Do you know how technologies promote business growth? In this article, we will tell you everything about growing businesses. Three technologies are transforming the 2020 business landscape: cloud computing, data science, and artificial intelligence. The business climate of both today and the future relies upon the utilization of technology for long-term growth. To grow, modernize, and stay competitive in business, you must understand and leverage these essential technologies.
Cloud Computing
Cloud computing is the delivery of on-demand computing services through the Internet. These resources include applications, data storage, databases, servers, networking, processing power, and software. Cloud computing offers several advantages to businesses, as follows:
Lower Hardware Costs
Previously, businesses had to keep files on physical hard drives or local storage devices, making work reliant on locations and expensive hardware. Cloud-based storage enables workers to save files to a remote database, therefore eliminating the need for physical hardware.
Scalability
Cloud-based computing has a very high level of scalability. If your business experiences rapid growth, or your workload is smaller than predicted, your cloud solution will adapt to meet your demand.
Accessibility
Cloud computing services are accessible through any authorized internet-enabled device. Information can be accessed and shared between employees, no matter where they are in the world. In a time where remote working is becoming the norm, this accessibility is vital for maintaining high productivity.
Data Science
Data is rapidly becoming one of the most valuable assets a business can have. It is not enough to merely collect data; to translate a database into revenue and growth, businesses must also use data science. By applying methods, processes, and algorithms, data scientists extract knowledge and actionable insights from data. Listed below are just two benefits of using data science in business:
Understanding Your Audience
Understanding your target market is marketing essential. With data science, the general target market can become a defined customer profile. An in-depth customer profile enables businesses to more appropriately and effectively market their brand. Another actionable insight is that data science offers benefits to your product development. Knowing more about your customer—their priorities, habits, and values—allows for more informed product development.
Improved Operations
It is common to view valuable data as being information relating to customers and competitors. In failing to recognize the real value of internal data science, businesses are limiting themselves. There are many ways to use data science to improve internal operations. For example, Specright has built-in intelligence and real-time insights on production and suppliers. This quality management system collects and analyzes data to both safeguard and promote quality. Applying data science internally is one of the best ways to improve your efficiency and quality.
Artificial Intelligence
In layman’s terms, artificial intelligence is when a machine can learn independently and take actions to achieve its objective. The impact of artificial intelligence is visible in breakthroughs in the fields of healthcare and physics. While artificial intelligence is still in its infancy, it is automation that holds the most value for businesses in 2020. Automating routine processes enables employees to spend more time on tasks that require creativity and critical thinking. Automated customer support can deliver round-the-clock, reliable support. An automated support system can answer routine questions, troubleshoot client issues, and interact with potential new customers. Using automation allows customer support teams to focus on higher-value work.
