Using real-time data to power your organization

Data is being generated faster than ever before. Even small- and medium-sized businesses can generate gigabytes of data on any given day, but are they able to use that data effectively? As data comes into an organization, it must be processed and analyzed quickly in order to gains insights.

In this article, we will be going over the concept of real-time data, what it is, and how it can be used to create better insights for your business.

What is real-time data?

Real-time data is information that is captured, processed, and delivered almost instantly, often the moment it is generated. Unlike batch data, which is gathered and analyzed at scheduled intervals, real-time data offers immediate insights. Its value lies in its timeliness, as its relevance can quickly fade. For organizations relying on swift, informed decision-making, real-time data is an indispensable tool.

Key Characteristics of Real-Time Data

Real-time data comes with unique qualities that make it indispensable for time-sensitive decision-making. Here’s why it matters:

• Immediate accessibility: Real-time data is available almost instantly after being generated. This allows businesses and organizations to act quickly and make decisions based on the most up-to-date information. Whether responding to a sudden market shift or analyzing customer activity as it happens, immediate access provides a competitive edge.
• Time-critical relevance: The value of real-time data lies in its timing. Decisions made quickly based on this data can have a significant impact, while delays in action may render the information less useful. In fast-paced industries like finance, healthcare, or e-commerce, acting on real-time insights often determines success or failure.
• Continuous updates: Real-time data is delivered as a steady stream of fresh information, ensuring you are always working with the latest insights. This is especially critical for tasks like monitoring system performance, analyzing customer behavior, or tracking market trends, where outdated information can lead to poor decisions.
• Low-latency processing: To maximize its impact, real-time data requires rapid analysis and immediate response. Efficient systems for processing this data ensure businesses can act quickly, reducing delays that might compromise success. This speed is crucial for applications such as fraud detection, live supply chain management, or personalized customer experiences.

Real-time data is more than just fast information—it’s a powerful tool that enables businesses to stay agile, make informed decisions, and remain competitive in an ever-changing environment.

Common Sources of Real-Time Data

Real-time data is created through a wide range of systems and technologies that capture and transmit live information. Here are some key sources:

• Sensors and IoT devices: These include tools like environmental monitors, smart home devices, and industrial sensors. They gather real-time data on temperature, humidity, equipment performance, and more, enabling immediate action when needed.
• GPS and location services: Used extensively in transportation and logistics, these systems track vehicles, shipments, or individuals in real time, ensuring efficient navigation and delivery.
• Websites and mobile apps: These platforms continuously monitor user behavior, such as clicks, purchases, and time spent, providing valuable insights into customer interactions as they happen.
• Cameras and video systems: Security cameras, facial recognition systems, and visual analytics tools deliver live video feeds and analyze data in real time for enhanced surveillance and decision-making.
• Social media platforms: Networks like Twitter, Instagram, and Facebook offer immediate insights into emerging trends, public sentiment, and breaking news as users post and engage.
• Point-of-sale systems: Retail and hospitality businesses rely on these systems to record live transaction data, enabling instant inventory updates, sales tracking, and performance analysis.

These technologies together form the backbone of real-time data generation, driving innovation and responsiveness across industries.

How can real-time data benefit me?

Whether you like it or not, your organization needs access to its data in order to be run efficiently. When delays in getting the data occur, this can cause severe issues within the organization, causing delays in reporting, slow decision making, and poor choices. Businesses of all sizes can benefit from having real-time data in their organization. Here are a few examples of how real-time data can be beneficial:

1. Create an alerting system for exceptions

When exceptions occur that can be detrimental to the business, they can usually be identified through the data. Businesses use so many different software systems to keep track of their customers, employees, and partners. When these systems provide real-time data to a BI tool, exception reporting can be built out to manage these irregularities when they occur.

BI tools can use email, text message, or push notifications to notify a user when action needs to be taken. For example, let’s say your business operates a call center to answer questions for customers. By feeding real-time data from your call center software, you could create an alert that notifies a manager anytime the average call wait time exceeds 10 minutes. The manager can then take action to reduce the wait time.

Being better informed about your business is critical to its continued success. Real-time data can provide you with better insights and help correct errors when they occur.

2. Keep employees better informed

We know that employees with more data tend to perform better at their job responsibilities. By enabling employees with real-time data, they will be able to make better decisions, help more customers, and operate more efficiently in their day-to-day responsibilities.

An example of this is a sales rep who wants to keep better track of their prospects and current customers. By having access to real-time phone call, email, and CRM data, they will be able to make better decisions to help their customer. Purchasing decisions can be quite complicated, so making sure the sales rep has access to all the data they need is critical.

3. Make better business decisions

Companies with real-time data are better equipped to make better business decisions and execute on company strategy. Traditional reporting usually is only performed as frequently as once a quarter, or sometimes only once a year. By giving executives access to real-time data and reporting, they will be able to make better-informed decisions for the business.

An example of this is using real-time data to generate financial reports such as a P&L statement or balance sheet. When executives have access to these reports in real-time, they will be able to understand the current financial health of the organization at this very moment, rather than what it was last quarter. That data can empower leaders across the organization to act quickly and effectively.

How can I get started collecting real-time data?

While it can seem quite daunting to start generating real-time data for your business, there are so many tools widely available for businesses of all sizes to get started. Real-time data can benefit your organization in so many ways, and the most important thing is to get started. Here are a few suggestions we recommend for starting with real-time data:

1. Understand your data sources

Understanding what data is most important to your business is a critical first step. Take some time to understand the different software and systems your company uses on a daily basis, and which ones would benefit having real-time data streams. Common systems can include customer relationship management (CRM) software, email, marketing tools, HR systems, or accounting software.

2. Look for a vendor that supports real-time data

It’s also important to partner with a vendor that possesses the capabilities of supporting real-time data streams. If you don’t have dedicated IT or development teams, you can partner with a BI vendor that makes it easy to integrate your source systems. New tools are available that make data integration as easy as a few clicks. In minutes, you will be able to create real-time data streams to power your business.

3. Identify quick wins

In many organizations, there are usually some quick ways you can make great use of your real-time data. Some teams may be incredibly eager to get access to the data. Identify some quick wins that will allow you to gain momentum with the project. You can start by working with a few data sources that will provide real-time data to certain teams. As these teams start to see the benefits of real-time data, they will be more motivated and will share their excitement with other teams.

4. Plan out a roadmap

Gaining access to real-time data is easy, but understanding how your organization will use that data can take time. By creating a roadmap outlining how different teams and organizations will start to use real-time data, you can ensure a greater adoption and application of your data. A data steering committee can be helpful here, as they will guide the organization through the process of creating and using their real-time data.

Real-Time Data Use Cases

Real-time data is essential in industries and applications where speed and accuracy make all the difference. Here are some key areas where it plays a critical role:

• Stock trading: Constantly updated market prices allow investors to make quick, informed decisions. The ability to act in real time can mean the difference between a profit or a loss in the fast-paced world of trading.
• Navigation systems: Live traffic updates ensure directions are always optimized. Navigation apps dynamically adjust routes to avoid delays, helping drivers save time and reduce stress.
• Weather monitoring: Real-time data provides highly accurate, up-to-the-minute information about changing weather conditions. This is crucial for industries like aviation, agriculture, and disaster management where precision is key.
• Customer experience: Digital platforms use real-time insights to instantly respond to user behavior. This creates highly personalized experiences, such as tailored product recommendations or targeted offers that enhance customer satisfaction.
• Fraud detection: Financial institutions rely on real-time data to analyze transactions as they happen. This allows them to quickly detect suspicious activity and prevent potential fraud before it escalates.

By enabling speed, precision, and adaptability, real-time data drives smarter decisions and more efficient outcomes across a wide range of critical applications.

Conclusion

With so many benefits, it’s easy to see how real-time data can impact your organization. Data is the lifeblood of a business. With real-time data, you will be able to create faster insights, more easily delight customers, and execute better business decisions.