How Real-time Analytics Improve Long-term Impacts
In today’s interconnected world, terabytes of data and the insights they deliver are the primary drivers of decisions and strategies. This puts connected data, expertise, and technology at the heart of every long-term decision. Gaining a competitive advantage comes down to being nimble, capturing the right insights at the right time, and acting with confidence.
As global businesses step into their digitization journeys, real-time analytics is the next evolution in big data that will influence strategic decisions. Tapping into insights immediately after the data enters a system allows for better contextual analysis of a situation or opportunity. The combination of the right data, delivering intelligence at the right time — or Operational Intelligence — doesn’t only drive in-the-moment decisions but also guides the organization’s long-term prosperity.
The combination of the right data delivering Operational Intelligence at the right time doesn’t only drive in-the-moment decisions, but also guides the organization’s long-term prosperity.
Identifying market trends early, assessing new investments, improving business continuity, and monitoring the transitions within the supply chain all have tremendous potential to influence an organization’s future. According to a recent DataStax report, 71% of the respondents said they can tie their revenue growth directly to real-time data, and McKinsey research found that the speed of decision-making is strongly associated with overall company performance.
Better processes now improve long-term success
Connected data with real-time inputs can help isolate and minimize process gaps, driving long-term efficiencies. As manual processes move into digital platforms, the available data can influence the workflows, often with an immediate effect on margins that carry forward into long-term outlooks.
For example, as downstream oil and gas companies move into digitization, the real-time tracking of electronic bills of lading (eBOLs) data can help eliminate missing documentation. Workflows that digitally monitor eBOLs as the data comes into the system essentially perform automated reconnaissance that removes uncertainty and manual processes required to find missing BOLs. Based on DTN data, this Operational Intelligence can save an energy supplier as much as $25,000 per missing BOL in one month.
Connected, real-time data improves service levels for customers, which translates into increased revenue and greater loyalty.
Real-time analytics also helps get to the “fail-fast” mentality, offering a better way to evaluate how changes might impact the business in the long term. As the changes are implemented, Operational Intelligence can quickly indicate issues or negative impacts and offer earlier optimization for enhanced long-term success.
Better business continuity planning protects future prosperity
Near-term data improves planning and response and informs long-term opportunities to improve predictions and protect people, assets, and operations. Opportunities to improve business processes tend to come during times of challenge or after careful process audits. The high availability and low response time of real-time data analytics help to close the gap between data collection, analysis, and in-the-moment action. Businesses can react quickly with real-time data as part of their plans and their response to what Gartner calls business moments: the time-sensitive windows that demand decisions in the moment but result in long-term impacts.
Seeing new ways to integrate the same data in a more meaningful way can increase revenue or open new markets for future growth.
For example, as more energy companies move from static platform operations to drilling ships in the deep sea, real-time weather insights become even more critical for crew and equipment safety. Due to their size and deep connection to the sea floor, these vessels can’t change positions quickly when bad weather is imminent, and yet, every positioning decision has long-term financial impacts. One energy company told DTN that unnecessary disconnection can cost more than $600,000 for each day of lost production time. Conversely, not disconnecting in time can cost tens of millions of dollars in equipment damages, lost productivity, environmental clean-up costs and fines, as well as reputational costs.
With every new data point and insight, companies can make smarter, more confident decisions about what is best for the long-term impact of their business and operations.
Better service today to retain and grow business tomorrow
Connected, real-time data improves service levels for customers, which translates into increased revenue and greater loyalty. Retail is the industry most associated with improving customer service using real-time analytics. Being informed of large-scale impacts, such as changing purchasing patterns and supply chain disruptions, down to individualized customer experiences gives retailers the much-needed insights to improve tight profit margins. But real-time insights benefit any industry that wants to enhance efficiency and customer experiences.
For agronomists, this means improving the timing of agricultural reports with meaningful insights important to their producer customers. Historically, agronomists spent significant time collecting, consolidating, and analyzing information from multiple sources and platforms, which limited the number of growers they could service. DTN Agronomy solves this through a comprehensive, cloud-based solution that streamlines farm and field data collection and agronomic insights that can be interpreted and shared directly with customers. The result: agronomists can serve more growers today with customized recommendations that, in turn, drive customer loyalty and expands customer growth for the future.
Opens new directions and opportunities now for future growth
Integrating Operational Intelligence into other data sets or systems opens new directions and opportunities. A business may see new ways to integrate the same data in a more meaningful way, which can increase revenue or open new markets for future growth.
For example, the DTN TABS® solution supports more than 95% of terminal automation systems in the refined fuels market. It provides up-to-the-minute allocation, demand, and pricing information for terminal operators and fuel suppliers. But what about a fleet manager for a local municipality? Imagine integrating the DTN TABS information with real-time supply and pricing data into the fleet management strategy. The inventory information, integrated with scheduled work projects, travel, and even weather conditions, could not only save the operation significant time and public money over time but may also strengthen public sentiment.
Operational Intelligence improves outcomes
With ever-increasing volumes of data being generated every second, creating clarity from complexity comes from solutions that integrate relevant, real-time data into insights that support agile decisions. Building a responsive business with the technology, data, and skill sets that optimize service and solutions for the future is key.
Learn how Operational Intelligence from DTN helps drive long-term prosperity for organizations with complex supply chains.