Anyone who has attempted to use public transport in the UK will be more than familiar with the misery of waiting for a bus: the rain dripping down the back of the collar, the pavement splash from passing taxis, the watch-checking tedium, and the sure knowledge that there is something more important, more interesting and more profitable that you could be doing.
In Finland, where the hazards of waiting for a bus extend to frostbitten fingers and hypothermia, bus stops have been enabled with wi-fi technology that sends a message to passengers' mobile phones when the bus is due to arrive. As a result of receiving travel information in real-time the citizens of Helsinki have dramatically cut the amount of time they spend waiting to get where they want to go.
The Finnish example may have had its motivation in ensuring the health and comfort of the travelling populace, but the principle remains the same wherever real-time computing is used: cutting delays and reducing waiting time with the timely provision of information. Which is why the number of applications that boast real-time capabilities continues to grow. From online gaming and communicating via instant messaging to accessing traffic reports and monitoring fluctuating share prices, real-time is becoming a key selling point for a wide variety of tools and technologies.
Defining real time
But what does 'real-time' really mean? One definition is: "a level of computer responsiveness that a user senses as sufficiently immediate or that enables the computer to keep up with some external process." More simply, it means the processing of data as soon as it is entered into a computer, resulting in minimal delay in the availability of critical information. Based on internet technology, true real-time systems will accept and process data from any authorised users, regardless of time and location, and will provide those users with the information they want when they need it.
For companies that wish to create efficiencies or streamline their operations, the advantages of having information systems that function in real-time are clear. But for any organisation in the professional services sector, those advantages become critical.
In order to run a project on time and to budget, management and engineering consultancies have to process a vast amount of information from a diverse range of sources. The majority now use some form of specialist project management software, but applications that do not have the facility to handle data in real-time can, in fact, have a negative impact on the smooth running of an assignment.
Both the client and its contractor will input information into a project - and both will expect useful knowledge to be returned from it. Waiting for the details to be processed can cause serious delays, or lead to decisions that are based on incomplete or inaccurate records.
Billing time
Take billing as an example. Since a significant component of any consultancy's cost structure is the amount of time its experts spend on a project, it makes sense for all time worked to be logged, calculated and analysed as it happens, rather than waiting until the end of the week, month or even accounting period.
By doing so, both client and contractor have an immediate picture of how much time has already been spent on a project, how much of the agreed budget has been consumed, and whether the time and budget remaining need to be re-negotiated.
They will also have a far greater understanding of how much is being achieved by a given number of people in a certain timeframe. For any company working on, for example, the London Olympics construction project, where there is no room for the slightest delay to completion, real-time project management is going to be essential.
From the consultancy's point of view, having an up-to-date picture of costs and time spent on an assignment also ensures that clients are not over-serviced. With larger projects, involving dozens of consultants, it doesn't take too long for a client to be over-serviced by hundreds of hours, which is usually discovered after the event when it is too late to do anything about it.
Up-to-date & accurate
Having a real-time view of a project status can prevent this happening in the first place and also removes the need for further time-consuming, budget-draining resources to be spent on analysis and reporting afterwards. Furthermore, a completely up-to-date and accurate picture of time spent makes it much easier to plan time and resources, and accrue these into the next month if necessary.
Real-time computing also enables business processes and workflow to continue without the physical presence of all consultants involved. A good example is expense management. Most credit cards set a time limit for payments to be made before interest is charged. For consultants travelling from site to site and picking up receipts as they go, submitting expenses by post or in person before the deadline can be problematic.
Expense management
Real-time expense management means they don't have to. Instead the process is automated, the deadline is met, and savings, that can run into thousands of pounds per month are made. In fact, by automating its expense management process, BAE saved £15,000 every month through administrative efficiencies, lower interest payments and reduced late payment penalties.
The key to real-time computing is that users have whatever information they want at the time they want it, rather than selected details that the software vendor decides they can receive. In essence, a real-time computing facility fulfils much the same function as having a conversation with a colleague - but with added audit trails to prove that the conversation took place.
Although that might sound very straightforward it may not be necessary for small firms. But as any larger company knows, trying to communicate with all relevant colleagues - who may well be scattered over numerous locations - is no small undertaking. However, with a computer acting as intermediary, and real-time applications in place, those conversations can happen whenever and wherever they need to.
