Deji Atoyebi — July 12, 2017 Today technologies abound to enable businesses to achieve goals more efficiently and effectively. These come in handy in an age where consumers are barely constrained by a lack of alternatives regarding their choice of products. Currently, almost every facet of business operations is aided by some technology, and some technologies have grown to be particularly buzz-worthy.
In this article, I’ll tell you about 4 tech trends and how they can positively impact your business.
1. Big Data:
According to Wikipedia, “big data is a term for data sets that are so large or complex that traditional data processing application software is inadequate to deal with them”. Challenges associated with big data include “capture, storage, analysis, data curation, search, sharing, transfer, visualization, querying, updating and information privacy”.
Big data has been a household name since 2012. In 2013, research had it that about 90% of the world’s data was produced in the previous two years. The challenges and opportunities that big data poses are, therefore, quite large. But let’s look at the bright side.
With staggering petabytes of data, businesses are more able to garner better market insights by way of acquiring reliable knowledge on consumer behavior and preferences. And with better market insights also comes better competitive analysis, more practical and reliable feasibility studies, more effective marketing campaigns, and, generally, better decision making.
Although big data is mostly used by large corporations, it’s starting to assume a pride of place in the strategies of small and medium sized businesses. You can make the best of it by employing competent data scientists and promoting the use of standard data gathering and analytical tools.
2. Machine Learning:
Machine Learning (ML) has a history dating back to 1959 but is currently evolving at an unprecedented rate.
ML basically involves training a system to learn from data. It comprises supervised, unsupervised and reinforcement learning. Supervised learning involves training a computer using labeled data (such as stock prices – providing dates and corresponding costs of stock), while unsupervised learning involves feeding a system with raw data and allowing it to explore with a goal in mind, such as grouping customers based on distinct purchase behaviors.
You probably use machine learning products daily without even realizing it. ML is what Google uses to rank web pages based on perceived order of relevance to your query. Facebook uses it to suggest friends, while Netflix employs it to suggest movies.
A hallmark of machine learning capabilities is its perfect blend with big data. Coupled with the latter, ML can be used to effectively implement business strategies. It can serve as your tool for making inferences and predictions, as well as making the most of consumer preferences thereby maximizing profit
A typical example of how ML was implemented in tailoring preferences is the case of Orbitz’ realization that Apple users spend as much as 30% more a night on hotels, and its consequent display of costlier hotels to them more than it does Windows users.
To get started with ML, you need to have access to a pool of relevant data and employ competent data scientists and machine learning engineers in your organization.
3. Cloud Computing:
Cloud computing is yet another trend in the tech world. Basically, it borders around the need for centralized databases for stored data access.
With cloud computing you can store and access your data and business files using internet-able devices. Its advantages include cost-effectiveness, efficiency, data integrity and confidentiality, agility in team collaboration, product improvement and speedy data access.
Your business can gain a lot from the above. But first, you need to realize what you’re cut out of for and decide whether or not cloud computing is a good way to stay effective.
4. Virtual Reality:
Virtual reality is the in-thing right now; it’s more like bringing an abstract idea to life. 2017 is proclaimed to be the year where VR would become normalized and where “the sudden influx of consumers will meet a virtual tidal wave of content developed by both small and large studios alike, facilitated by the big guns behind the Vive, PlayStation VR, Oculus Rift and more,” (Andrew Abedian, level designer at Survios).
Virtual reality would most likely be right up your alley if you own a virtual agency and need to employ and effectively communicate with remote employees. With it, location will be a faint barrier having no adverse effects on your business activities. With good communication comes effectiveness.
Conclusion
Like Micheal Spencer asserted, technology will create a tectonic change over the next few years. In fact, where we are headed seems clear enough; so, it’s necessary for businesses to adjust and accommodate changes. This article has talked about 4 trends that will impact your business positively. Choose a thing or two and use it (or them) to your benefit.
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