Get the tips from Gartner
Gartner is the world’s largest leader in technology advice and research and supports the importance of real-time data analysis for better decision-making. “Real-time analytics can enable data science teams to perform modeling, simulations, and optimizations based on a complete set of transaction data, not just samples,” said one Gartner analyst. In this article, we present you 5 tips from Gartner to properly analyze your data in real time!
Turn time-consuming operational decisions into real-time decisions
Operational decisions are repeated very regularly in a structured way. Changing slow decisions to real-time decisions requires new methodologies. Make data readily available so that operational decisions are based on facts that are happening at the time and not based on old data.
Make frequent changes to simplify processes
Review how decisions are made in your company and find ways to improve it. Let’s use the example of the template used to approve transactions by the company’s credit card. This model is developed once in historical data and is now used to evaluate credit card transactions in real time for several weeks or months. It’s important to monitor the results to ensure that the models work correctly. If they don’t work, you need to modify the rules and analyze often to get the best possible way to decide correctly.
Use business alerts
Business monitoring systems work continuously, 24 hours a day, 7 days a week. Software such as Multipeers track all events as they occur. You can and should set business alerts to be warned whenever something out of the standard considered normal occurs. In this way, you will be alerted via e-mail and/or SMS about the situations that require your attention. It ensures that you don’t lose any important information about the business and you have the possibility of acting immediately.
Be consistent with the operational method
The use of dashboards with real-time information about the company possibilities you to create a common operating framework for all employees. However, it’s possible to define which indicators each employee will receive so that he receives only the information necessary for the execution of his daily work. In this way, the company has a more organized and focused day-to-day life.
Consider decision-making as a discipline
The management of information for the correct decision making is the progress of the design of systems that make decisions. Decision-making systems are run through rule mechanisms, which are divided between software and people-real decision-makers. Look at this component as important to business success as a discipline, creating rules and working methods that allow you to analyze data correctly and decide securely.