Give three examples of business processes or operations that would benefit significantly from having detailed real-time or near real-time data and identify the benefits.
Business Processes/Operations that would benefit from having detailed real-time or near real-time data are:
Air Tower/Radar Monitoring Operations
Hualage/Logistics Operations
Forex/Stock Trading Transactions
Explanation:
Lower Risk: Real-time data in operations lowers risk, minimizes room for errors are decisions for course correction are made instantly as the data occur.
Improved Efficiency: to make decisions on the spot based on real data mean to cut down on time spent before decisions are made. Hence, increased efficiency.
Lower costs: Real-time collection and use of data imply automated systems. An Automated system allows for instant decisions without requiring the accumulation of paper trails. In most cases, real-time data also provide uncommon insights into the deep operations of the company.
