Real-time business intelligence and analytics allow you to quickly get business insights from live data and make better decisions, faster. Here are the top real-time business intelligence & analytics best practices to follow, to make the most of real-time BI.
What is real-time business intelligence
Real-time business intelligence is using data analytics and reporting on live data or most recent data to get latest insights and make more relevant decisions. It involves using a server-less architecture to directly analyze live data and send results to user dashboards, which show real-time and historic data together, to give a more comprehensive overview of your business.
Bonus Read : How to Create Executive Dashboard & Reports
Benefits of real-time business intelligence
Here are the key benefits of real-time business intelligence:
- Provides latest insights
- Keeps team up-to-date
- Improves decision-making
- Fast reporting
- Better customer service and satisfaction
- Improved operational efficiency
- Low latency
- Automated Business Intelligence & Analytics
- Less manual updates and intervention
Bonus Read : How to Create Project Management Dashboard
Real-time Business Intelligence Examples
Here are three key examples of real-time business intelligence examples for your reference.
- Businesses can use real-time BI to improve customer support by providing real-time analytics dashboards about their customer activity to their support agents, who can get faster insights & deliver better customer service.
- Retail chains can use real-time analytics to suggest appropriate offers and loyalty programs for customers during checkout, based on their most recent purchases.
- Business chains like restaurants can use real-time business intelligence across all their stores to get a comprehensive, live view of their operations and manage their business better.
Real-time Business Intelligence & Analytics Best Practices
Here are the top 5 Real-time business intelligence & analytics best practices
1. Use Real-time business intelligence for operational decisions
Operational decisions are those decisions that need to be frequently made on a regular basis. They are mostly reactive decisions in response to sudden changes or crisis. Using real-time BI analytics will help businesses better respond to problems and issues with up-to-date information.
2. Use real-time analytics for continuous improvement
You can use the result of real-time analytics and business intelligence to change the rules of your BI & analytics models. For example, you can build credit scoring models based on historical data and use real-time data to test your models and refine it quickly.
Bonus Read : Agile Business Intelligence & Data Analytics
3. Put systems to prevent real-time mistakes
It is important to put system overrides and manual oversight in place, to avoid critical mistakes in real-time. There should also be automated system interrupts to automatically pause the system or key parts of it.
4. Setup Automated Intelligence
The best real-time business intelligence and analytics systems have automated checks and thresholds in place that run all day long, and automatically send alerts via emails, notifications or other mechanisms, in case of issues.
5. Provide personalized views
Although your BI system uses the same real-time data for all users, it is essential to create personalized views for each user in the organization. This will ensure that everyone gets highly relevant insights while benefiting from real-time analytics.