Why real-time data is important for your business.

In today’s world, companies are becoming more and more data-driven as they leverage their insights into immediate operational actions. Gone are the days of waiting 2-5 business days or even weeks for data, companies want real-time data and analytics on demand that will propel their business forward by making better, faster strategic decisions.

So, what is real-time data?

Real-time data refers to information that is available and processed immediately or with minimal delay. It is data that is constantly updated in real-time reflecting the most current state of affairs. Unlike, batch processing, where data is collected and processed in chunks at scheduled intervals, real-time data is delivered and analysed instantly or with very little latency.

Why is it important for businesses?

For so many reasons real-time data is so important for businesses, we have rounded up the key advantages:

• Faster decision-making - real-time data allows businesses to make faster, informed decisions, with up-to-the-minute information, they can respond quickly to changes in the market and operational decisions
• Improved accuracy – real-time data reduces the risk of using outdated or stale information leading to more accurate analysis and decision-making processes
• Optimised operations- processes and equipment can be monitored in real-time enabling better resource allocation, maintenance scheduling, and operational efficiency
• Data-driven insights – businesses can identify patterns, trends and opportunities that might otherwise be missed
• Predictive analysis – by continuously updating data and analysing it in real-time, businesses can implement predictive analytics that captures future trends and potential issues
• Competitive advantage – real-time data provides a competitive edge as organisations can respond quickly to market changes and emerging opportunities
• Preventive maintenance – real-time data helps in predictive maintenance, reducing downtime and preventing costly equipment failures.

How can we help?

In the Energy industry, real-time data is so important, as assets require hundreds and thousands of pieces of equipment to be maintained, inspected and kept operational – there is no time to wait around for critical data. However, that is the reality in some cases…

Scenario:

One, 3-week trip by an inspector requires 1 ½ weeks of additional admin. The paper-based inspection data is already 3 weeks old by the time the inspector returns from the field to the office. Then, 1 ½ weeks to enter all the data into the corporate ecosystem. Therefore, the inspection data can be more than 1 month out of date before anyone has an opportunity to review it.

We have the solution for you.

Our SaaS (Service as a Software) delivered application, Nexar, gives you real-time data, with real-time dashboards and reporting functions. It is the business intelligence you have never had before – there will be no more waiting around for data!

Further advantages to using real-time data with Nexar include…

• Real-time visualization of inspection status and progress
• RAG reports showing equipment performance
• Frequently failing tags are highlighted, helping to identify failure trends
• Productive inspection teams via immediate and automatically generated reporting
• Consistency of reporting and intuitive data standardization for easier comprehension.

So, if you would like to learn more about how Nexar can transform your business, click here to find out more or here to book a demo.