The world in which we live is changing constantly. And this goes for your business too. Keeping up with changes in your industry and adapting to them quickly is a key to success. What are the developments you need to be aware of? A few years ago, generating data was something done by organizations with huge data centers. But today most companies use an application or device that collects information about their work processes. The most important question, however, is what are you going to do with all of the big data coming in? How will it help your business?
If you want to know how your business will be using data in five years, take a look at these predictions.
The Internet of Things Will Continue To Boom
At least 24 billion objects will be connected to the internet by 2020 according to experts. This number includes cars, household appliances, and wearable technology like watches and glasses. They will send information back and forth without us having to build wireless networks for them individually because they’ll connect through Bluetooth, NFC, and Wi-Fi. What can you do with this? You’ll be able to monitor your employees’ productivity levels, check the status of machines in real-time, and track inventory as it moves through supply chains. The possibilities are endless.
You, Will, Know More About Your Customers than Ever Before
With so much information at their fingertips, companies will have a more complete picture of who they’re dealing with than ever before. For example, rather than having to go directly to a store website to find a product’s price, you’ll see offers for that same product from all online retailers right on one screen – even if it’s not exactly what you want. By knowing where each customer is throughout the buying process whether they’re familiar with your brand or not, you can offer personalized suggestions to help close the deal.
Forrester has found that companies that focus on customer experience are twice as likely to see positive revenue growth. And it’s obvious why. When customers feel like they matter, they’re happy and will return again and again. Fusion 360 is currently one of our most successful brand integrations, allowing businesses to seamlessly manage their CRM processes alongside product production with no extra cost, which means happier employees too!
The Big Data Collection Process Will Be Encrypted
Experts say there will be at least 2.5 quintillion bytes of new data generated every day by 2020 (that’s about 30 million gigabytes per second for those keeping track). What do you think this means? More data breaches are on the way. And it’s not enough to simply have a firewall in place anymore. Encryption needs to happen at all stages of the process so if anything does get out, it can’t be used by cybercriminals. There are companies already using blockchain technology to create decentralized networks that will keep your data safe while still giving you access.
Less Time Will Be Spent On Reporting Data to Executives
Right now, managers spend an average of 50% of their time gathering and analyzing information for senior leaders instead of focusing on their actual jobs. This means they’re less productive than they could be (sound familiar?). In five years, however, this will change because senior managers will begin spending more time with employees who need their support, and less time in budget meetings. This will allow companies to get back to doing what they do best instead of wasting time crunching numbers that no one actually wants or needs.
Does your business collect big data? How do you plan on using it in the future? Tell us below!
Q: How will my business use data in five years?
A: That’s a great question and we’re glad you asked. The possibilities are endless for how your company could put big data to work, from predicting future outcomes to streamlining production.
Q: What is the Internet of Things?
A: It’s exactly what it sounds like – a network of internet-enabled objects that send and receive information between each other without any human involvement. You may be familiar with things like Fit bits or smartwatches that talk directly to your smartphone, but soon everything from personal computers to cars will have chips embedded in them that communicate with one another.
Q: Why does collecting data rely on encryption?
A: Right now, cybercriminals are getting better at hacking every day, which means your data, is more vulnerable than ever. With this in mind, encryption needs to happen at all stages of the process so that if anything does get out, it can’t be used by criminals.
Data is the most valuable tool companies have at their disposal. Not only will it make your company more productive, but it can also help you set yourself apart from competitors by offering personalized suggestions to customers based on what they like and don’t like about your products or services.
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