Many of us remember the days of dial-up internet. The sound of the modem dialing and connecting, the frustration if someone picked up the phone while you were trying to load a webpage or download a song. And yet, we enjoyed everything the internet had to offer us.
As internet has moved from dial-up to DSL, cable, and now Wi-Fi, we’re less and less tolerant of waiting for our information. In fact, one survey found that mobile web users will only wait up to 10 seconds for a page to load before they click off to something else.
That same craving for immediate information crosses over into business, where interconnected systems collect a plethora of data we want to be able to access right now to make the best decisions for the future of the business. Thus, the drive for real-time data analytics.
What Real-Time Data Analytics Is … and Isn’t
The first thing to clarify is that “real-time” isn’t necessarily synonymous with “instantaneous.” Real-time data analysis is, instead, data that is processed as it arrives, either providing a business user with consumable insights within a given time period for decision making or triggering an analytical system into action or notification.
Most real-time data processing happens via a push or pull of data and the timespan between pulls or pushes varies, depending on business needs. These intervals could be as short as milliseconds and as long as hours, based on the volume of data and how it is used.
Faster = Greater Accuracy and Lower Risk
The slower your analytics system, the greater chance there is for inaccuracies. If your system lags behind your data timeframe needs, there’s greater risk the data you’re analyzing is not completely relevant or correct.
Therefore, having real-time data analysis means you’re also minimizing risk. Systems that work off real-time data can provide insight into what is going on in your business right now, dramatically changing the system’s ability to predict outcomes or suggest alternatives. Real-time analytics allow you to identify trends, be it for current equipment, stock, sales cycles, returns, or any number of scenarios that can benefit from preemptive information that helps you avoid potential issues before a widespread problem occurs.
Real-Time Data Gives an Ecommerce Edge
Real-time data is especially helpful for ecommerce retailers hoping to drive more traffic to their sites. Analyzing your data in real-time can provide you with valuable information to reduce the number of abandoned carts, push personalized promo offers to visitors, even use their past purchase history to suggest other items they might like. All the data compiled on a customer’s typical behavior on your site can help an automated system push the most suitable action toward that visitor, such as a discount offer.
Link Real-Time Data With IN-SYNCH®
The first step is getting all your data synchronized across your platforms. That’s where ROI Consulting comes in. With our unique Sage 100 integration solution, IN-SYNCH, you can quickly and easily connect everything from your Sage 100 ERP to your warehouse management system, to your ecommerce site, and even multiple third-party carts. With IN-SYNCH’s bi-directional, lightning fast integration, data gets where it needs to go, when it needs to get there. It’s the perfect first step to setting up your successful real-time data analysis.
Get your data connected now for real-time analysis with the help of IN-SYNCH and ROI Consulting. Talk to one of our data experts today.