Changing Businesses Practices with Real Time Business Intelligence

Business intelligence or BI has always been one of the crucial aspects of sustaining an organization. It can be related to business development, operational efficiency and the need of technology upgrading to study the overall growth of a business. Usually decision-makers and top-level management executives of an organization get to use such data for analytics and look into the business operations, be it technical or non-technical, with a "bird's eye view". However, to do so the quarterly, half-yearly & yearly reports are generated and then are provided for analysis. Such technique in BI is referred as Strategic decision-making.

Another type of strategy, which is supposed to be more effective with reference to the mid-level managerial activities, is Real-time BI or RTBI. This modern day technique provides the latest and updated information about any operation or event to mid-level decision makers and allows them to act accordingly.

While strategic decision-making presents the historical data for analysis purposes, real-time BI provides a comparison context between current and previous data. This helps the manager to analyze and study the current business events to identify the dips and peaks in overall productivity. Real-time BI has shown some tremendous results in recent years and has changed the course of business operations with considerably smarter decisions. Some noted benefits of real-time business intelligence are:

• Faster decisions: RTBI allows the quick analysis of short amount of data and provides easy patterns for comparison. This helps decision-makers to generate quick scripts regarding the decisions to be taken. Moreover, it supplies with shortened delivery delay for executive, faster execution of actions and shows little amount of complexities in data patterns, which yield quality results in the favor of business.
• Smarter answers: Decision-makers are subjected to the most updated and current data about any operation or event. It means that the most accurate data from the trusted sources is provided which helps decision-makers to analyze and operate on the correct data. This helps them to draw wise and qualitative decisions so as to improve the efficiency and productivity.
• Domain variety: Such business intelligence strategies can be deployed in different area of operations of a business.  It can help software development companies in fraud check on trading of the product and service. It can also be deployed to draft the methods for prices optimization and supporting the inventory for manufacturing line of the production house.
• Relevant information processing: Real-time systems provide the current data and help create a dynamic connection between the data source and BI tool creating a pictorial representation of different data sources. This improves the understanding of a decision-maker about the census so collected and further helps him to draw a feasible and efficient decision or strategy to improve business.

Real-time BI is favorable in conditions where decisions are time sensitive. Such decisions decide the growth of business according to the events executed according to the current scenario of operations. While strategic BI is the one which analyze the course of business in a long-run, real-time BI helps to tackle any pulsating situation for business favor.