Big data’s next step towards providing deeper business insights is real-time data analytics. Companies that have access to daily sets of big data can identify problems and find a remedy before additional sales are lost. While analyzing gathered data is the first step towards a more efficient business, taking it one step further into near real-time analysis can reduce the lag time between the rise of a problem and the implementation of a solution.
Instant Insights Leads to Instant Solutions
Through real-time insights, companies can establish alerts to quickly investigate potential problems when metrics fall below a predetermined threshold. Knowing there is a problem is the first step towards a solution, and problems can take on many forms. For example, real-time data can provide a simple fix such as a competitor’s sign being placed in front of a competing products shelf facings to an out-of-stock. Thankfully, analyzing daily data sets opens the door to being able to adjust strategies on-the-fly and implement immediate solutions.
Out-of-Stock and Out-of-Luck
Avoiding out-of-stock situations is critical to increasing sales and efficiency. Proper demand forecasting can help foresee periods of increased demand, but that is only one piece of the solution. A reduction of sales may be the result of the dreaded out-of-stock situation. These issues may arise from a period of high demand such as cold remedies selling out during an unexpected outbreak, or sudden spikes in media attention. Real-time big data can give a first alert of when and where increases in demand are occurring.
New Product and Promotion Rollouts
When introducing a new product to the market, it is essential to track and assess the success of the introduction. Obtaining and analyzing daily data is the best way to determine if a product rollout is happening according to plan. Any number of reasons can cause a product to fall short of its expected demand, however, realizing there is a problem is the first step towards fixing it. If for some reason, the pricing, display or advertisement was not executed as agreed, it is crucial to understand where the link is broken. Analyzing the daily data of individual sale points during a product rollout period can help pinpoint where the systematic problem lies, whether it’s at the retailer or supply chain.
Running a detailed analysis and tracking the results of a promotion are essential to maximizing efforts and sales strategies. Data gathered from individual transactions can help gauge success of various promotions and how it helped increase profits, customers or brand loyalty.
Big data insights in real time is the next step for the ever-improving world of big data. Analyzing data as it’s collected allows a business to reach solutions to problems immediately rather than weeks or months later when sales opportunities have already been missed. Reducing the frequency of out-of-stocks and other forms of sales losses will directly improve the bottom line of a business. Analyzing data sets in real time is the key to preventing a leak in sales.
