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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
What could you do with real-time data that you can't do right now?
This is an important question that business owners and managers should consider. Companies that take advantage of real-time data find that they're more agile, more in-tune with their day-to-day operations, and much more efficient. Real-time data allows businesses to get up-to-the-minute data about their operational systems and business transactions, and this information is critical to your business success.
Real-time data can be incredibly helpful in increasing the efficiency of your company's decision making. Let's take the example of an online clothing store. A customer may call the company and explain that the website says the item they want is out of stock. With up-to-the-minute data about inventory levels, the customer can be redirected to a similar item, and a sale is saved. Without up-to-the-minute data, the customer would probably be lost.
Likewise, managers can make decisions about which items to re-order and which to avoid in the future. Orders can be placed as soon as they're needed instead of waiting for weekly or monthly reports.
Real-time data can also help you with your marketing campaigns because it allows you to see how consumers respond to each step of their experience. Do your customers leave your website from one page in particular? Do they arrive from search engines for from referral sites? Are they contacting your business via mobile apps? This information is critical to your company's success as it helps you to hone and fine-tune your marketing.
One of the most important benefits of real-time data is that it can reduce or even eliminate lag time in your business processes. This helps your organisation to be more agile and better-positioned to take advantage of market trends and evolving technology. Your employees can take advantage of the time they used to spend collecting and analysing data to create up-to-the-minute strategies based on current data.
Faster mobile technology means a swifter business pace, especially for field managers and employees away from home base. As field managers collect data away from the home office, your systems can be instantly be updated with what's going on in their department. Likewise, the home office can send data out to field managers to help them to be more effective: there's no need to wait until the end of the day.
Real-time data offers many advantages: meaningful, actionable insights, increased agility, and more productive field teams. You can take more advantage of effective decision-making, consumer metrics, and scheduling.
For insight into the current state of your business' health, try our Healthy Business App by clicking below:
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
© 2022 Altus Financial, All rights reserved.
Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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