5 Technologies That Will Transform Your Business Decisions
True success in the business world often depends making the right business decisions at the right time. This has only grown more complicated over the years as organizations are inundated with increasingly complex problems. If you feel overwhelmed at times when making these decisions, you’re not alone.
But in much the same way that technology has made crucial decisions more common, it can also aid in ensuring you make the correct call. Before you make important business decisions that could affect the future outlook of your company, employ some of the following technologies.
1. Big Data Analytics
To be sure, big data analytics covers a lot of ground and even bleeds into some of the other items on this list. Even with that in mind, big data analytics stands on its own as one of the most important technologies to inform your decision-making. With the recent explosion in big data, organizations now have access to more information than ever before. With more information, you can be more confident that the decisions you make are accurate and will unfold as you expect. Using big data analytics has pushed more businesses to focusing on improving the customer experience over simply pushing out better products. There’s a good reason that data-driven businesses have become so prominent.
2. Cloud Computing
Much like big data, cloud computing has ushered in a revolution for companies. Within the span of only the past decade, a whole host of new applications and services have become available to businesses of almost any size, giving them more tools to use for making business decisions. It also opens the possibility of more employees working remotely since many of these applications can be used from anywhere. Also worth noting is that there are cloud platforms designed specifically to help businesses in the decision making process.
3. Artificial Intelligence
No longer a science-fiction concept, artificial intelligence (along with machine learning technology) is already being put to use for business decisions. With AI, businesses can create real world models and simulations, giving organizations an accurate look at what effects their decisions will have in the short-term, as well as far into the future. The data used with artificial intelligence can also inform you of the opportune time to expand into new markets or what enhancements you can include with your products or services.
5. Surveillance Analytics
When businesses think about surveillance cameras on their premises, they likely use them for security. However, cameras can offer much more thanks to surveillance and video analytics. With the data from video analytics, cameras can act like a people counter, keeping track of who enters the businesses, where they go, and what they do. Beyond that, the data collected from surveillance cameras can also give you similar information about customer behavior.
5. The Internet of Things
No list of transformative business technologies would be complete without at least a mention of the Internet of Things (IoT). The IoT involves embedding web-connected sensors in household appliances, for example, giving them the ability to collect data and communicate with each other. With the Internet of Things, your business will be able to gather more information about who is using your products, how they’re using them, and how often they’re being used. Similar to how data is used from video analytics and machine learning, the information will help you become more knowledgeable about your options and which decision is best. The IoT is still in its infancy, meaning that its true capabilities have yet to be realized. Given enough time and experience, businesses will find ways to use the IoT to make more informed business decisions for their organizations.