Provide an example in which real-time data can be used as a competitive advantage for corporations. Why do you feel this real-time data is an advantage? How long can the advantage last?

At least 250 words.

Answer preview

When this process is made the norm in the organization, it facilitates employing advanced techniques to better understand the customers. When an organization can develop a data-driven work environment that fosters collaboration, data analysis in real-time becomes a competitive advantage (Hagiu & Wright, 2020). This real-time data is advantageous because the organization starts treating data as an asset in the decision-making process. Since the data is up to date, reliable, and better targeted, mistakes and errors within the corporation are reduced. Real-time insights also facilitate reacting quickly to the identified errors to prevent an operational problem. The real-time data is also advantageous because the analytics keeps the organization ahead of the competitors or in a position to get notified when the direct competitors change their strategy or lower their prices. These advantages of real-time data should last if the organization exists unless the organization’s culture is changed. That is why using real-time data as a competitive advantage requires an organization to develop a data-driven culture.

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