5 Major Advantages of Real-Time Data Analytics
Real-time data analytics can provide improved decision making, increased visibility, better customer service, cost savings, and improved operational efficiency.
On September 22, 2023
Just like any other industry, trends come and go in the supply chain, but one thing that is not going away is the speed at which business continues to move.
Goods used to move by at the speed of horse-drawn wagons. With the introduction of the railway system, goods could be delivered across the country faster, safer, and more reliably. Once the Highway System was built in the mid-20th century, trucks began being used to transport and deliver goods locally and across the country. Now, between planes, trains, and automobiles (and freight ships), the global supply chain is a vast interconnected system.
From their initial source to the warehouse rack to their final delivery destination, it’s critical to know what’s happening with your supplies each step of the way. That’s where real-time data analytics come in.
Here are 5 major advantages of real-time data analytics:
1. Improved Decision Making
Real-time data analytics can be used to make more informed decisions because your data is always current. In the warehouse, end-of-day or end-of-shift data only gives you the breakdown of what happened after it’s all over. That’s fine for longer-term planning, but if you want the ability to quickly identify trends and patterns during the shift so you can make adjustments in the moment, your data has to be real-time.
2. Enhanced Customer Experience
Customer service is a two-way street. With real-time analytics, you can understand your customers better and provide a more personalized experience. This can lead to increased customer loyalty and satisfaction, which means increased revenue over time. You can also give your customers access to the real-time data for order and shipping updates in real-time. Knowing where their order is will give them peace of mind and help lighten the load on your customer service team.
Real-time data analytics can help you save money by eliminating the need for manual processes and reducing labor costs. With real-time data, you can identify areas of waste and inefficiency that can be addressed quickly and cost-effectively. From wasted space to idle workers, you can keep your business running at its most efficient.
4. Increased Productivity
By providing employees with access to up-to-date information, you can improve productivity and efficiency. Employees can feel empowered by seeing how their work affects business in real-time. You can also gain insights into ways to improve processes, enabling managers to manage well, leading to improved performance.
5. Improved Warehouse Management
Real-time data analytics can be used to better manage inventory levels in warehouses. By having access to accurate information on stock levels, you can ensure that you have enough inventory at any given time to avoid costly overstocks. Improve your Quality Assurance with real-time data on expiration dates, location tracking, and other important data.
If you want to stay ahead of the competition, real-time data analytics is an invaluable tool. And these are just five advantages that will help you save time and money.
Real-time data is no longer just a tool for the biggest companies. Businesses of all sizes—from single warehouses to supply chains that span the country—can take advantage of the numerous benefits. But in the end, real-time data isn’t a magic wand. It is still just another tool for you to utilize. How you use it in your decision-making process is up to you.
Want to know how real-time data analytics could specifically benefit your company? Ask us about Rebus.
Rebus is the ultimate Extended Warehouse & Labor Management Platform for supply chains that empowers your team to unlock their potential and maximize results.
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