This is how data will change the way we approach the air quality market in the next years
57% of Real-Time Data practitioners describe the functions they’re supporting as either “ad-hoc” or “emerging,” which means you likely have an opportunity to go all-in on Real-Time Data before your competitors do. But the window is closing: Nearly half of the companies are planning to increase their use of Real-Time Data technology in 2022 and that may include your competitors.
Two years after the initial outbreak of COVID, one thing is certain: HVAC Companies including those with which you compete have learned how to adapt, pivot, and innovate faster than ever before.
No one had a choice, really. In the absence of in-person contact and in the face of all the challenges that arose from that absence everyone was given an either/or proposition: Either figure out new ways of getting things done, or lose business to those who do. As a result, many HVAC companies are now equipped with a brand new muscle, one that they can flex in order to rapidly launch new products, services, campaigns, and partnerships.
Real-time Data visibility across your competitive landscape has never been more valuable.
What is Real-Time Data?
Real-Time Data is the process of capturing, analyzing, and activating information related to your competitive environment. In plain terms, Real-Time Data gives your organization a sustainable competitive advantage.
What is activation?
Activation is the process of transforming raw intel into actionable insights, insights that help stakeholders do their jobs more confidently and efficiently. Activation is necessary for Real-Time Data to succeed.
Working with data intelligence processing helps create patterns and is an ingenious factor in the generation of ideas and product development. By making a better prediction of market trends, air quality companies can better shape their market access and consider potential risks and rewards long before starting a growth cycle.
According to idexcel, «with an optimised knowledge of data, data intelligence offers a fairly unconventional 360-degree view of the business environment that is involved in both customer-centred and organisational data analysis. Data intelligence is moving towards becoming one of the main facets of big data, and has reached a certain level that promises intelligent driving of massive information.
Some real-time data advantages for the air quality market
1. Accurate market analysis
With updated and specific market information, it is easier to have a broader view of how a market is developing and what possibilities are available for your HVAC business. Analyzing the market in a more strategic way saves time and provides a better understanding of the economic fluctuations that could result from a growing market strategy.
2. Concise business decision-making
Better analysis and better understanding make better decisions. Considering the risks and rewards of a market entry with precise prior data helps you plan in a more strategic way, avoiding unnecessary noise from other market knowledge that usually feels vague or incomplete. Decisions become easier when the information is clear and specific to the market you are interested in.
3. Better market adaptation
Real-time data also offers the opportunity to better adapt to your current market and become an adjustment for your potential market as well. Following updated trends and analysing the general feeling towards a product, helps you make improvements to meet demand in a more personalised way, taking into account the needs and desires of the customer.
How much do you know about the air quality industry?
Even for companies that have been present in a specific air quality sector for a long time, data intelligence can be a useful tool both to review their current situation and to consider new prospects and possibilities for growth.
Demand for air quality devices and technology has almost doubled compared to pre-2020 times, and the prediction is that growth will continue in the next 5 years.
This development will also be directly linked to energy efficiency and resource savings, especially with the implementation of smart buildings and AI applied to everything related to interior spaces.
Some of the most demanded technologies in the air quality industry:
Air monitoring: indoors and outdoors
Air purification with photocatalytic processes
Room sensors and AI
Independent devices air cleaning devices
What components does data intelligence have and what techniques do each involve:
Descriptive: to review and examine the data to understand and analyse business performance.
Prescriptive: to develop and analyse alternative knowledge that can be applied in the courses of action
Diagnosis: to determine the possible causes of the appearance of particles.
Predictive: to analyse historical data to determine future occurrences.
Decisive: to measure the adequacy of the data and recommend future actions that will be carried out in an environment of multiple possibilities.
Real-time data intelligence also provides key social listening information to improve your brand communication and better focus on the real needs of customers.
Planning and implementation for the achievement of tangible objectives
The resources for air quality treatment and air quality analysis companies that want to grow are endless, but without the planning and execution of objective scope, it is not a tangible reality.
Before immersing yourself in real-time data intelligence resources, consider the following questions:
Analyse your current position.
Are you a pioneer in an air quality device or technology? If so, what are your current resources and how fast do you want to grow?
Have you been working in the air quality industry and want to consider its possibilities to expand your market?
Set your goals: How do you want to improve your company in the coming year? And what is your prediction for the next 5 years?
Look for a professional evaluation: Finding the right partners can save you time and money, so you want to make sure that your growing partner has a deep understanding of your business and the use of real-time data at the market level.
Establish your implementation plan: Developing an implementation plan based on data intelligence analysis should be one of its main priorities as a company in search of better development and growth.
Who can help you plan and manage the information you need to make decisions within your business? What kind of data will benefit you the most?
Do you have enough resources to execute your strategy? Is your current team ready to take on the change?
By using real-time data intelligence, you want to have relevant information that can then help you organise your growth processes, and have the freedom to decide when and where you can solve your ideas to give your project the impetus to succeed. The future is now, so why not start shaping today?
