, emerging bottlenecks, or similar activities that could hinder operations. Then, they can intervene immediately, ensuring things run as smoothly as possible.
How to Determine if Real-Time Analytics is Right for Your Company
Companies with high transaction volumes that want to maximize revenue can often benefit from real-time analytics. Similarly, manufacturing environments with IoT initiatives can improve operations by welcoming the technology.
However, it’s important to determine whether the potential gains are worth the cost, as real-time analytics can be expensive to implement.
Many companies don’t actually require real-time analytics to remain efficient and profitable. Instead, robust analytics reporting can provide enough information to help decision-makers reduce expenses or increase revenue, often for a fraction of the cost of real-time analytics.
Since real-time analytics is relatively new, many providers offer demonstrations of their technology. As an IT manager, it may be wise to evaluate a few systems to determine if the price is suitable based on the potential gains. Ideally, you want to coordinate with other organizational leaders to develop a set of metrics for the evaluation of a solution, then arrange a proof-of-concept trial to examine the option.
Some companies will discover that real-time analytics provides them with enough value to make the costs worthwhile, while others will find the opposite is true. Either way, it is wise to evaluate the potential of the technology, particularly since it may become more affordable as time goes on.
If you are interested in learning more, the professionals at The Armada Group can help. Contact us to speak with one of our knowledgeable team members today and see how our expertise can benefit you.