21st Century businesses have to deal with data on a daily basis. Whether it’s using technology to track orders, check on sales, identify customers, send and receive emails, comment on social interaction sites or direct web traffic, these are important, data-driven activities.
According to a report by the New York Times, Internet technologies are increasing the amount of data used in business by 100% every 1.2 years. If you haven’t done so already, it’s time to explore the world of business tools – especially if you’re the owner of an SME.
From minutes to milliseconds
The next important step in data transfer comes under the heading of RTI (Real Time Information). RTI is a business intelligence system that gives you the chance to act and react instantly to changes in the business world, as they happen. Currently, businesses thrive on historical data that has to be manually revised. Even though that data may only be a few hours old, it can still impact on important business decisions.
RTI software reduces the time in which you become aware of business events from minutes to milliseconds. Your RTI systems will also serve to automate the process; as a business event takes place, they compare it to historical data to home in on potential risks and opportunities. As a result, you can act and react to events as they occur, rather than being precious minutes behind.
Saving time and effort
RTI also provides immediate communication with the bodies that govern how your business works. For example, Intuit developed an HMRC verified PAYE RTI system. Previous to this, the tax office relied heavily on business owners to provide the correct information and at the right time. Unfortunately for owners of SMEs, this required a lot of time and effort that could be better spent elsewhere. In addition, the potential for human error meant that the risk of a fine or even an investigation was always an unwanted and unpleasant possibility.
RTI PAYE systems bring all that down to an absolute minimum; each time you make a payment to your employee, the relevant data is sent to HMRC so they have a rolling, real time source of data through which they can calculate your tax bill. While a tax bill might not be the thing you’re looking forward to most in your position as an entrepreneur or CEO, it beats getting an unwanted and expensive fine. PAYERI removes the potential for human error, being late and turns a long-winded manual process into an automated one.
Managing the minutiae
Data-driven decisions are becoming more and more important to the way businesses function. Although some might feel that the data explosion means that they are feeling swamped by technology, it’s actually providing more opportunities than you might think – and RTI is at the forefront of a movement that will revolutionise the way a company performs. It gives you the capacity to manage and analyse the data you collect, at the click of a mouse, making decisions more impactive and taking the work out of the minutiae of business management.