Data, data, data — it’s everywhere.
Over the past decade alone, more businesses than ever before have started to use data to their advantage. With 2023 coming to an end, a staggering 97.2% of companies say they’re currently investing in big data and AI projects, which shows just how far the data revolution has come.
When it comes to the data itself, your business should be focused on real-time data above everything else. Real-time data is data that’s presented to users as soon as it appears in the system. There are no delays or wait times. Simply put, the data instantly appears so that it can be quickly analyzed and assessed by whoever is looking at it.
So, what specific roles does real-time data play in business? Let’s take a closer look so that you can get a stronger understanding of the ways that you, too, can potentially use real-time data.
1. Currency Conversion
Currency conversion is very important when businesses are selling their products online. If a customer visits an online store or downloads a mobile app, they might need to convert one currency to another to understand how much the products they’re interested in will cost.
However, this currency conversion can only be done through the power of a currency converter api, which uses real-time data to provide accurate insights on over 152 different types of currencies. Some of the benefits of this include:
- Encourage more customer spending
- Build trust with customers
- Protect customers from overpaying
If you haven’t done so already, it’s highly recommended that you integrate a currency converter across your business website and mobile app.
2. Identifying Market Trends
Most big businesses are heavily focused on identifying market trends through real-time data. This enables business leaders and marketing teams to make data-driven decisions instead of simply making educated guesses on what steps to take.
For example, real-time data might highlight that customers are spending more on a specific line of products, which will then enable you to increase production.
3. Marketing Campaigns
Your marketing campaigns should always be data-driven. This way, you can get the best possible outcomes. With the ability to access data immediately, you can adjust and tailor your marketing campaigns to boost success.
Let’s say that you’re running an ad campaign and notice that a specific demographic is clicking on your ads more than others. In this instance, you’d then be able to adjust your campaigns to target that demographic more directly and give your sales a major boost.
4. Credit Scoring
When credit card and loan companies do credit scoring, they use real-time data analysis. This is because it enables them to either approve or deny loans immediately based on recent information instead of data from a long time ago. This is why it’s now become significantly harder than in the past to get approved loans, as credit scores are more accurate.
5. Healthcare
In the modern era of healthcare, most healthcare companies are now using real-time data to track human health statistics. On your wrist, you might currently be wearing a smartwatch that’s tracking your heart rate, which is an example of real-time data analytics.
This data can be used to improve user health, save lives, predict potential ailments, and so much more, which is why real-time data is driving the future of human health.
