The digital age has provided humanity with yet another huge leap in technologies and, like previous industrial revolutions, it’s running off one core new resource. In the first industrial revolution, it was coal-burning steam power that led the vanguard; nowadays, it’s data. Being able to handle, analyze and manipulate company data is becoming a key feature of businesses in the digital age, and those behind the curve are missing out on the benefits of tracking their data in real time. Below are listed four areas in which your real-time data will help you know your business, and your customers, better.
Marketing Prowess
If you’ve ever run a marketing campaign, you might be familiar with the feeling that it’s extremely difficult to measure your ROI once you’ve unleashed your strategy to the public. You’ll be able to measure peaks in website visits and sales, but you’re left feeling frustratingly confused about how exactly you managed to rope in more business. Not so with big data analytics: it’s easy and straightforward now to monitor each and every post, making small tweaks as you go to ensure you’re maximizing the impact of your marketing strategy by watching it grow in real time.
Click-Throughs
Your website or eCommerce store is one of the key locations in which data that’s valuable to your company is produced. Your customers clicking through your site are forever leaving hints and clues as to their motivations, intentions, and expectations. All of which you’ll be able to number-crunch to find your weaknesses and strengths. Without getting too technical, you’ll find that some paid-for web hosting platforms provide these services as standard. However, if you want to make the most out of your data, you’ll need to find some specifically-designed software to help you understand customer journeys.
A Streamlined Supply Line
With real-time data, businesses and their suppliers can communicate more efficiently and with fewer human errors. A business working with key suppliers needs to be kept updated with crucial information regarding the status of their orders, any changes in delivery times and demand forecasts.
With the help of Omnia supplier portals offered by weaveability.com both suppliers and internal employees benefit from increased collaboration and access to real-time data that allows important decisions to be made based on accurate information.
Delivered natively within existing SAP ERP environments, these portals are aligned to the SAP roadmap and future-proof the supply chain without the need for any duplication, integration or additional hardware.
Privacy Concerns
While there are hundreds of benefits to harvesting and analyzing your data in real time, you’re going to have to be careful not to overstep the mark. With the advent of data regulation decrees in the EU, many of which apply to any site that can be reached from the EU, you’re now at risk of severe fines and penalties if you mishandle your customers’ data. Be careful to abide by all data regulations and to keep your data secure so that you’re never at risk of violating regulations put in place to protect consumers and their valuable data.
Making money from real-time data mapping is now one of the key areas in which businesses must operate. Upgrade your data analysis systems in order to achieve new profits and to understand your customer that little bit better.
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