5 Reasons Why Real-Time Data Is Crucial For Your Business
The need to obtain and analyze data is evolving. Businesses are collecting vast quantities of information in real-time. To get the most out of data, companies need to analyze it as soon as it is generated, because real-time data helps to make faster and better decisions. This applies to both businesses of all sizes.
Part of today’s digital transformation — meaning the implementation of digital and cloud technology into all aspects of business — involves being able to instantly decide on the next best action (Forbes).
Most companies already have a valuable amount of standard and real-time data provided from their business tools, such as an ERP or CRM system (Enterprise Resource Planning and Customer Relationship Management, respectively). But this information becomes useless if the business ignores it, or doesn’t know how to properly analyze it. Imagine selling a car to a person who can’t drive.
Data analytics is a commercial area whose market value is estimated to reach $22.8 billion by 2020 (Gartner). The managers who perform data analysis are three times as likely to execute decisions as intended (Bain and Company).
Today, companies must be capable of making smart decisions faster, such as changes in their offerings and promotions, in advance or in real-time. And then align them with constantly-changing external factors.
How Your Business Benefits from Real-Time Data
1. With real-time data analysis, a company is able to continuously monitor their product or service performance, and quickly apply corrective measures when something doesn’t go according to plan. Don’t wait until the end of the quarter or the year to apply changes in your products or services when the market is demanding changes today.
2. CRM (Customer Relationship Management) systems can benefit from real-time data in order to provide better service for consumers. Salesforce, Microsoft Dynamics 365, and Zoho CRM are three popular examples of CRM. It also helps to develop more engagement. For example, by tracking conversations leads to a better understanding of customer’s preferences, needs, expectations, and to build a more accurate buyer persona.
3. Make better and faster decisions to get the most out of your business’ competitive advantages in the market. Sometimes those competitive advantages are clear for you and your staff, but sometimes what you may be overlooking is crucial for your clients.
4. Anticipate and understand the strategies of competitors, which can help you seize opportunities, or prevent problems before they happen. How fast do your competitors respond to customers’ needs? Is the process too slow? With instant access to customer data, you can quickly improve your customers’ experience. That can become an important competitive advantage.
5. Reduce costs by optimizing processes in full execution. The more complex the process, the more money is needed to keep it working. With a bi-directional data integration, such as the one offered by Commercient SYNC, everything works faster and more smoothly. There isn’t a need to make big investments in different systems. Additionally, time previously spent on double data entry and error correction goes “back” to the business.
How to Obtain and Analyze Real-Time Data
Once you learn the value of real-time data for your business, it’s good to research the best tools that suit your business. With that in mind, Commercient SYNC, the #1 data integration platform for sales, is great for integrating your ERP and CRM data. You’ll have access to important data in real-time, without the need of ETL, data mapping, or coding on your part.
Having access to your ERP data directly in CRM can give you a 360-degree view of sales and marketing, and give you a competitive advantage. This ERP data includes customer information, sales history, invoicing, serial numbers invoiced, inventory, tracking numbers and shipping information, multi-ship to addresses, and much more.
With a two-way SYNC, new accounts, orders, opportunities, etc., which are created in CRM are integrated to ERP. This helps you avoid double-data entry and potential errors.
Don’t run your company blindly. Start delivering the best customer experience by choosing Commercient SYNC to give you the best insights when you need it. Take your business to the next level with data integration. Contact us today to learn more.
