Utilizing advanced data and cloud based analytics has long been around, but until recently it has not been as attainable or useable for small business. The onset of 2018 brought about a major shift in the technologies for the average business.
We are going to go through some of the most important, starting from the easiest to understand and working our way up to the more complex.
Businesses used to be more or less held hostage by their data storage and software. Migrating data or switching from one vendor to the next used to be an extraordinary hassle — which was both costly and risky. But lately there has been a huge shift to get your data onto the cloud for the first time, or onto a better, more flexible cloud. The International Data Corporation recently found that for small and midsize businesses with 10 to 99 employees (SMBs) — 70% of the companies were integrating cloud use into their businesses. Market trends show major growth in the future as well, meaning that cloud migration will mean significant technological and software advances. Getting your business set up with the right cloud software could mean the difference between being optimized for growth and being able to utilize the latest tools, or being locked in to a rigid and aging data system.
Unfortunately, last year small businesses became a prime target for some of the worst ransomware attacks. The WannaCry ransomware held small businesses’ data systems hostage and blackmailed them into forking over money to release the system. Keeping up with the latest security measures to keep your data and computers safe is critical. Basic security, encryption, proper employee training, strict password policies, and choosing the best cloud computing are no longer just for the big businesses.
Access to useful data has never been better. From customer behavior and patterns, to web tracking — new insights are at your fingertips like never before. These insights can keep customers happy, sell your product more efficiently, and effectively measure your success. But what is Big Data? Big Data is essentially the use of processing technologies or Hadoop to analyze truly massive sets of data that is now available to you in an effort to build a successful data-driven view of your customers behaviors and needs. The truth is that big data is being used, and if your competition is most likely using it, which means they have a huge advantage. Utilizing big data for your business is moving towards being a requirement, not an option, for 2018.
Yes, I know we just went over how incredibly important collecting and harnessing your data is BUT the truth is knowing how to interpret your data into action or increasing sales is really what is important. That is where the real value is. Insights as a service is the concrete action plan for your business, supported by connecting to advanced data networks and relevant external sources of data. This extra layer will most likely expand to the vast majority of businesses, very soon. You thought you only needed SaaS (Software as a Service) but welcome IaaS because it is really the next big thing.