Why ‘Real-Time’ Has Become an Essential Criteria in the Business World

There are plenty of things to think about when starting up a business. Growth, profit, people, competitive advantage, and more. But one of the most important things that will decide your company’s fate is speed.

Over the last couple of decades, speed has become a critical part of business, to the point where it is now referred to as ‘real-time’.

Whether it’s customer expectation or data configuration, successful companies must work in real-time to compete at the top level, keeping both their customers happy and their inner practices sharp and efficient.

But why has it become so important and how exactly can you implicate ‘real-time’ into your business? To help you answer this question, we’ve written a few thoughts on the main criteria and how they have come to be.

Real-Time Service for Customers

When you’re running a business, there’s no escaping the fact that we live in an age of instant gratification. More and more, customers are demanding speedy processes, whether that’s products getting to market or questions being answered.

Many believe that this is down to globalisation. As more companies have been appearing on our streets, the competition has increased exponentially, with businesses moving fast to reel in and satisfy their customers.

While this is no doubt correct, the evolution of technology and online platforms has also played a crucial part. One of the industries to take advantage of this is the iGaming industry.

Over the last decade, the iGaming market has seen a boom in users, with the number one reason being ‘convenience’ and ‘accessibility’. Online genres are consistently popular, enabling players to connect with friends based in all corners of the globe. Someone playing real-time games in NZ can play with someone playing the same titles in the UK, US, or from a home office in Europe. Platforms are now expected to be fast, and that expectation has trickled into the rest of the business world.

Real-Time Data for Analysis

‘Data’ is a word that you will hear every day, and if you’re not hearing it every day, the chances are that you’re getting things wrong.

In 2024, big data analytics will play a crucial role in targeting customers and improving internal processes, cutting down on wasted money and ensuring marketing campaigns are as focused as possible. Even more important than data, however, is ‘real-time data’ – the ability to view, assess, and analyse data as soon as it flows into the company.

Ever since big data was first collected in the 1990s, there has been a natural progression. Over time, collecting and analysing data became easier and cheaper, as more organisations recognised the demand and built new technologies to help the process.

With these technologies becoming more accessible, real-time data is now a standard practice, rather than something that is particular to the big companies.

Implicating Real-Time Into Your Business

If you haven’t yet implicated real-time practices into your business, it is important that you start by defining your objectives, identifying your end goals, and working out what you would like to achieve in one, two, or even three years.

‘Real-time’ as a criterion cannot be applied by a simple snap of the fingers – in many cases, it has to be worked towards. Your immediate goals can be anything from enhanced customer satisfaction to improved operational efficiency, to increased sales revenue. Discover what you need to improve now and then work on applying new processes to your business.

When it comes to real-time data, it’s important to integrate smart data solutions naturally, without completely changing the way your business operates. Begin by harnessing visualisations, installing the latest AI analytics software, or speaking face-to-face with big data analysts.

Ironically, if your journey to implicate real-time speed into your business is going to work, it has to be gradual. So be careful in your approach and pay attention to the details.

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