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- Improved accuracy – real-time data reduces the risk of using outdated or stale information leading to more accurate analysis and decision-making processes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…
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.