How does real-time data affect business management?

We are all more demanding and hurried and this is reflected in business. If a few years ago analyzing reports with several days was enough to make good decisions, today it is almost imperative that companies use real-time analysis tools like Multipeers to make informed decisions. Real-time data analysis has gained a major role in the contemporary business world. In today’s article, we will understand how real-time data affects business management!

Immediate identification of opportunities and consequent increase in profits

Real-time data management tools enable you to spot opportunities just as they appear, allowing you to always be one step ahead of the competition. A change in demand for a product, for example, could lead you to launch a specific targeted campaign that will increase sales and improve overall results.

More efficient management of human resources

Real-time analysis using tools such as Multipeers helps ensure that employee performance is measured more accurately by determining which times of day the company has the best productivity rates. You can also identify which employees perform best. This enables the company to make the most of each employee’s performance, which will have a very positive impact on overall results.

Instant problem detection

A failure in the production process can mean serious problems with customers, suppliers and partners if not detected and corrected in time, destroying complete production lines and damaging relationships with stakeholders. Monitoring the production process in real time allows to identify any failures and their correction in good time. This way any deviations will be corrected as soon as possible.

Likelihood of making a mistake is drastically reduced.

The use of real-time management tool systems reduces communication failures and accelerates data consolidation, thereby reducing the likelihood of business-damaging errors. All company information will be condensed in one place, which makes analysis processes more agile and effective, making all processes more fluid and efficient. Thus, the manager is much less likely to make mistakes.

More conscious and wise decisions

When a manager uses real-time data analysis tools, he knows exactly what is going on in the business, so making the right decision is much easier. Analyzing the business in real time allows you to have all the necessary inputs so that you can consciously decide on the best course to take, because the information you are analyzing is up to date and reliable.

 

5 Reasons to invest in an ERP

ERP stands for Entreprise Resource Planning. It emerged in the late 50’s, when it began to combine management with technology. Initially, its purpose was to optimize the time spent on manual tasks, but today this resource is able to integrate all the information and processes of an organization in one place. The mission of this tool is to group all departments of the company, providing better communication, through a continuous flow of information. This factor proves to be very useful because the processes of a company depend on each other and a failure of communication or loss of transmission of the data can mean great losses of productivity and profit. In today’s article, we present 5 reasons to invest in an ERP!

General business control

This is the main reason why you should invest in an ERP. The centralization of information is increasingly important as it allows greater control over data and more efficient decision making. The processes become simpler and can reduce costs with training of users and infrastructures. Knowing what is going on in your business is critical to making the right decisions, and in the hectic day-to-day running of a manager, grouped information becomes an asset.

More efficient customer management

Information in ERP about customers and potential customers of the company can be a great competitive advantage for companies that want to adapt to changes faster. Monitoring systems allow you to get immediate data about customer actions and interactions with the company, as well as information about your purchase history. This allows communication with the customer to become more personalized and objective.

Makes business processes more agile

As management programs present the information in a condensed and ready-to-analyze form, the need to make extensive reports will disappear. In this way, employees who previously had this responsibility will have more time available for other tasks, which will certainly contribute to an increase in productivity. Real-time analysis in conjunction with the ERP eliminates the more bureaucratic tasks, which makes the company more agile.

Decreased likelihood of error

Using an ERP reduces communication failures and speeds up data consolidation. All company information will only be in one place, which makes analytical processes more agile and effective. Thus, the probability of communication failures becomes much reduced, which contributes to more assertive decision making.

High Mobility

Currently, almost all ERPs have the potential to be used on mobile devices. Therefore, it is possible to be in a meeting or a trip and have real and updated information about the state of the business. This is a very important advantage, since increasingly your business is where you are, so it is vital that you always have access to the most up-to-date information about your company!

 

 

How can your company use big data to be more competitive?

Data, data and more data: this is the life of a manager today. With each passing day, we produce more information and it becomes increasingly difficult to deal with so much data. If companies fail to extract reliable information from the data they generate daily, they lose their purpose. Only with correct and up-to-date information will companies be able to make the right decisions for the future of the business. In this article, we’ll realize how your company can use the big data to be more competitive!

Analyze business in real time for timely insights

Information is growing at a very fast pace, which makes its analysis increasingly difficult. The solution is to analyze the data in real time to get the most out of the information. Products like Multipeers allow you to analyze every second what is going on with the business. In this way, you can make the most of the data to make the best decisions for the business. Allying the large amount of data generated in companies to a real-time analysis allows you to gain essential insights for business success.

Better data collection

The data come from the most diverse channels and through Big Data it is possible to centralize them and group them by affinities. It is possible to be closer to the customer through the collection of data through questionnaires, applications, loyalty cards, among other instruments. The data collected is essential for assertive planning of marketing and communication actions.

Use the large volume of data in HR management

Many companies face the challenge of seeing their teams change multiple times in a short period of time. Without realizing why, they are not able to retain the best talent, which means that there is little stability. By analyzing the data, it is possible to get to know each employee better and help him to feel good in the workplace, thus avoiding his exit. It is important to know the motivations, long-term desires and opinions of the employees, since only in this way the management positions will be able to create a pleasant environment and where each employee feels good. Big Data in human resource management is a key factor in finding the right people for the right jobs. For example, through Big Data you can find out if people who have an interesting work experience are more likely to stay in the company for long periods of time or if the duration of previous experiences impacts on the performance of the current job. Based on these results, the company can focus on the most relevant factors at the time of recruitment.

 

Types of Big Data Analysis That Will Benefit Your Business

Descriptive analysis

This type of Data Analytics answers the question “what is happening now?”. Through the response, companies can analyze data on customer losses, sales for a particular product, and the outcome of launched campaigns. Descriptive analysis allows immediate decisions to be made with a high level of security, since the analysis is based on concrete and current data. The information coming from this type of analysis is usually displayed in graphs and tables, which allows the manager to have an overview of the processes monitored.

Predictive Analysis

Predictive analytics is an advanced form of Data Analytics that aims to answer the question “what will happen?”. It is a type of analysis that makes predictions through probabilities. This analysis is possible thanks to techniques like regression and progression analysis, pattern matching and various types of statistics. This type of Data Analytics is widely used in stock market and investment companies.

Diagnostic analysis

Diagnostic analysis will explain why something happened. This type of analysis will relate all available data and information to find patterns of behavior that may explain the results. It is an important analysis to find problems and above all to avoid repeating them in the future.

Prescriptive analysis

The prescriptive analysis is the analysis of premonition. It answers the question “what could happen if we take this action?”. This type of analysis is very important especially in the sales area. For example, “if we think about giving a 15% discount next month on the company’s lesser-selling product, the likelihood of increased sales is 40%”. The prescriptive analysis raises hypotheses about possible results of actions taken by the company. It is an essential analysis for managers, as it helps them to evaluate the best way to choose a certain strategy to solve a problem.