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Sunday, April 11, 2004We are surrounded by examples of real-time monitoring, capturing, analyzing, reporting, and responding to events. Despite the damage caused by business surprises attributable to an absence of real-time information and the prevalence of real-time information in our personal lives, little is being done to change the business culture and processes that tolerate surprises and to begin using real-time opportunity detectionthe notion of monitoring, capturing, analyzing, reporting, and responding to critical information is not an alien concept in our day-to-day activities.
We depend on real-time information about the time of day to make it to meetings on time.
We rely on thermostats in our homes and office buildings to respond instantly with more heat or air conditioning when the temperature rises or drops beyond a certain point.
We expect the gauges in our cars to reflect real-time information on our speed (especially when we see a semi-concealed police car) and fuel status.
We watch the meter at the self-service gas pump to make certain we stop the flow of gas when we reach the desired amount.
We use smoke and fire detectors to warn us immediately of danger, especially while we are asleep.
We even use temperature-sensitive pop-up buttons to tell us when to take a Thanksgiving turkey out of the oven
Alan Greenspan, chairman of the Federal Reserve, noted in a speech in August 2002, the use of real-time information is slowly but surely beginning to have an impact: "Economic imbalances in recent years apparently have been addressed more expeditiously and effectively than in the past, aided importantly by the more wide-spread availability and intensive use of real-time information. The detailed article provides an example of how real time info is making a difference in performance of Amberwood Homes, a construction company. A nice article.
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