62% of Platform Businesses See Real-Time Data as Key to Growth

Platform businesses rely on real-time data to increase growth and elevate customer engagement.

A PYMNTS Intelligence report, “The Platform Business Data Readiness Survey: How Real-Time Data Can Drive Growth,” done in collaboration with Fiserv, explains how data readiness is becoming a cornerstone for companies seeking to optimize their operations and maximize their market potential. The report focuses on the significance of real-time data, the challenges businesses face and strategies to overcome these obstacles.

Real-Time Data as a Growth Catalyst

According to the report, 62% of platform businesses recognize the critical role of real-time data in their growth strategies. Companies leveraging real-time insights are more agile, allowing them to respond quickly to market changes and customer needs. For instance, businesses that use real-time data are 1.5 times more likely to report higher revenue growth compared to those that do not.

This capability not only facilitates faster decision-making but creates a more aggressive approach to market opportunities. In an environment where consumer preferences shift rapidly, having real-time data can mean the difference between capturing a market opportunity or losing it to competitors. Businesses equipped with real-time data analytics can identify emerging trends earlier, allowing them to innovate their products or services ahead of the curve.

Additionally, the ability to track customer behavior in real time enables companies to tailor their marketing efforts effectively, enhancing engagement and conversion rates. This responsiveness also builds a culture of continuous improvement, where businesses can iterate on their offerings based on immediate feedback.

Challenges in Data Readiness

Despite the benefits, many businesses face significant challenges in achieving data readiness, which is defined in the report as an organization’s ability to collect, manage and utilize data effectively. It involves ensuring the data is accurate, accessible, secure and in a format that supports business decision-making.

According to the report, 45% of respondents cite data silos as a major barrier to effective data utilization. These silos hinder the ability to consolidate and analyze information across various departments. The report found 37% of organizations struggle with data quality issues, which can lead to inaccurate insights and misguided strategies.

The lack of interoperability among data systems often results in delayed access to critical information, stalling the ability to make timely decisions that can drive growth. As companies expand, the volume and complexity of data increase, making it imperative to invest in scalable solutions that can handle larger datasets without compromising quality.

Strategies for Overcoming Obstacles

To address these challenges, companies must implement strategic initiatives aimed at improving data readiness. According to the report, 58% of businesses are investing in advanced analytics tools to enhance their data processing capabilities. These tools can help automate data collection and ensure accuracy, making insights more dependable. Additionally, creating a data-driven culture is important: 53% of respondents believe that employee training on data usage can significantly improve overall data quality.

By prioritizing these strategies, businesses can unlock the full potential of their data, leading to improved operational efficiency and sustainable growth. Encouraging cross-departmental collaboration can also help dismantle data silos, enabling teams to share insights and strategies that enhance overall performance.