We all make thousands of decisions every day: Chocolate or vanilla? T-shirt or sweater? Rent vs. buy? Real-time business intelligence (BI) vs. right time business intelligence (BI)?
Okay, the last question isn’t one most people face on a daily basis. While some decisions can be made quickly based on personal preference, the weather or economic factors, the more complex the question the more complex the decision-making process becomes.
This brings me back to the question of “Real-Time BI vs. Right Time BI.”
Nearly every organization collects and stores a lot of big data in different systems around their organization. However, data (real-time or not) is only valuable if it helps improve the quality of an organization’s decisions. I believe that the real conversation should be “How can real-time data better drive right time decisions?”
The speed with which companies can access and act upon information has become necessary in today’s data-driven world of business. Even with an incredible sense of urgency, real-time decision-making is being held up due to standard operating procedures and status quo.
So, what’s the advantage of a decision made with real-time data if the decision is made days or weeks later? What good is real-time information if it isn’t in the hands of the right decision-makers?
These are the kinds of questions that executives are currently wrestling with and the answer is found by implementing right time decision-making: Providing the right information to the right decision makers at the right time.
It isn’t just about having data at your fingertips, but having real-time data at the right time, and doing so in an easy-to-understand format. This allows business managers to make better decisions, which improve overall business performance.
The ability to harness right time data will ultimately lead to timely insights, smarter decisions, better plans and more empowered workers.