Real-time business intelligence or real-time BI is a recent yet
effective business intelligence (BI) strategy for delivering the
information of the operations or events as they happen.
Business intelligence or BI has always been one of the crucial aspects of sustaining an organization. It can be related to business development, operational efficiency and the need of technology upgrading to study the overall growth of a business. Usually decision-makers and top-level management executives of an organization get to use such data for analytics and look into the business operations, be it technical or non-technical, with a “bird’s eye view”. However, to do so the quarterly, half-yearly & yearly reports are generated and then are provided for analysis. Such technique in BI is referred as Strategic decision-making.
Another type of strategy, which is supposed to be more effective with reference to the mid-level managerial activities, is Real-time BI or RTBI. This modern day technique provides the latest and updated information about any operation or event to mid-level decision makers and allows them to act accordingly.
While strategic decision-making presents the historical data for analysis purposes, real-time BI provides a comparison context between current and previous data. This helps the manager to analyze and study the current business events to identify the dips and peaks in overall productivity. Real-time BI has shown some tremendous results in recent years and has changed the course of business operations with considerably smarter decisions. Some noted benefits of real-time business intelligence are:
Real-time BI is favorable in conditions where decisions are time sensitive. Such decisions decide the growth of business according to the events executed according to the current scenario of operations. While strategic BI is the one which analyze the course of business in a long-run, real-time BI helps to tackle any pulsating situation for business favor.
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