Real-time data is data that can be reviewed and analyzed immediately, in real-time. Real-time data is slowly becoming the norm in the technology world and can be used to improve your business by delivering immediate information about inventory, sales, accounting, and every other aspect of the supply chain.
Real-time data allows businesses to react without any delay. The best part is, with cloud-based ERP solutions, all of this can be done directly from a mobile device such as a phone, laptop or tablet, and from anywhere in the world.
How Real-Time Data Works
Real-time data is analyzed through a series of logistics, mathematics, and through a continual series of queries. These queries must be processed constantly, and they need to produce a continual output of data results.
By utilizing these logistics and queries, it means that all real-time data is with little or no accurate delay. You may already be familiar with real-time data, as it is used in everyday life situations such as ATM withdrawals, automated market transactions, radar services, and data streaming.
Using similar technology to these everyday examples, Real-Time data can be used to improve your business.
How Real-Time Data Improves Your Business
Here are only a few of many examples of how real-time data can improve your business and get you the return on investment you are looking for.
In the manufacturing and distribution industry, having access to up-to-date information is essential. Slight changes in inventory or the supply chain can drastically affect your business operations.
Up-to-date information allows you to make decisions faster and more precisely. Instead of utilizing historical data to predict what to do, you will use highly accurate data collected in real-time.
Quick and Precise
Real-time data allows you to make more effective decisions in a faster amount of time. Rather than wait for data to come in to make changes, you will see mistakes as they occur, thus allowing your business to solve these problems as quickly as possible. This essentially mitigates risk while scaling your business and improving business performance.
No two manufacturing and distribution businesses are the same. With real-time data, you can understand exactly what your clients need. This not only allows you to serve the needs of your clients more accurately, but you can do so in a way that increases overall productivity.
As real-time data is processed, you are able to analyze it and make decisions based on the data that comes through. This means that you never need to be tied down to one method of processing, giving your company more flexibility.
Real-time data also provides you with the opportunity to access manufacturing and distribution information from anywhere. Whether you have one warehouse in one location or twenty-one warehouse locations all over the globe, everyone in the enterprise can access that data, giving your company more flexibility with how you research and analyze data.
Key Performance Indicators
Determining the key performance indicators of your business is essential, and real-time data provides you with KPIs. KPIs help to measure your performance as an organization. A few examples of KPIs in manufacturing and distribution include asset utilization, avoided costs, capacity utilization, revenue growth, and even comparative analytics.
Use Real-Time Data to Improve Your Manufacturing and Distribution Business
At Clients First Business Solutions, we are focused on transforming and transitioning your company to the new digital economy. We do this by utilizing cloud ERP solutions. Real-time data is an essential piece to the digital transformation puzzle. As a Gold Partner of Acumatica Cloud ERP and Dynamics 365, our team is trained to deliver customized cloud based solutions tailored to your industry.
To find out how real-time data can be used to improve your business, contact us online or give us a call. Our experts will be able to walk you through our process and show you how we can benefit your business.