What Does Real-Time Enterprise Mean?
Real-Time Enterprise (RTE) is a concept in business systems design that helps organizations automate processes across different media, systems and enterprise boundaries. The main goal of RTE is to provide real-time information to customers, employees, partners and suppliers and implement processes to ensure that all information is up-to-date and consistent throughout all systems, which reduces the manual processsing normally associated with information. To achieve this, RTE systems exploit up-to-date information, eliminate delays and increase speed to achieve competitive advantage.
Techopedia Explains Real-Time Enterprise
RTE provides the following main benefits to the various levels of an enterprise, as follows:
- Operational Level: Enhanced customer service, reduced risk, less inventory and lower processing costs
- Managerial Level: More efficient utilization of upcoming opportunities, minimal damage when system errors occur and improved agility when managing small and large threats and transformations
- Leadership Level: Ability to quickly implement the strategies required to address changing circumstances
To achieve these positive aspects, every organization requires a time-based transformation program, which is a business effort that removes latency from its most crucial business processes.
Although not specifically outlined, generally recognized RTE objectives are as follows:
- Minimized reaction times for customers and partners
- Improved visibility: For example, reporting or sharing information throughout an organization, rather than retaining within specific departments
- Enhanced automation, such as accounting, communications, reporting and supply chains
- Greater competitiveness
- Minimized expenditures
To turn into an RTE, an enterprise must renovate its software infrastructure to build an enterprise nervous system (ENS). The essential technologies inside or supplementing an ENS should include:
- Business process management (BPM)
- Knowledge management tools
- Data warehouses
- Database management systems (DBMS)
- Enterprise portals
- Real-time analytics
- Integration brokers