Organizations are in the mode to boost revenues and cut losses using Real-Time Analytics
All the organizations were facing an issue of fewer revenues and more investments in the previous years. Looking at the current trend, business intelligence, and real-time analytics will drive a pattern of doing business using varied business models, increasing insight into customer’s behavior, and become the catalyst in stimulating the revolution in the manufacturing and retail industry.
- More and more organizations realize the importance of analytics. They have begun to start using the applications of analytics like real-time analytics in managing their data to come to some decision.
- As per one research, the streaming data analytics will grow and reach about $16 billion by the end of 2023.
- It will show a compound annual growth rate of 33% between 2017 to 2023.
- Streaming analytics can be beneficial to the organizations by increasing their operational efficiency and thereby decreasing the losses.
- Here we have brought top ways in which real-time analytics will be driving the trend in the coming years.
Top ways employing which streaming analytics will set the trend in the upcoming years
Maintaining healthy relations with customers to increase revenue.
- The study reveals that all the B2B and B2C customers expect a real-time response to their queries, problems, and transactions.
- Big giants like Amazon, Flipkart, Facebook have devised a way to respond to their customers in real-time using various algorithms.
- At the same time, for many organizations, real-time response is a way to compete.
- A study by MarketProfs suggests that even 1% of return customers on your website will yield 10% greater revenue.
By 2021, at least 75% of the retail customers will be investing in real-time responses.
- Considering the competition generated presently, the most competitive market is the retail market.
- According to Forbes, real-time business intelligence derived from the IoT-based strategies will drive most of the retail businesses by 2021.
- It will drive greater accuracy in all the retailing areas, including market analysis, customer segmentation, customer realization, customer data, and intelligence.
Analyze the customer’s complaints, suggestions in real-time using the streaming analytics
- It is often said that critics are the best individuals for the organizations to develop a new product, and update or change the existing product to match the customer and market needs.
- With streaming analytics in place, the customer’s complaints, suggestions, return product reviews can be used to map the right path towards a better product.
- A product developed based on customer’s suggestions and complaints are often the best products that fit all the market needs.
Reduce complaints using the current analytics
- As said in the previous point, that develop a product using the customer’s suggestions and complaints.
- Since the developed product is based on the strategies that link to customer’s suggestions, it is bound to decrease the customer’s complaints.
- You will see that as time goes, the complaints will reach almost negligible with a decrease in the errors.
With real-time business analytics, it is easy to decide the best price and time to offer discounts.
- As time goes with the streaming analytics in place, you will be available to judge the best price for a product you are selling.
- Analysis of the market, product reviews, customer suggestions are some of the elements of the business that will help you to quote the best price for your product.
- If you have done a proper market study and analysis of how your customers buy your product using the streaming analytics, you will be in an excellent position to judge when you can offer discounts on your products.
- There are agencies confined with all the best practices used in the streaming analytics. They call it the business consulting services in the general terms. You have an option to select such agencies in the initial period when you are new to real-time business analytics.
Decide on the best strategies to fulfill the client’s requirements and required support.
- As time goes by working on predictive analytics, you and your team will be in a position to decide on the best strategies that will fulfill your client’s requirements.
- Support while working is mandatory for all clients. The best strategies of how you can provide support will be predicted using real-time business analytics.
- Real-time business analytics have already shown a massive impact on your business services.
- You will be in a better position providing the business consulting services if you use the advantages of real-time business analytics.