7 immediate advantages of real-time data analysis

Real-time information is an ever-present need in today’s business life. Managers can no longer leave their decisions for later and it is not advisable to use reports with a few days as the data source to decide. Business life happens now, at every moment, so it is indispensable that the managers have a current and reliable knowledge of all the situations of the company. Softwares like Multipeers will be more and more a constant presence in companies. In today’s article, we’ll introduce you to 7 immediate advantages of real-time data analysis for your business!

More Conscious Decisions

When the manager knows exactly what is going on in the business, it is much easier to make the right decision and this is undoubtedly the most immediate and most important advantage of using a real-time information system. Analyzing the business in real time allows you to have all the necessary inputs so that you can consciously decide on the best route to take, since the information you are analyzing is up to date and reliable.

Setting up business alerts

Business monitoring software such as Multipeers allows you to set up business alerts so that you are warned whenever a situation goes beyond its standard. Wherever you are, you will be notified by SMS or email about any changes to your previously set standards and you can act immediately, even before there is damage to the organization. This proves to be a huge competitive advantage because it enables immediate action and prevents negative consequences for the business.

Consult information on any device

Almost all real-time information management programs offer the possibility of being used on mobile devices, which is a huge advantage as the business market is increasingly mobile. With this tool, you can be in a meeting or a trip and have real and updated information about the true state of your business.

Early detection of possible problems

A failure in the production process can mean serious problems with customers, suppliers and partners if it is not detected and corrected in time, destroying complete production lines and damaging the relationship with stakeholders. Monitoring the production process in real time allows identifying faults and their timely correction. In this way, any deviations will be corrected as soon as possible.

Using multiple data sources simultaneously

With the use of a real-time analysis system, it is possible to aggregate all the company information in a single system. In this way, the access to information becomes much easier and intuitive, reducing the time previously spent by the manager to condense information from various data sources.

Decreased likelihood of error

The use of real-time data analysis systems reduces communication failures and speeds data consolidation, thereby reducing the likelihood of making business-critical errors. All company information will be condensed only in one place, which makes analytical processes more agile and efficient.

Fast identification of business opportunities

With the use of a real-time analytics tool you can identify opportunities at the very moment they arise, allowing you to stay one step ahead of the competition. A change in demand for a product, for example, could lead you to launch a specific campaign, which will increase sales and improve overall results.

 

Analyzing data in real time is increasingly a reality in companies around the world. Business happens at a very fast pace and it is essential that you know what is happening in your company to make the most appropriate decisions for your business. Download our e-book and learn how a BAM tool can help your management!

7 Decisions that can lead a company to bankruptcy

Managers face  each day important decisions for the direction of business. Nowadays, there are tools like Multipeers that help managers take a more global and comprehensive view of the real state of the business, which has a very significant weight for more conscious decision making. However, deciding always involves risks and there are decisions that can lead a company to go bankrupt. In today’s article, we cover the 7 decisions that can compromise the survival of a business.

Going for a new investment without analyzing the market

If you want to start a business or if you want to invest in a new product or market, it is mandatory to study the market, its needs and characteristics. A bad investment can ruin a business. When a company invests in a new area, it tends to use its monetary and time investments into this area, eventually neglecting other sectors of the business. If this bet is not successful, it may jeopardize the viability of the business. A thorough and detailed analysis should be done before moving on to new projects.

Do not listen to the customer

The customer is very important to the success of a business. Without customers, business does not make sense. Therefore, the company must take into account the needs of the customer and must be available to listen to their criticisms and suggestions. Many companies make the mistake of thinking that the sale concludes at the time of purchase. The truth is that after-sales service is very important (more and more!). And the customer likes to feel accompanied even after the purchase.

Do not invest in marketing

Marketing tools are essential for every business that wants to stand out in the market. With the evolution of digital marketing, it is increasingly important that companies invest in marketing actions that capture the attention of potential customers. Nowadays, a company that does not exist online is almost as if it did not really exist. That is why marketing should be viewed as a strategic business vector.

Lack of planning

Many companies do not plan their actions and prefer to go on acting as situations arise. This is a decision that can seriously compromise business success. Companies should plan in the short and long term and should have alternative plans if the chosen strategy doesn’ work. Having a good planning is to avoid unpleasant surprises and is to always be prepared for unexpected situations.

Fail to keep up with market changes

Even companies that have been in the market for many years should always be attentive to market trends. Over the years, consumers’ behaviors and habits change, and businesses must be prepared to change with them. The company must adapt its product/service to the needs that the market is presenting because only in this way will it be able to stay in the “fight”.

Do not invest in the right tools

Often companies don’t want to invest in management tools because of their price but end up paying a higher price because of the lack of information and the clutter that sets in the business. Many tools mean greater efficiency and market knowledge, which brings innumerable advantages to the company. A solution that is increasingly needed and used in companies is Multipeers, which allows you to analyze your business in real time through a dashboard that aggregates all information from the various sources of data that exist in the company.

Do not innovate

Innovation should be seen as a strategic tool in companies. A company that has been stagnant for years has nothing new to offer the public. In a time when business competition is so “tight”, it is critical that companies have a person responsible for the part of the innovation, because only then will they be able to offer more value to their customers.

 

What changes in companies with artificial intelligence?

We are in a new era: we are currently in the age of artificial intelligence and there is no escape for it. Brian Krzanich, CEO of Intel, even assures that all companies will be affected by this new technology. The truth is that given the technological developments we are seeing, if companies don’t adapt to the current situation, they will easily be replaced by their competitors. But after all, what changes in companies with artificial intelligence?

First of all, what is artificial intelligence?

Artificial intelligence is the ability that machines have to think like humans. It defines their ability to learn, think and decide autonomously and intelligently. Contrary to popular belief, this is not a recent concept. It first emerged in 1956 by John McCarthy, a university professor who used the term to describe a distant world in which machines would be able to solve all problems that until then were solved exclusively by humans.

What changes in companies?

Better use of data

Artificial intelligence helps to compile data and analyze daily experiences to find patterns and ways of improvement. The artificial intelligence systems of data analysis independently calculate the information in order to generate insights essential for a correct decision making. With experience, machines will be able to learn how to predict behavior of employees and customers.

Chatbots will be the future

Chatbots are the stars of artificial intelligence. They are linked to the company’s database and use common language to talk to customers. They are able to recognize names and phone numbers to predict customer behavior. They are very intelligent systems in that they store the essential information so they can refer customers to the areas they need to consult. Ryanair, for example, already uses this system to talk to customers.

More effective management

Artificial intelligence helps companies to interconnect all their information, which plays a very important role in management decisions. A company that analyzes your information in real time and has all the important business information in one place will be able to make more assertive and successful decisions, which enhances the success of the business. Multipeers is therefore an increasingly necessary tool in today’s businesses.

Elimination of more bureaucratic tasks

Artificial intelligence helps employees stop wasting time on overly bureaucratic and administrative tasks. Through rules, it is possible for robots to perform the function of personal assistants, giving information on day-to-day tasks, meeting schedules, and travel times.

7 Tips for Making Better Decisions for Your Business

Find the best tips to make the best decisions

Managing a company is making choices daily and knowing how to deal with the consequences of those choices. In the chaotic world of business, it is not easy to know which way we should go, but there are a number of tricks that help us to make the best decisions. Here are 7 tips to make the right decisions for your business!

Have an analytical thought

Making decisions involves a deep understanding of the context and the implications that the decision will have for the business. All scenarios should be analyzed taking into account the various variables involved in the process. Within this analytical thought, you should put into discussion the mistakes previously made in similar situations. Mistakes of the past are good teachers for the decisions of the present.

Review the data correctly

The data are the most important assets of your business and they have very important information for a conscious decision making. Software such as Multipeers, which allow you to analyze your business in real-time, are essential in today’s business world as changes happen at a rapid pace and managers need to keep abreast of what’s happening so they can make decisions on right time.

Accept that there is not only one right answer

The choice that seems like the ideal today may not be the best tomorrow. In business decision-making there is not just one right answer and decisions have to be made keeping in mind the current context of the business. The manager should put all possible answers on the table and analyze the pros and cons, keeping in mind that there may be more than one right answer to the same situation.

Consider the long term

Most managers favor decisions that seem to bring greater returns in the short run, eventually forgetting about the long run. Making decisions that only aim at the short term means that in the future the business can be compromised. All decisions must be taken after analyzing the impact they will have in the short and long term.

Listen to the opinion of others

Company employees should be involved in the most important decisions. Listening to their opinion is important because it will increase their sense of belonging. In addition, they live the business daily and will certainly have a different view on some aspects of the business, so their opinion is essential for a more effective decision making.

Be rational

It is critical not to be guided by emotions when you are making a decision. It is impossible not to get emotionally involved with your business, but when it comes to making decisions you should put emotion aside and act rationally, otherwise it may compromise the future of the business.

Don’t delay decisions

We tend to postpone difficult decisions even though we will have to act sooner or later. If you already know what decision you are going to make and the consequences this will have for your business, it is not worth putting off any longer. The business needs dynamism and it is through the decisions that it evolves!