Real-time Data Analytics Gives Businesses Better Insights

May 14, 2022

Businesses can gain a better understanding of customer behavior by using real-time data analytics. Enterprises have recently shifted their strategies from broad audience targeting to personalized or tailored methods, with real-time data playing a key role.

When you provide personalized and relevant offers to your customers at the right time, their satisfaction skyrockets. By definition, it creates upsell and cross-sell opportunities. Because we all know that satisfied customers are much more likely to purchase from you again. For enterprises, real-time data analytics has a number of actual advantages and benefits. I would like to mention the potential benefits of real-time data analytics and managing customer journeys in this blog post.

Better and Quicker Decision-making

One of the principal advantages of real-time data analytics is the ability to make better decisions more quickly. We are in an age of velocity where customers expect their demands to be met quickly, in fact, immediately. This is an expectation that is now permanent and past the point of no return. Everything is moving so quickly these days, so it’s a plus if you are able to interact with your customer at that critical moment and put that interaction to good use. In contrast, if you miss that critical moment that occurs within seconds, it could come back to you as a loss instead. Likewise, knowing and seizing these tendencies is valuable. In order to seize these opportunities, it is incredibly important to be able to process data in real-time and instantly make a decision and take action accordingly.

While collecting and processing the billions of data that are piled up in data pools, if you’re not able to use this data in real-time, then it is not possible for you to make accurate and personalized decisions for each of your customers and act accordingly.

For example, you may perform churn analytics at a bank. Reviewing your customers’ buying behaviors, flagging the potential customers who might stop working with you, and predicting the ones with a high probability of leaving is what we call "customer churn analysis." You should have certain criteria in order to do this. You gather this criteria on certain days of the month and make a report. Firstly, you need to look at what has changed in a customer. When you see that a customer’s mobile login patterns have changed, that they’re not withdrawing money, or that they’re making a direct transfer with the money in their account, you may say that "There’s a chance of losing said customer." This data is a strong indicator that this customer will leave the bank. If the bank notices these indicators instantly and uses real-time data analytics to see what they can do and make a decision right then, they seize the opportunity to win that customer back. Making decisions and responding quickly to changes in customer behavior is crucial.

 

Take Personalized Action

The second advantage of real-time data analytics is the ability to offer personalized solutions. Companies have to be smarter about using their data in order to exist in their market in a more quick and efficient way. Real-time data gives companies that know and follow trends a big advantage in staying afloat in these times. Because when a competitor makes a move, you have a powerful instrument in your hands to counter that move. Real-time data analytics is invaluable for all these scenarios. Real-time data analytics lets you know what your customers need right now, what kind of an offer would make them happy, and what would create an irrelevant exchange, providing you with a powerful and versatile tool. This provides companies with a personalized marketing opportunity. Offering general campaigns might not meet a customer’s expectations regarding their needs at that moment, or it might not fit their demographic characteristics. In certain situations, this might even result in communication between a customer and a company coming to a complete halt. At this point, processing real-time data while considering that customer’s behavior in the past, in addition to their current situation, and acting accordingly, hugely increases the chance of winning them back.

As a next-generation customer journey orchestration company, we at EVAM stand out with how we use real-time technology for personalized marketing. In general, companies make decisions by using big data in data pools with artificial intelligence and machine learning and take general actions for the customers they have divided into superficial segments. However, as EVAM, we put artificial intelligence to action by using a real-time learning algorithm. If you do not run into a rule-based campaign, then artificial intelligence can make you suggestions. In regard to customer service, it’s necessary to state how important real-time data processing is in personalized marketing.

Destroy the Silos

One other problem that arises when companies don’t process data in real-time is the negative impact of channels that interact with customers, or "silos," acting independently with no awareness of each other. When data is not processed in real-time, situations occur where no one knows what’s happening when there’s a problem. For example, a customer calls your customer service representative to tell them a product they purchased has not yet arrived. Your customer service representative responds that the product will reach them in three days. Meanwhile, another customer service representative, who is unaware that the product has not arrived yet since data is not processed in real-time, calls the customer about their product and offers a customer satisfaction survey. This will obviously leave a negative impression on your customer. This is just another example that showcases the value of real-time data processing in all channels. The higher the customer satisfaction is, the higher the loyalty. It is necessary to update your service and send instant notifications to your customers with up-to-date information.

Decrease Operational Costs

Another advantage of real-time data analytics is decreased operational costs. As customer service improves, customer satisfaction will naturally increase, leading to an increase in the number of customers as well. This is not the only factor, but it is one of the most important factors. In the meantime, it is important not to decrease the quality of service while the number of customers increases. There are two ways to ensure this: either increase your personnel size or take advantage of next-generation technologies. Any company that effectively uses real-time data analytics can produce work of higher quality without increasing their personnel size. When data is processed in real-time, higher quality services can be offered more quickly with fewer resources. This also brings with it a better customer service, more productivity in operational work, and a more agile organizational structure.

Optimize All Processes

In addition to all these advantages, the opportunity arises to track this process both on the marketing and operational side. In other words, "real-time monitoring" becomes possible. Real-time monitoring and using real-time data provide companies the advantage of foresight and making accurate projections. Decisions based on past data may be the wrong decisions for today or "right now". Hence, instantly analyzing the situation in milliseconds and making a decision and applying it gives you a unique competitive advantage. It is also important to note if the work you do falls short of or exceeds expectations. Using real-time monitoring and optimizing a topic to bring it to your desired level of outcome benefits the operation.

Ahmet Kurtul, SEMEA Regional Manager

 

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