Big Data is used everywhere. It’s the check-in terminal at the airport. It’s the way your company stores customer information. It’s the cloud, so your salesforce can access company records no matter where they are in the world. There’s so much data, a study published by the Global Information Industry Center estimated that by 2024, the data stored on the world’s servers could stretch 4.37 light-years to Alpha Centauri if it were a stack of books.
Alpha Centauri is a star system beyond the Milky Way. That’s a lot of data, and it puts into perspective the importance of data, and how critical data is to all businesses large and small. If neglected or used improperly, data has the power to crush a business out of existence.
Protecting Your Valuable Assets
You know your company’s money requires protection; it’s protected in a bank or vault somewhere. You understand your employees need protection, and that’s why your business has anti-harassment policies. So, why aren’t you valuing your data as a fundamental part of your business that requires care and protection?
If you carelessly leave your IT unprotected, your business could end up like Code Spaces, the start-up that failed after a hacker maliciously took control of the business. Info World called the attack a “Murder in the Amazon cloud.” The business couldn’t recover because the hackers controlled all the backups, including offsite backups. And, they’d erased most of Code Spaces’ data, which proved detrimental beyond repair.
Most companies store sensitive information on their computers, on their networks, and on their clouds. In today’s digital landscape, one would be hard pressed to find a business that didn’t rely on IT in some form or another. So, with so much important and private information stored, it is essential you provide your company with a suite of anti-hacking tools, including cloud protection, antivirus security software, and firewalls.
The Importance of IT
IT, or information technology, is extremely valuable to your business. Remember Kodak? Remember Blockbuster? Both of these businesses failed to recognize the importance of technology, and ultimately they went bankrupt.
Kodak invented digital cameras, and yet refused to invest in digital film. Blockbuster had several opportunities to purchase Netflix, and yet refused to embrace progress. The video powerhouse went from being a billion dollar company to being worth less than $25 million at the time of its demise. If short-sightedness can crush household-name-brands, it can certainly crush a small- to mid-size business.
The value of IT isn’t just in data, or the way data is used to create target customer profiles, maintain inventory, and manage employees. It’s more valuable in the way it helps your company plan for the future. It’s almost philosophical in the way it can provide data to be analyzed. IT can help you understand and prepare for the future technology that will impact your business.
Using Analytics to Improve Conversions
Today’s customers are connected, and they have an expectation that their needs can be met quickly. Your business can use data analytics to rapidly transfer information to customers. Analytics can find patterns, and use those patterns to improve productivity, which improves customer satisfaction. Analytics help determine what’s working and what’s not working. It will provide logical information on issues, such as gaps and biased data, which will help ensure your business doesn’t lose money as it progresses.
The bottom line is that the bottom line is fundamental to all businesses. If you don’t have money coming in, how are you going to pay vendors, employees, and yourself? You’re in business to make money, and analytics can help you do just that.
