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Take advantage of the digital revolution! Knowing how to analyze and glean data insights will help you solve any issues that come to your business.
What is the Digital Revolution?
The Industrial Revolution introduced a new era of progression where human labor became bearable and more manageable. Moreso, innovations began emerging thus, the digital world was then introduced to society. From telephones, cameras, computers, to now holographic equipment which contributed to the modernization and civilization of our world. So the business industry took advantage in terms of extracting information, storing data, global communication, and more. The digital revolution enabled several companies in maintaining their caliber performance, specifically in managing their data and using data insights as a core advantage to reign over their competitors.
Technology drove the people to project various resources and equities which resulted in faster, accessible, and convenient processes. One of its greatest contributions is safe and frictionless transactions due to proper and conducive communication. Thanks to telephones which eventually evolved to online applications (i.e Messenger, Gmail, and Viber). Simply put, the digital revolution allowed us to do the following: move faster, communicate conveniently, and expand tremendously.
History of the Digital Revolution
The Digital Revolution is considered the Third Industrial Revolution. It started in 1947 with the invention of the revolutionary transistor. From 1950 to the ’60s, computers are part of government and military backend operations. And it also helped inform and entertain families.
In the 1980s, computers opened doors for the film industry, robots, and even automated teller machines (ATM). Phones also arrived. It made data more accessible and convenient for the economy. And the communication was easier with wireless tech.
By the end of the decade, the internet emerged. Businesses began creating their websites in which people can freely inquire online without the need of paying for a cab fare.
In the process, businesses also adopted technology as a core advantage to finetune their performance amidst the emergence of different competitors. They used the digital revolution to keep their operations fast, accurate and efficient. Speed is everything so they utilize tech to manage data. Data can now be stored, recorded, managed, and shared through technology. Consequently, hard copies are no longer necessary as one can simply manage their data online more conveniently.
Has modern society gone digital?
Digitalization runs most of society’s norms. Even in purchasing goods and other necessities, these can already be possible through digital communication without needing to go out of the comforts of your home. The global society has already adapted to the digital industry that even children, as young as 4, are not only exposed but are also engaging with the digital world.
There are more than 3.3 billion smartphone users and 4.3 billion digital natives worldwide. Given the flawless and smooth exchange of data from one mobile phone to another, the digital industry grew widely popular and has then been adapted in the business sector.
Digital inventions have then been focused on speed. From the production of materials to managing data, the business sectors ensure that whatever convenience brings advantage in their sphere, they will automatically adapt it in a snap. This includes remote working and backend operations.
The said revolution reshaped our society and even contributed to the roaring state of our economy. Such inventions offered fascinating ideas which were never imagined before. These include wallets (e.g Gcash, PayMaya, etc.) and even third-party servers which allow different kinds of sectors to manage and store data without fear of losing it.
Even the politics sector can easily track and receive suggestions and concerns of the community through these technologies. At this time, since the COVID19 Pandemic, the digital revolution has been timely relevant. It has helped in pursuing people for contact tracing, reaching nearby countries for support, health services both local and international, agriculture, energy, and public administration.
When considering an almost computerized society we begin to put in mind the society and how it manages data; which is exceptionally much connected to the progression of advanced data and communication, including the information we constantly receive from the internet.
The data society alludes to social orders in which the creation, dispersal, utilization, and control of data lead to a more extensive social community. This new society empowers people to mingle, produce, sell, and participate in discourse wherever, whenever.
Significant Digital Technologies in Business
Technology empowers businesses to thrive in their industries to cater to the modern consumer. They can explore and venture into different marketing strategies without compromising the needs and wants of society.
The continuous increment within the volume of information is additionally driven by the rise of “embedded devices” individuals depend on in their ordinary lives. These embedded devices have both hardware and software that work together to trigger components such as actuators and sensors to infer the sensed data and deliver it securely to the final gateway.
The possibility of getting more people connected and invested is not far from being possible. These conceivable outcomes will be increased by the rising innovation breakthroughs in areas such as counterfeit insights, mechanical technology, the Internet of Things (IoT), mobile and cloud technologies, 3-D printing, nanotechnology, biotechnology, and Big Data.
How can businesses manage that vast amount of data?
As the global data creation is estimated to grow to 163 zettabytes (ZB) which is ten times the amount of data produced in the year 2017, the question businesses have is how they are going to manage that amount of data. If you are not aware, one zettabyte is equivalent to one trillion gigabytes. Indeed, that’s a large volume of data to deal with but of course, it doesn’t entail that all this data has to be kept. Companies must know what to use and what to store.
Business data comes in many different forms and quantities. You can identify them by these categories:
Business Process Data: These are data related to everything needed in operating the business. Here you find information on how efficient your company is in managing business resources and accommodating customers. Businesses use ERP systems (tracking business resources and commitments) and Point of Sale (POS) systems (inventory management, supplier records, bookkeeping, issuing of purchase orders, quotations and stock transfers, sales reporting) to get this type of data.
Physical-world observations: This is real-time data on the physical environment of the business. Businesses gather this through radio frequency identification (RFID), wireless remote cameras, GPS, sensor technology, and wireless access points.
Public Data: This is information from public sources, usually coming from the electronic footprint of consumers. In fact, user data is sellable by free-to-use platforms. This data is highly regulated for data privacy.
Personal Data: Similar to public data, personal data was recently known to be sellable. Facebook is a notorious instance in which they sell demographic information to businesses running ads. But this is contested for data privacy concerns.
Business data continues to increase exponentially so data gathering and analysis have become complex. This makes data warehousing a necessity for businesses. You need to manage data without exhausting your business resources.
To keep up with the changing world, your company needs to create a unique value proposition by managing business data efficiently. Heed Bill Gates when he said that “How you gather, manage and use information will determine whether you win or lose”. Always prioritize data gathering and turn it into actionable insights to make the right business decisions.
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