There is no doubt that we live in an information-driven era. There have been more technological advancements that have taken place over the past three decades than at any time in history. The collection and analysis of massive data sets using groups of specialized algorithms have completely changed how we look at data collection and analysis. Big data has undoubtedly transformed the way we look at what data can do, and now data is changing the way we do business.
- Customer Relations
Customer Relations Management (CRM) platforms make the task of maintaining engagement with customers after the initial interaction easier. CRM platforms take the necessary information that is available about your customers and uses it in a variety of ways. It is used to keep them informed about promotions, remind customers about important events, and even wish them a happy birthday. The automated functions that are available with CRM platforms are precisely what the modern company needs.
- Trend Exploration
Finding trends related to your business is a way to make sure to stay ahead of the competition. Google collects massive data sets relating to almost any topic you can imagine. Google Trends is a tool that allows companies to search for trending topics. A search of a keyword associated with your business will generate an exhaustive list of trends relating to your subject.
- Targeting Customers
When companies collect transactional data, there is valuable information contained within. Just as Target has an algorithm that was able to predict the pregnancy of a teenage girl before her parents even knew. The family found out because of a targeting effort that Target made for baby-related items for the teenage girl. This is because Target took the time to evaluate the spending trends of pregnant women, and found out how to make use of that data.
- Cloud Collaboration
In case you thought that cloud collaboration was a trend, let me notify you now that it is here to stay. Companies have become more efficient by using this amazingly user-friendly approach to collaborative working. With cloud collaboration, whole teams are able to collaborate on one document with seamless functionality.
- Artificial Intelligence
The talk of artificial intelligence (AI) is enough to make some people’s hair turn white with fear, but we are not talking about Sci-Fi thrillers here. AI holds many wonders for modern companies. AI is able to utilize data gathered to program applications to offer sentient-seeming responses using algorithm intended to make the application’s response life-like.
- Energy Management and Consumption
In an era that is serious about energy conservation and use, it is no wonder that data has found its way into the field of energy management. There is actually energy tracking software developed to track utility data and identify the opportunities for potential savings.
Conclusion
Data holds the key to so many possibilities for your company. Take the time to see how your company can best utilize data to grow your business and make your day-to-day operations much better.
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