If you’ve been following our blog, Wojo highlights the different features of our all-in-one business management application and how it fits into the future of work. We’ve explored real-time reporting and its advantages in business performance.
Technological development is inevitable and unstoppable. With all the latest emerging technologies that empower business operations, datafication is the biggest that links all other technologies transforming our lives. The reliance on data to make informed decisions and better strategies is even more effective when real-time reporting is applied.
As much as historical data is equally important, real-time reporting provides up-to-date information that enables a swift response to operational issues that require speedy solutions. The International Data Corporation revealed that 30% of the global data will be in real-time by 2025.
Important Insights and Data Trends To Expect.
- Improved Customer Privacy and Protection through Data Ethics
Data breaches are one of the biggest risks that businesses want to prevent. It negatively affects customer trust which can result in financial losses. According to Mckinsey, a successful ethical data-use program requires organisations to have shared data that has clear values and standards. A data ethics committee represented by professionals from various industries can help create effective data protection policies and data management.
- An increased focus on AI and Machine Learning for easy data processing
Data, AI and machine learning are all interrelated. Hyperscience’s VP of machine learning CF Su said that AI and ML can effectively process and improve the data in the organisation’s system as algorithms become more accurate. This can be utilised to improve business data strategies. In addition, real-time predictive analytics will become more popular.
- A data fluent workforce will be required
Data fluency is becoming a non-negotiable skill as more businesses become more data-driven. Without the capability of a workforce to translate data, end users will not be able to use business intelligence-derived data results. For example, a data-fluent manager will be able to translate and simplify business intelligence-derived insights to the management who may not be adequate to understand them organically.
- Increase in developer demand
Developers will be in demand as more businesses will need to adopt real-time data analytics to improve their business operations. Developers will build data-driven apps with flexible features that can personalise customer services and automate operational processes. They will become key technical decision-makers to guide the business with emerging technologies.
- Fast and actionable data will be prioritised
As more companies begin to appreciate the benefits of real-time reporting, fast data enables businesses to make decisions and take action as the data arrives. Actionable data, on the other hand, can be used to leverage business decisions.
Wojo empowers businesses with an innovative and all-in-one management system to help transform business operations. With our simple yet powerful and user-friendly ecosystem, Wojo will help increase your business’s productivity and profit with solutions that save time and costs.
Schedule a demo today and experience how you can streamline your team’s operations with Wojo.