Data is the new gold. Or perhaps it is a new life-force for organisations.
Companies and countries are increasingly embracing digitisation and the flow of data and information now generates more economic value than the global goods trade. The face of trade is evolving to encompass more intangible aspects.
In an article published by Enterprise Innovation, digital trends like Big Data, Internet of Things, Cloud Computing, social media and mobile web services are radically changing the business landscape and reshaping not just boundaries but the value and commodity of trade for enterprises. Especially with the signing of the AEC, TPP and other trade agreements, digital technology has the potential to create the right springboard for commerce and substantial economic growth.
From snail mail to email; the nature of global connections and communication has changed in a fundamental way. The rise of e-Commerce has also changed our basic habits and way of living. Very few cross-border transactions today do not have a digital component.
It is thus inevitable that businesses are gathering and processing data all the time and that the words "data" and big data" have become buzzwords of the day. What, then, do these mean exactly? Data is the collection of facts and statistics, while big data is simply gathering and storing large amounts of data.
With this increase in digitisation resources that are free and affordable, such big data no longer belongs to just large corporations. Digitisation has actually levelled the playing field in certain aspects by allowing smaller firms to compete with larger multinationals on a global stage. Jumping onto the bandwagon and tapping onto the available data to drive strategic decisions will allow your business to stay competitive.
Take the example of Nokia. Even a decade ago, Nokia was one of the leaders in innovation and communication, but they have fallen by the wayside because they have not stayed up-to-date. In the words of the last CEO of Nokia, “we didn’t do anything wrong, but somehow, we lost”. The fact is that you may not be doing anything wrong and still find yourself left behind in the end.
Doing the right things requires proactive choices that will enable your business to grow and be sustainable. Organisations cannot afford to stick their heads in the sand and think that this 'digitisation' phase will pass, because it has already infiltrated into the personal lives of almost everyone in the world.
Before jumping on this wave, organisations should keep in mind that there must be both an inflow and an outflow of data. It is impossible for an organisation to only push out data and information but not take in anything. It is both the inflow and outflow of data that exposes organisations to new ideas, research, technologies, talent and best practices from all over the world, and this is what enables organisations to grow, stay relevant and stay alive.
It is easy to get overwhelmed in this world of digitisation, with data and information coming in from all types of sources. Furthermore, taking time to process and analyse the data to make sense of it and to get ahead of the competition is undoubtedly a taxing and challenging process. A7 IoB® improves this whole process by taking data from multiple data sources and aggregating it all in one dashboard, thus saving the time which can be used to solve real business problems and make smarter data-driven decisions. Discover how you can benefit now!