Throughout the last decade the business world has been captivated with an ever-expanding roster of transformative technology. From artificial intelligence and machine learning to the Internet of Things and automation, there’s no denying that the 2010’s have reshaped the landscapes for many businesses. And yet… even while these technologies are proving to be catalysts for growth, for many small businesses there’s one technology that stands above the rest – Data Analytics.
In fact, according to the International Data Corporation’s 2017 infobrief titled ‘The Next Steps in Digital Transformation’, nearly 50% of SMEs surveyed had invested in business analytics or business intelligence software that year. While these findings certainly indicate that the business world is taking notice, most small businesses still recognized that they are only scratching the surface of the analytics and they’ll need to compete effectively in the next decade.
In this week’s blog post we’ll be looking at why data analytics has become so crucial to modern everything and how your business can join the revolution with PAYFORT’s Real Time Monitoring Tool (RTM) for analytics.
Understanding the full potential of data analytics
For many entrepreneurs, there was a reluctance to fully accept the value of modern business analytics. In many cases, small business leaders felt that either their workforce, their customer base, or their operations were too small to justify the investment. And that view is understandable. In startup environments as well as growing businesses, budgets are tight and it’s difficult to justify taking money from one department to pay for something, especially when the ROI is unpredictable.
But now as we move through the final months of 2019, the value of these solutions is anything but unpredictable. Here are three of the leading reasons why businesses around the world have started investing in better analytics.
They are a scalable way to help businesses stay on top of trends.
When it comes to most modern-day analytics platforms, a single monthly subscription provides access exactly to analytics capabilities you need– with the flexibility to introduce or remove departments, users, and capabilities as the organization evolves.
They help decision makers discover, predict, and visualize data.
Today’s analytics infrastructure leverages some of the latest digital innovations such as cloud-based access to provide a seamless, familiar user experience that’s accessible from anywhere there’s internet.
They help protect your industry insight against ransomware and viruses.
As analytics becomes a more integral part of a businesses’ day to day operations, organizations can rest easier knowing that their data and predictive analytics are safe from modern cyber-attacks.
Real-Time Monitoring (RTM) from PAYFORT
When it comes to business analytics, one of the most crucial areas to start examining is payments. For most consumers online payments seem like a simple process but in reality, they are highly complex systems. This complexity makes it surprisingly difficult to accurately forecast how an organization’s payments will perform. This is where PAYFORT’s Real-Time Monitoring Tool can help.
What is Real-Time Monitoring (RTM)?
As the name implies, Real-Time Monitoring (RTM) provides a real-time, end-to-end view into the performance of your businesses’ payments. Advanced search and filtering means that you can easily access your organization’s Attempts Success Rate (ASR), Total Payment Volume (TPV), uncertain transactions count, and response time. You’ll also have easy access to historical data as well as data broken out by specific processor, currency, card issuer, payment option and BIN.
How will Real-Time Monitoring (RTM) benefit your Business?
In addition to all the benefits listed above, RTM allows you to take control of your payments and make data driven improvements that grow your business. You’ll be able to review real-time electronic payment flows, improve front-line resolution rates, and help your team identify transaction issues as they happen rather than after.
Whether you’ve experienced it or not, the next wave of data analytics is here, and it is quickly becoming a pillar of modern business. These new capabilities can give even the smallest companies big opportunities to compete, but only if their business is paying attention.