There is a limit to how perfectly you can predict how people will react to your strategies, and that is why monitoring consumer data is vital to success. Real time analytics provide you with insights immediately, so you can make quick changes to policies and procedures based on your results — rather than waiting for data compiled over a long period of time. The world we live in today is one where we expect instant gratification, especially as it relates to data gathering. In the internet era, we have become accustomed to the easy access of information at our fingertips.
Real time analytics are the result of our real time society in which decisions can be backed by the most up-to-date information available. Get an edge on the competition by gathering data through analytics in real time and turning it into actionable results before the other companies even develop a strategy. Learn the truth behind these three common myths about real time analytics and start optimizing your data today!
Myth 1: Gathering real time data can be overwhelming, I should only focus on batch analytics.
Truth: Optimizing on real time analytics can have a positive impact on business performance regardless of industry. Real time analytics allow businesses to monitor and then quickly respond to trends in consumer behavior. They are able to make informed business decisions based on real time performance metrics. A good example of a content website utilizing this type of analytics for improvement is The Huffington Post. Analytics gathered in real time are used to organize and prioritize stories as they are published online. With the data they gather through real time analytics, they are able to optimize their page with the most popular content at that moment. They also use split tests to determine which headlines will have the most impact for important pieces. Testing which headline grabs the most readers in real time, they can eliminate the less popular title and keep the one that is grabbing attention. As long as you are gaining actionable insight from your real time analytics, you will be able to capitalize on that information that is continuously being gathered from consumers.
Myth 2: Real time analytics won’t help make data driven decisions.
Truth: Data driven decisions that are fueled by real time analytics are usually important changes that are meant to help improve employee engagement or consumer interaction with your business right now. By knowing what is happening, as it happens, you can make changes to your strategy when necessary instead of waiting for results at the end of a particular campaign or training period. Real time analytics can also increase the value of engagement by using data to provide your audience with information that has relevancy based on their behaviors. In this way, big data improves the experience for everyone — not just the enterprise. As a best practice when using real time analytics, remember the purpose of the data and what information you hope to gain from the analysis. Looking at all of it together can make it seem overwhelming, so breaking it down to measure the specific aspects that pertain to your purpose will make the data more useful and manageable.
Myth 3: There is no difference between on-demand real time analytics and continuous real time analytics.
Truth: There are several differences between these two types of real time analytics. On-demand analytics are reactive, and wait to deliver data until it has been requested. Continuous analytics are proactive, and gives users alerts to changes in data as they occur in real time. For example, you may have the email app on your phone set to “push” messages through as they come in, usually resulting in a notification alert of some kind. This is comparable to continuous real time analytics. Similar to on-demand real time analytics, you may have data-conservation settings enabled that only “pull” new messages when you open the app and refresh your inbox. Assessing the skill levels of your employees might be done through on-demand analytics as you develop a training plan template that maximizes engagement. Ultimately, you can decide which type of real time analytics works best for you and your organization.
Now that we’ve dispelled these three common myths about real time analytics, hopefully you have a better understanding of how gathering data in real time can be a beneficial part of any business success strategy. The world is a dynamic place, as is the wealth of data floating around in it.
With all that data floating around, it can be difficult to tell which employees are informed and which ones may still need updating on important information. Ving digital “packets” make it easy for HR professionals to use real time analytics to ensure employees are on the same page.
The Ving dashboard proactively puts the individual in the driver’s seat for their communications and collaboration. An individual’s dashboard provides immediate and specific on-demand feedback on levels of engagement and “compliance” for all shared information and all individual viewers. This provides the kind of specific information needed to focus and proactively change behaviors versus today’s “needle in a haystack” approach knowing exactly how engaged your contacts are. These real time analytics available to HR professionals relate to an organizational culture built around positive personal accountability, as well.