How Modern Technology and Big Data Drive Commerce

Running a company positions you as your own boss and brings with it a kind of freedom. However, that also positions you as a supervisor to a roster of employees and managers with the ultimate goal of generating profit. A lot goes into managing businesses, and small businesses, in particular, are more vulnerable to financial pressures and can’t afford to make mistakes. However, technology is always eager to provide solutions to business owners to help even the odds. Today’s commercial landscape is heavily invested in cutting-edge technology that can refine and optimize business operations. Here’s what you need to know to leverage today’s best tech to increase your profit margins.

How Modern Technology and Big Data Drive Commerce

Data Management

Big data is the reason for the season in the modern business world. More than just a buzzword, data is an important asset to companies looking to create more effective strategies. That information has never been more widely available, and there are many methods and tools used to collect it. From the low tech questionnaires deployed by PR firms for market research to more advanced techniques such as sentiment analysis driven by state-of-the-art artificial intelligence, there’s a ton of business available to businesses, and the wealth of information presents a logistical problem when it comes to keeping that information accurate and organized.

Using IoT (Internet of Things) devices and software, you can effectively automate much of the data management process, from collection to storage. By creating a smart office, you can automate individual processes such as service order management and the recording of transactional data, for example. Furthermore, it’s also possible to automate the handoffs between different apps and systems, further reducing the presence of human error. This can in turn also reduce the labor costs associated with administrative tasks such as accounting while keeping data clean and ready for analysis. Even the beginning of this process can be automated in many cases. Using smart cash registers will allow transactions to be recorded and sent to your database automatically, kickstarting the process.

Cloud Computing

Another important branch of technology concerning the big data pipeline is cloud computing. Cloud storage is integral for the storage of data and will need to be integrated into the broader smart office, for starters. Cloud storage provides additional storage space, and that additional space can also be further expanded to meet the changing needs of a growing business. This is essential because the widespread availability of data in the digital age renders the physical storage of paper documents virtually impossible, and storing digital files on your office computers will also eventually prove to be insufficient. Furthermore, cloud storage is typically secured with features such as encryption and an alternate IP address that can protect your data from hackers. Hackers target corporate entities directly because of the valuable data they use to conduct business, making these security measures a necessity.

Cloud computing provides numerous other advantages, however, and another essential part of the big data pipeline comes in the form of cloud computing’s more powerful processing power. Simply put, devices connected to a business’s private cloud gain access to the broader pool of computational resources of the overall network, not to mention those offered by the cloud computing service provider. This is important because the task of processing data in preparation for analysis is a time-consuming and resource-intensive process. Using cloud computing, the entire network can effectively cooperate on this singular goal, alleviating the strain placed on the computer that is primarily responsible for the task. Simultaneously, this also cuts down on the time that data processing takes, expediting the process of analysis by association.

Technology and commerce have always been partners in crime, to speak, and modern technology provides even greater advantages to savvy businessmen and women. While tech can often be difficult to comprehend, a passing knowledge of the basics and the help of experts is often more than enough to elevate your company’s operations to the next level.

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Article Author Details

Kevin Gardner

Kevin Gardner loves writing about technology and the impact it has on our lives, especially within businesses.