Data is the new oil. The world is going digital fast, and the data race has begun. With the digital transformation of businesses accelerating, organisations are increasing their investments in AI and Big Data technologies to gain a competitive edge.
Some believe that by 2023, 90% of all network traffic will be driven by artificial intelligence as systems continue to learn at a rapid pace. What does this mean for businesses? It’s time to start being data-driven from now on!
Digital transformation has redefined the role of businesses. They are more data-driven and technology-enabled companies, with their performance measured in real-time and their strategy aligning with their KPIs. The prevailing business environment is fast-paced and dynamic, with technological changes accelerating at a lightning speed. Businesses need to remain agile, innovative and collaborative to stay ahead of the curve.
It is not just about adopting digital technologies but leveraging data to drive business outcomes. Data is the fuel that drives artificial intelligence, machine learning and predictive analytics.
Here are six ways businesses can be data-driven in 2023:
Always be on the lookout for data sources
The first step towards data-driven business is to look for data sources. Enterprises need to go beyond their core business and look for data sources from the broader ecosystem. This is achieved by partnering with startups, data service providers, universities, and government organizations that are focused on data-driven initiatives.
Data partnerships will strengthen your data set and support your ability to quickly pilot and test new solutions. Already having a large data set will allow businesses to build services that can be applied across industries.
Leverage AI and ML to make sense of the data
Once you have a good data set, you need to make sense of it. This is where AI and ML come into play. AI can be applied to every stage of the data pipeline.
AI can assist in data sourcing, preparation, training, and model deployment. AI can help make sense of the data at each stage of the data pipeline by detecting patterns and anomalies, automating repetitive tasks, and providing insights that can drive business outcomes.
Build a data-driven culture
A data-driven culture is essential for businesses to thrive in a data-driven world. This can be achieved by creating the right environment that fosters innovation and creativity. Create a culture where data is celebrated, debated, and democratized.
Leaders should be open to receiving numbers that challenge their assumptions. Data governance and transparency are must-haves for every organization. The data-driven culture will help businesses in leveraging the full potential of data. It will also help businesses in mitigating risks associated with data.
Establish real-time analytics capabilities
Real-time analytics is the need of the hour for businesses to be data-driven. Enterprises are empowered with the ability to generate insights in real-time.
Decision-making can be made on the go, based on the latest data and insights. Data integration and governance challenges can be overcome with the help of technologies like Apache Kafka, Apache Spark, and Apache Hadoop.
Beyond data integration, businesses must look for ways to make data more accessible to the end user. An integrated data approach across data-driven ecosystems and tools will help enterprises in delivering real-time insights and enrich the decision-making process.
Visualisation tools can be leveraged to bring data to life and make it easier for non-technical users to engage with it.
Utilize transparently and trusted data sources
Transparency in data sources will be critical in a data-driven ecosystem. Data quality is the biggest challenge businesses face when it comes to data-driven initiatives. Data quality can be improved by investing in data governance practices.
It is important to invest in data quality and governance to ensure that all data is clean, trusted, and accurate. Data governance can help in achieving high standards of data quality. It can also help in building data trust by making data transparent and accessible to everyone in the organization.
Data Scientist recruitment
The role of data scientists has evolved from being data-driven to data-driven. Data scientists must be more business-driven and have an impact on business outcomes. Businesses must hire data scientists who can provide value to their organization by leveraging data to provide insights and recommendations that can drive business growth.
Data scientists must be equipped with the tools and skills to integrate their findings with existing systems and automate insights for broader distribution. It is also important for businesses to invest in hiring the right talent to make the most of their data investments.
This can be achieved by hiring data scientists who are well-versed with the latest technologies and techniques in the data science field. They should have the skills and expertise to build models that can help in making better business decisions.
Digital transformation has redefined the role of businesses by making them more real-time, data-driven and technology-enabled. To stay ahead of the curve in this new digital world, businesses need to leverage data to drive business outcomes.
This can be achieved by always being on the lookout for data sources, leveraging AI and ML to make sense of data, building a data-driven culture, establishing real-time analytics capabilities, and using transparent and trusted data sources.
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The use of big data has become more important than ever before. Businesses are using it to make better decisions and get a competitive edge in their industry. In this article, we’ll discuss some of the best ways to use big data in your business so that you can be sure that your organization is using it as effectively as possible.
Real-time analytics tools are used to process and analyze data in real time. They help companies make better business decisions, improve customer experience, and increase operational efficiency.
These tools can be used for more than just real-time processing – they can also be used on historical data as well!
Large-Scale Data Processing
Large-scale data processing is a powerful tool that can be used in a variety of ways. It’s not just for big businesses, though—it’s also useful for small ones too!
Large-scale data processing involves pulling information from multiple sources and combining it into one large collection that can be analyzed more easily than individual datasets. For example, if you have information about your customers’ purchases at various times in their lives (e.g., what did they buy last month? What did they buy today?), then large-scale data processing will allow you to analyze this information across periods and report on trends over time as well as between different types of products purchased by different customers (e.g., men vs women).
Data Visualization Tools
Data visualization tools are essential for data scientists, who use these tools to visualize their data and make decisions based on the results.
Data visualization tools can help you better understand your data, which in turn allows you to make better decisions. For example, if a business is looking at its sales figures over time and sees that they’re trending downward year-over-year but not by much (i.e., not enough to justify major cutbacks), then creating a plot of those figures might help them see what’s going wrong with their marketing strategy or product design—and maybe even identify ways that could be improved for things improve again later down the line!
Machine Learning Platforms
Machine learning platforms are a type of data tool that can be used to train and deploy machine learning models. They’re also used for creating new models or improving existing ones, which means they have many uses beyond just training neural networks!
As you might expect from the name, machine learning platforms are best suited for large-scale use cases. If you’re looking for an easy way to test how well your algorithm works on a large scale, then you should consider using one of these tools instead of building it yourself. This is especially true if you have experience with neural networks but aren’t sure what kind would work best for whatever application (e.g., image recognition).
Automation & Orchestration
Automation and orchestration tools are used to automate processes, whether it’s data processing tasks or data management tasks. These types of tools can help you process your incoming information more efficiently and make sure that you don’t miss any important updates. In addition, they can also be instrumental in helping you manage your existing data as well as identify new growth opportunities.
To keep up with the latest trends, businesses and data scientists need to adopt the right tools and techniques.
So what does this all mean for business?
It’s simple: the more you use your data, the more value you’ll get from it. And the best way to do that is by adopting open-source tools and techniques.
Open-source software is often less expensive than commercial products but also provides more flexibility in terms of scaling up or down depending on your needs. Real-time analytics tools allow businesses to gain insights faster than ever before—but they still require some level of expertise when using them properly (more on that later).
Large-scale processing platforms help companies process large amounts of data at once while reducing costs significantly over time through efficiencies gained through automation processes like batching or resampling techniques used by some machine learning platforms
We hope you’ve enjoyed our list of the top technology trends to keep an eye on in 2023. We’re covering a wide range of topics, from open-source tools and real-time analytics to large-scale data processing and machine-learning platforms. These are just some of the many ways that big data can improve businesses, but you should never forget that it is important for organizations to stay current with trends to capitalize on this technology as quickly as possible.
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In 2021,” going digital” is inarguably the best decision that any business can make. The benefits are numerous, spanning from reduced costs to exposure to new opportunities, adapting better to the new remote work culture, and increased prospects of upscaling businesses. Brands who believe this are taking quick steps to expand their digital footprint.
While that is a step in the right direction, we ought to be reminded that every space/ territory has its own threats. And, with the digital space, the chief of all threats remains cyberattacks as digitized processes could create new premises for attacks. This explains why optimizing security is of utmost importance.
Here’s a picture of threats evolving per territory. Organizations that still use offline storage mediums are constantly faced with the threat of losing data to natural disasters or fire outbreaks. This places cloud storage as a preferable data storage option for such organizations. However, on one hand, moving information to the cloud prevents it from being destroyed by natural means. But, on the other hand, this action creates a new surface for attacks which could also lead to data loss. Hackers are lurking predators, waiting to steal away data and extort money from organizations when the opportunity presents itself. Hence, to prevent data loss, and protect digital assets, organizations must invest deeply in security optimization.
What is security optimization?
Security optimization involves the process of evaluating an organization’s security system, identifying loopholes, and closing them up using security solutions. This robust process represents the strongest line of defense against the magnitude of cyberattacks that are projected to occur in Nigeria in 2021.
Weak passwords create a loophole in your security system and hackers are always ready to exploit that vulnerability.
In a statement earlier this year, Director, HP Nigeria, Ifeyinwa Afe, listed major loopholes that create room for attacks on businesses. She maintained that weakened organizations’ security would lead to more unintentional insider threats. She also added that human-operated ransomware and advanced phishing techniques would contribute to increased attacks on businesses.
Ifenyinwa’s predictions intersect with Deloitte’s 2021 cybersecurity outlook which reveals that hackers have gotten more creative and patient in launching attacks on targets and will be rolling out unprecedented techniques in their attempt to compromise their targets.
The need for security optimization
With the increase in the adoption of new technologies owing to the pandemic, hackers now have a broader target base. Judging by predictions and trends in recent attacks, hackers have proven to be more intentional in their approach to stealing from these ever-increasing targets. This is however no reason for organizations to withdraw from pursuing the benefits presented in the digital space.
The proven solution here is to factor security optimization into digital transformation plans. This ensures that while organizations are growing on the wings of digital, hackers are unable or at least constrained in their efforts to prey on them.
At Descasio, we have a list of security solutions that can help you maintain a better posture in the digital space. Click here to learn more about these security solutions. To request a demo, send us an email at firstname.lastname@example.org or call these numbers 01 912 5048, +2348099456007.
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The world we live in is digital. Things approach you quickly, obviously symbolically speaking. One of the main advantages of the advent of the digital age is said to be this speed. When compared to the entirety of human history, digitalization is still a very recent innovation. The desire for trust is one element that has persisted throughout human history. In contrast to the digital world, the meaning of the word “trust” in the real world is significantly different.
The most crucial factor in every business’ success, whether it be digital or analogue, is trust. For each encounter, building trust is the first step. The distinction between the physical and digital worlds has been blurring in recent years, and as a result, our expectations have changed, as has the meaning of trust. Thus, the idea of “Digital Trust” enables both consumers and business owners to conduct transactions in a way that is safe and moral for all parties.
A key component of the developing global economy, which is increasingly dependent on connectivity, data use, and new technologies, is digital trust. Technology needs to be secure and used responsibly to be trusted. People’s mistrust of digitalization is a result of their lack of awareness of these two factors. A rise in mistrust of digital technology is being attributed to issues with security, transparency, ethics, etc.
There is no universal understanding of what exactly constitutes digital trust. Additionally, there is a glaring absence of direction to make sure that people can cooperate to restore online confidence. An analysis supported by facts on what genuinely motivates digital trust between humans and technology is another deficient area.
The expectations of trust in digital interactions cannot be met by broad concepts of trust. Therefore, to satisfy the requirements of digital enterprises, the framework of conventional conceptions of trust has been modified as “digital trust.”
There has never been a more crucial time to care about how your customers perceive you as a brand and company. Relationships in business are now more concerned with trusting each other with their personal information than just exchanging goods and services. With only a few clicks, everything from scheduling doctor’s visits to managing finances can be done. Millions of people offer the same services, which are oversaturated on the World Wide Web. As a result, consumers are beginning to trust “people like me” more than a particular company.
6 Components of Digital Trust
Currently, Digital Trust addresses six important topics: identity, identity management, predictability, risk reduction, and data integrity.
Privacy: This assures your clients that you can complete any transactions or data transfers without prying into their private information for any length of time.
Security: It would be within a company’s power to ensure that there is absolutely no risk to any party’s data during the transaction.
Identity: Our “actual” identity cannot be completely hidden by our online persona. Customers are given anonymity unless they specifically want it, as identity is a factor of digital trust.
Predictability: The capacity of a corporation to forecast hazards and develop detailed strategies in the event of a “what if” scenario using existing data. This demonstrates to their customers that a corporation with foresight can be trusted.
Risk Mitigation: The ability to comprehend unknown occurrences and devise a strategy to lessen their effects wins the trust of current and potential clients. When a consumer is certain that all potential dangers have been taken into account, they will be more inclined to disclose their data.
Data Integrity: Data security must always come first if you want to maintain your clients’ trust. To maintain data integrity, you must make sure that all of your data is accurate and up to date and that it is being handled, stored, and processed properly.
It takes time and effort to establish trust online. Many businesses struggle with the paradox of losing clients by not having a strong digital presence while simultaneously having to turn away customers by digitizing their processes. Companies may build digital trust with their customers based on four pillars.
Transparency and accessibility
Consumers want transparency in all facets of their interactions with brands as the number of digital goods and services increases. People have access to tremendous amounts of information at their fingertips in the digital era. They can quickly look up the available goods and services. They also exchange their personal information with businesses. This is done with the understanding that the business will operate transparently and be reachable when necessary.
Ethics and responsibility
The digital world, with all its delights, has a dark side and is only as moral as those who created it. This means that the majority of businesses must comprehend how to repurpose the technology at their disposal in a way that is consistent with their basic beliefs. This gives them the ability to demonstrate to their clients that their business is deserving of their confidence.
Privacy and control
There is a trade-off between consumers and businesses in the digital world. Customers exchange their data to obtain access and personalize and streamline their experiences. Despite being voluntary, this deal has its limitations. Companies can provide customers choice over when and how their data is used if they feel that their data is being used in a way with which they disagree. This fosters a relationship of mutual respect and trust between businesses and their clients.
Security and reliability
Customers love the convenience that digital platforms offer, but they also think that businesses should be held accountable if they betray their confidence. Cyber hazards are now better known to consumers than ever before. They consequently choose the businesses they feel can be trusted with their data as a result of this. A business that maintains a high level of cybersecurity is more likely to experience a surge in customers than one that makes headlines for security breaches involving client data.
We need to make sense of the daily quick advancements if we’re going to have a future where digital trust is what drives success. Reduce misunderstandings and accept improved technology to fully comprehend the digital environment. A critical factor in ensuring that there is digital trust between customers and service providers is cybersecurity.
It takes commitment to ensure that a consumer is happy with handing their data to you if you want to build a future in which digital trust is an undeniable component of your business model. Today is the first day of work toward a future of digital trust.
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Check Out the Top 21 Digital Tools To Try Out On Your Business in 2023
Since the start of the third industrial revolution – also known as the digital revolution age – in the mid 20th century, businesses and corporate organisations have always adopted improved ways to function digitally.
The rapid adoption of digital tools by businesses didn’t begin until the late 90s at the height of the internet boom. This golden era heralded the rise of digital products like cloud software which have transformed the way businesses and organisations store important data from meagre physical hard drives sizes of the 60 to the 90s to powerful giant servers housed by software companies like Microsoft Azure, Amazon Web Service and Google Cloud Platform.
Using efficient and innovative digital tools has many advantages which include customer satisfaction and retention, improved internal and external communication, time optimisation, low customer churn out rate, information centralisation, etc.
Digital tools are online platforms or software applications leveraged by businesses or individuals to perform quick and optimised functions that ordinarily takes forever to accomplish without them.
The Rise of GAFAM
Most businesses and organisations that have transformed or are in the process of transforming digitally have adopted the use of some digital tools owned by Google, Apple, Facebook, Amazon and Microsoft also known as the Big 5. From cloud storage, collaboration, security, to communication tools, these tech giants have it covered.
Over the years, digital tools have slowly grown from performing very basic tasks easily done by new interns to more complex tasks usually undertaken by high level engineers and managers. This evolution has greatly improved and saved productivity, output and output respectively, reducing the need for busywork in the workplace.
The Right Digital Tools
Beyond joining the digital transformation wave, It’s imperative that businesses choose the right digital tool that works for them. For example, an upcoming fashion brand will quickly improve its operational process digitally with a Customer Relationship Management tool like Zendesk, while a Logistics company will prioritise the use of several management tools.
Some tools remain very necessary to integrate across industries and we’ll take a look at 21 of them. Here are 21 digital tools businesses should promptly adopt next year if they haven’t:
1 DT Assessment tool
Businesses that adopt digital technologies with no other strategy than the sheer aim to compete have found themselves in a puddle 9 out of 10 times. This underscores the importance of the digital transformation assessment tool for businesses.
The Digital Transformation tool will enable businesses to look inward and find out how ready they are to adopt technology, based on their current operational process and also provide recommendations to help businesses understand what technologies they need to adopt. Ultimately this will help to ensure that businesses can guarantee high returns on their investment in technology solutions.
2 Microsoft Teams
Microsoft Teams is one of the most effective digital tools out there for businesses that want an all-in-one package. It gained prominence during the pandemic last year. The collaborative software, replacing other Microsoft messaging and collaborative platforms like Skype and Classroom, consist of a chat feature where users can chat seamlessly with other users both one on one and as a group, file sharing, meeting, live event and a video/audio call feature.
Microsoft Teams is itself an online workspace where Team members can get work done.
3 Zoom Video Communications
The Zoom app was pretty much an inconspicuous digital tool that gained so much traction as the go-to social distancing tool during the surge of the COVID 19 pandemic last year. This led to Zoom being the fifth most downloaded mobile app worldwide in 2020 at 477 million downloads.
The video conferencing platform is best used for remote working, distance education (usually known as webinars) and all those boring Monday meetings.
The app can be downloaded from the Apple app store and Google Play Store and also on desktops.
4 Whatsapp Business
For most individual businesses, especially on social media, the Whatsapp Business app is the go to digital tool. With features such as a business profile, catalogue to show your products and services, auto messaging, QR codes to invite new customers and other features, Whatsapp business allows businesses to enhance operations and provide them with a professional and personalised way to engage with their customers.
The messaging app was created by Facebook as a standalone application for business owners and can be downloaded from the app and PlayStore.
Interfacing with a lot of old and new customers seamlessly can be a hassle if your business has yet to integrate with the right customer service software. This is where Zendesk comes in. The tool helps optimise your customer relationship with features like messaging and live chat, ticketing system, voice, answering bot and so much more.
6 Sage Cloud Accounting
One of the best accounting software out there, the Sage business cloud accounting platform is a truly transformative digital tool for any business that has adopted it. The software comes fully fitted with advanced inventory, stocks management, invoicing, debtor management, etc and can be used across all industries.
Social media has increasingly become a very important medium used by companies and organisations to communicate with customers. But managing several social media accounts at the same time will require social media management tools like Hootsuite. With Hootsuite, you can manage, plan, schedule and analyse all your company’s social media platforms (LinkedIn, Facebook, Instagram, Twitter and Youtube) and contents in one place.
The platform comes in 3 different plans; Professional, Teams and Enterprise and can be accessed on the web and downloaded from the app and Play Store.
8 Google Workspace
Arguably the most used digital tool by businesses and individuals due to its simplicity and seamless integration, the Google Workplace, formerly known as Google Suites is a powerful digital transformation tool. The collaborative suite includes well known digital tools like Gmail, Calendar, Docs, Slides, My Tasks, Drive and a number of others that employees can use to share real time information.
The digital tools under the G Workspace package can be used independently or jointly.
Before its ban, Twitter was one of the most favorite online tools used by Nigerian businesses for the quick dissemination of information about their offerings.
Its disposition to capture a lot of audience in a matter of minutes makes it a go to affordable marketing tool for small businesses.
Another popular collaborative digital tool businesses can use to work remotely is Asana. Created by a former Facebook co-founder Dustin Moskovitz, Asana is a web and mobile application designed to help teams organise, manage and track their work.
Unlike Microsoft Teams and Google workspace, Asana is a bit limited in features that include automated workflow and reporting, but it’s still a great option especially for small-scale businesses and startups.
11 Google Marketing Platform
This is one of the best digital marketing tools for any B2Bs or B2Cs looking to gain visibility and traction.
The Google Marketing Platform offers solutions like Data Studio (check below for more information), Analytics for reporting, Optimize to test your app or web products and Surveys for fast and reliable opinions from your customers for both Small businesses and Enterprises comes loaded with a lot of rich offerings.
12 Google Data Studio
The first data analytics digital tool on the list, the Google Data Studio is a data analytics tool like no other. Simplistic in its usage, the tool is used for converting data into customisable and visualisable informative reports and dashboards.
A product of Google Marketing Platform, the Data Studio features include Data Connectors for seamless integration with other Google platforms like Google Sheets and Google Ads, Data Transformation to transform raw data into meaningful information and Data Visualization.
As the name implies, it’s a box where you can drop stuff. Well, it’s a little more than that. It’s a gigantic, remotely accessible box where you can drop and access any of your files.
With Dropbox, you can easily share different files, no matter how large or small, with the rest of your teammates, making it easier to collaborate and co-create. Dropbox can be easily accessed from any computer, mobile device or web driver and its creators assure users of optimal security during file transfers.
14 Microsoft Azure
Build applications to meet customer demands using AI and machine learning. Test, deploy, manage and scale applications up and down depending on demands.
Do all of this and even modernize your existing applications with Microsoft Azure.
Do we even need to go deep into this one? I’m guessing no. But we’d do it anyway for the sake of those who aren’t still in the know. One of the most important tricks with marketing and digital marketing is understanding where exactly your customers are and meeting them right there.
With this in mind, think of who your ideal customers are, think of what they’d most likely be doing during the day at every moment when they get a breather from work. If you can picture them scrolling through Instagram feeds, then you already know your business page should be one of those feeds they’re feeding on. (hmmm. So that’s why they call them feeds. Oh! you just learnt something extra. I should get a tip for that).
This tool enables users to create websites or blogs for any purpose and helps manage the contents deployed on the website after creation for great SEO ranking.
WordPress is one of the most popular content management systems. As of May 2021, 41.4% of the top 10million websites around the world uses WordPress.
This tool enables users to create websites or blogs for any purpose and helps manage the contents deployed on the website after creation for great SEO ranking.
TalentSoft is a cloud-based HR software that enables Human resource managers to have better interactions with other managers across the organization as well as employees. The tool has a wide range of features that caters to different HR functions like, recruiting, employee engagement, onboarding and more.
TalentSoft adapts to HR practices across different countries and organizational structures, making the tool effective for talent management on a global scale even whilst it respects local requirements.
Your business is incomplete without an email marketing tool. One of the most popular digital email marketing tools out there, MailChimp is virtually used by any business – including news platforms and podcast hosts – with a moderate or large customer/audience base.
The MailChimp features which include Audience Management for segmentation and targeting, Creative Tools for content creation, Marketing Automation and Insights and Analytics allow for seamless and faster interaction with customers and integration to other digital tools.
Very few digital tools offer so much comprehensive digital interaction for businesses the way HubSpot does. The HubSpot platform packs a big punch; it combines customer relationship management solutions, inbound marketing solutions and other digital solutions into one package and can be integrated with other popular digital tools.
The platform also offers easy to use free features to help businesses grow their audience base online.
Trello is a visual collaboration tool where users share and manage projects. Unlike most collaboration tools on this list, Trello’s unique offering is in its powerful visual perspective to remote work.
Not considered as a go to option for most businesses due to its limited features, it’s still an attractive option for users who want a fun and simple interface to work on.
A list of digital tools for businesses is not complete without a payroll management tool like PayFit. The tool completely takes away the hassle of manually preparing and processing payment of employee salaries and entitlements from Human Resources managers by automating the process using various features like employee portal, onboarding and reporting and exports.
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The big data analytics market is predicted to reach $103 billion by 2023, and the market has grown by 20 per cent this year alone. Many companies use big data creatively to gain insights that enable them to become and remain competitive in their field. For example, tech giants like Google, Microsoft, Apple and Meta have successfully leveraged the use of predictive analytics to continually stand out, sometimes designating them as big data companies.
Before we explore how businesses can leverage the power of big data, we must have a firm understanding of the term.
IBM maintains that businesses around the world generate nearly 2.5 quintillion bytes of data daily! Almost 90% of the global data has been produced in the last 2 years alone.
Big Data refers to complex and large data sets that have to be processed and analyzed to uncover valuable information that can benefit businesses and organizations.
However, there are certain basic tenets of Big Data that will make it even simpler to answer what is Big Data:
It refers to a massive amount of data that keeps on growing exponentially with time.
It is so voluminous that it cannot be processed or analyzed using conventional data processing techniques.
It includes data mining, data storage, data analysis, data sharing, and data visualization.
The term is an all-comprehensive one including data, data frameworks, along with the tools and techniques used to process and analyze the data.
Types of Big Data
Now that we are on track with what is big data, let’s have a look at the types of big data:
Structured is one of the types of big data and By structured data, we mean data that can be processed, stored, and retrieved in a fixed format. It refers to highly organized information that can be readily and seamlessly stored and accessed from a database by simple search engine algorithms. For instance, the employee table in a company database will be structured as the employee details, their job positions, their salaries, etc., will be present in an organized manner.
Unstructured data refers to data that lacks any specific form or structure whatsoever. This makes it very difficult and time-consuming to process and analyze unstructured data. Email is an example of unstructured data. Structured and unstructured are two important types of big data.
Semi-structured is the third type of big data. Semi-structured data pertains to the data containing both the formats mentioned above, that is, structured and unstructured data. To be precise, it refers to the data that although has not been classified under a particular repository (database), yet contains vital information or tags that segregate individual elements within the data. Thus we come to the end of the types of data. Let’s discuss the characteristics of data.
Why Do Businesses Need Big Data Analytics?
Surely, you would be thinking “why should I use it?”.
Undoubtedly, many businesses are unaware of the need for big data analytics. They must know that uncovering valuable insightful information can allow a business to improve value for consumers. It can be done by analyzing patterns in market shifts, trends, customer behaviour, and correlation between data. Presently, 96% of worldwide companies have confirmed the increased investment in Big Data.
Besides, Data devices allow you to carve a whole information scene over the organization. Data investigation is the major perk you can relish. Besides, you can also guard delicate data through Big Data statistics.
The fact is that Big Data is very useful for most businesses, as it allows you to guarantee information well-being and insurance. By enabling advanced software and analytics systems, and having high-power computing systems, big data provides a myriad of advantages to enterprises such as:
Opportunities for revenue generation
Improved customer support
Enhanced marketing strategies
Improved operational efficiency
Competitive advantages, and more
However, amidst all of these advantages, the single question remains looming in the head of business owners that is “How to use Big Data in business?’’
Improve Customer Engagement And Retention
Every business owner understands the value of customer engagement. Surely, your first preference would also be creating an unmatched quality user experience to ensure customer engagement
However, sometimes, it becomes very daunting for businesses to retain customers even with a higher customer base. This happens when you don’t understand the need and desires of consumers.
If you are slow in understanding the desire of your customer, you may end up losing your customers. Here comes big data into the picture. This technology stream allows businesses to analyze and observe customer behaviour, patterns, and trends in real-time.
Simply, the more data a business collects, the more it can find patterns and trends to spruce up user experience.
Currently, it is easy for businesses to collect data which means it will be easy to understand modern-day consumers through real-time data analytic strategies.
Real-time customer analytics is very important to achieve business goals in current market scenarios and Big Data offers that insight.
Gain Marketing Insights
The naked truth of advertising and marketing is that “businesses have lost millions in devising the right strategy to boost the conversion rate. “
Surely, you would have also spent a lot of money in running advertising and still you won’t be able to get fruitful results.
Big data analytics has the utmost potential to improve this operation for your organization by enabling you to match customer expectations. Besides, it also supports changing your company’s product line and devising powerful marketing campaigns.
If you think it is not viable then let me tell you that “ after years of research and cautious enthusiasm, the advertising and marketing technology sector is now embracing big data”.
This sector is now making a more informed and decisive analysis of marketing and advertisements. The major aspects of these analyses are online activity, monitoring point of sales transactions, and detection of changes in customer trends.
Gaining insights about customer behaviour and their buying patterns allows you to understand the likings and preferences of consumers. This similar approach is being illustrated by marketers and advertisers resulting in the creation of targeted and focused campaigns.
You will be able to save money and ensure efficiency by leveraging targeted, and personalized campaigns. As per a report, big data analytics allows you to
Improve targeted advertising
Develop new content and monetization
Better media scheduling and more
Examples of companies that have used big data for market insight to scale include YouTube and Netflix. If you use these applications, you must be aware of how these platforms send suggestions and also show advertisements. Past searches and the watch history of users allow them to send the right interest to users which is all done through Big data analytics.
Businesses have to deal with several issues over time. Thus, it is essential to be prepared for any unprecedented risk and problem.
To ensure damage control, industries opt for risk management processes. You already know how critical risk management investment is for an organization.
Foreseeing potential risks and finding a mitigation policy is daunting for every enterprise. You may also visit business consultants to find a full-proof risk management strategy for your company.
In a recent couple of years, big data analytics has greatly contributed to this stream for developing robust risk management solutions. Now it can be used in several ways for risk management.
Fraud Management: Big Data systems compare external and internal data and offer faster fraud recognition with damage control caused due to fraudulent activities.
Mitigate Money Laundering: Big Data analysis can provide identification of suspicious transactions faster and alert the organization beforehand.
Credit Risk Management: Big Data includes predictive capacity and provides sources of data to foresee user behaviour for credits and loans.
Operational Risk: Companies have to face several operational risks at times. Big Data provides improved control and knowledge over company interactions with clients to strengthen safety.
Apart from these, Big data can be used for integrated risk management. So, it makes sense to use big data to ensure high-grade security in various company processes.
While the big data concept is redefining the business world, it is essential to know how to streamline strategies and avoid using big data in an unstructured way. Big data can help boost business growth and enables small business to compete with larger corporations.
https://www.descasio.io/wp-content/uploads/2022/10/Big-Data-3.jpg500900Team Descasiohttps://www.descasio.io/wp-content/uploads/2020/10/decasio-logo.svgTeam Descasio2022-10-12 16:12:002022-10-13 09:03:49What you must do as a business owner to win with big data in 2023
The year is coming to a close, and you know what that means: it’s time to think about how you want your business to end in 2022. Whether you’re looking at the future or just trying to get through this week, there are plenty of ways that technology can help make sure your company stays on track for success.
And if you’re not sure where to start with new technology in your business, here are some ideas:
Cut unnecessary running cost
Cut down on office supplies costs by using digital copies instead of paper ones in most situations where there isn’t an obvious need for both forms.
For example, when creating PDF documents from scratch instead of making copies from scratch yourself; printing out pages without having saved them first onto hard drives beforehand; scanning documents into electronic format (e-mail attachments) rather than photocopying them manually every time something needs changing later down the road when another person needs accesses those files again after being transferred somewhere else between offices due to privacy concerns.
Support your employees with the latest technology solutions
Technology should enable your employees to perform at their best, so you need to set them up for success. Make sure the solutions you’re using do what you intended them to do, that they help your employees save time and become more efficient. Do they make your customer experience more enjoyable? Consider implementing an internal survey to learn which technology and solutions your employees need to help them do their jobs better.
Define your company’s culture
One of the biggest challenges for companies going forward will be maintaining their company culture in a remote or hybrid work environment. According to a study conducted by HR consultancy Robert Half, 73% of employees left their job due to poor company culture. With a record number of resignations in 2021, you want to create a company culture that is difficult to leave.
There’s no right or wrong company culture — it’s determined by what works best for your company when it comes to facilitating business objectives and growth and making sure your employees want to stick around. In general, employees are looking for transparency and well-defined roles and expectations. Some companies go all in on social outings, organizing happy hours, gaming nights and even company-wide virtual cooking classes.
How technology can help you grow your businessin 2023
Technology is a great way to grow your business. Technology can help you reach more customers, save time and money, improve processes, find new opportunities and make better decisions.
Reach more people: With a strong online presence, you will be able to reach potential customers who may not have heard of or tried your products before. This means that when they search for “best dog food” on Google, they will see all of their competitors listed alongside yours – giving them more choice than ever!
Save time & money: When it comes down to getting things done in life we all know how easy it is just one click away from doing something (or buying something). With this ability comes some responsibility though… weighing up the pros versus cons before making any important purchase decision such as buying an expensive car or computer system etcetera does happen regularly which could mean saving hundreds if not thousands over time depending upon how often these purchases occur within each year so why not automate this process?
Take advantage of the right technology that’s going to keep growing
Another way to stay ahead of the competition in 2023 is by taking advantage of technology that’s changing rapidly. The only way you’ll be able to do this is by talking to experts in your industry and learning what they’re doing right or wrong.
What are some of the latest technologies out there? How do they work? What can you do with them? For you and your business to succeed, everyone on staff (and even clients!) need to know about these things to grow together as one team!
Technology is an excellent way for small businesses to compete with big companies.
As you’re preparing for the end of this year, it’s important to make sure that your company is ready for whatever comes next. Technology is a great way for small businesses like yours to compete with bigger companies.
Technology has become an essential part of business today. If you want your company or brand to succeed in the future, you must use technology as efficiently as possible.
The future is here!
Technology is changing how we do business. It’s helping small businesses compete with big companies and make money in ways that were previously impossible or far too complicated for anyone but the most tech-savvy entrepreneurs to consider.
The key to succeeding in this new world lies in turning an obstacle into an opportunity—and not letting technology become an obstacle in the process!
https://www.descasio.io/wp-content/uploads/2022/09/2022-business-goals-concept-illustration-vector.jpg9801531Team Descasiohttps://www.descasio.io/wp-content/uploads/2020/10/decasio-logo.svgTeam Descasio2022-09-28 12:17:002022-09-29 08:44:25How To Use Technology To Give Your Business The Perfect Ending to 2022
The year is gradually winding down and some companies are already setting out plans for next year that will position them ahead of their competition. Whatever plan it is, business owners must make adopting the following easy-to-use tech solutions as the number one plan for 2023.
Interconnected management Software
The world is changing at a faster pace. The idea of having employees working from anywhere but the office was as rare as the purest form of a diamond. At the moment, 16% of companies globally are fully remote according to a study by Owls Lab. This shows that remote work is increasingly becoming the most preferred form of work lifestyle by workers, and to stay ahead of the curve in 2023, more companies will need to embrace flexible work-from-home schedules for their employees.
To achieve this new form of work culture, companies must adopt the right interconnected management software that can connect seamlessly to their employees’ digital workspaces to provide a comprehensive and integrated look at all aspects of the business.
Customer interaction management platforms, for instance, can help keep track of the apps a company use for emails, online chats and phone calls as well as any client notes or profile updates it makes during those interactions.
Having that management tool accessible from the same hub with inventory tracking apps and human resources software means that the company can log on to the same platform for a quick update or to complete a specific task in each area.
One technology that will give you the edge in a race against your competitors in the coming year is the use of Artificial Intelligence software for your business. In 2019, Startup companies using artificial intelligence received more than $7.4 billion in funding. Also, according to Gartner, technological research and consulting firm based in the U.S, the number of enterprises using AI in business grew by 270% between 2015 and 2019.
These stats show how crucial it is for businesses to adopt the use of AI software for a few of their business processes including sales and customer relations to easily track customer behaviour and provide accurate insight to make better and more informed decisions. Small Businesses may even employ kiosks to help customers with purchases or to answer any questions they may have with a product in the future.
As for Larger businesses and corporations, AI is usually used differently. Automated robots are being introduced to the workforce with programming to make calculations, such as redirecting harvesting equipment on farms for greater yield.
Inventory and Management and Analytical Tools
Improper inventory management can lead to overorders and cause issues with cash flow. While business owners may not immediately jump to inventory management as a major need, it’s crucial to have a dedicated system for tracking which products are going in and out.
This has led to the creation of software built specifically to track inventory for small to medium-sized businesses.
For greater insights into which products are doing well and which need to be revised or marketed better, a program that analyzes inventory can make a huge difference for a business unaware of how well a product is selling. Thankfully, there are plenty of applications that have been created for this, such as…
Inventory management software often offers integration with other software to provide business owners with a better sense of where they can improve. This information can include which payment method is most popular, which products may be underperforming, and when transactions seem to reach their peak. This type of data lends itself to helping companies perform better, even if they’re small and only selling a few different products.
Financial management tools
Keeping track of your business’s finances is critical for success next year and beyond. Investing in accounting software early on allows you to continuously monitor cash flow, track expenses and manage employee payroll.
QuickBooks remains a popular option for small business owners due to its ease of use and scalability, while entrepreneurs with simple billing can turn to free software such as Wave.
Most businesses utilize a network connection to some degree, be it internal data storage or an online point of sale system. While larger corporations often have complex data security systems in place, small businesses can also fall victim to a cyber attack if they do not take steps to protect themselves.
Setting up cybersecurity software early in your business can protect the valuable company and customer data. A great place to start is purchasing antivirus software, which guards computers and networks against viruses and other malicious attacks. You may also consider purchasing a business VPN to ensure only authorized users can access your network.
Regardless of which specific tools you in the future, having the right technology in place will allow your new business to get off on the right foot toward lasting success.
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The first half of 2022 has been one hell of half for businesses around the world. This year was supposed to be a recovery for most businesses from the impact of Covid 19 in the past couple of years. But the recovery was quickly cut short by some unexpected events like the invasion of Russia in Ukraine.
There’s no surefire formula for instant success, but you can boost your business’ growth before the end of 2022 with these tips below:
Automate Your Business Processes
Automation of the business processes helps reduces time, keeps costs low and drives revenue up. Also, it maintains a higher level of efficiency with low overhead costs. Choose business process automation to streamline operations on any level of your organization.
Reduces the manual management of Account Payable Information
Maintains security, approvals, compliance all you need
Cost savings and speeds up business processes
No late payment penalties, access to early payment discounts
The repetitive business processes like order filling, shipping, inventory management, purchasing, and billing are manageable through automation.
Work Management Solutions
Improving workflow management is more than just growth and productivity. Look for an automated workflow analysis tool that ensures workflow compliance in every step.
Workflow solutions have a substantial impact on any organization’s success.
Puts you in control of any business
Transform your business with your internal business procedures
Workflow approval processes in every department
Every organization has key business objectives – whether it is to improve productivity, reduce costs, conserve resources, mitigate risks, increase customer satisfaction or manage capital assets. The proper workflow management tool maps all these strategic goals leading to revenue growth management of your business.
Reduce your risks.
Risk is an inevitable part of starting and growing a business. It’s impossible to control everything, but there are many ways to limit internal and external threats to your company and its growth. One important resource to help you accomplish this is your business insurance provider.
For example, “the theft of employee data, customer records, and product designs can destroy a small business, generating significant costs and eroding customer confidence and loyalty. Not every business owner’s policy covers data breaches or other cyber losses. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation and lawsuits.”
As your small business grows, you may add space or equipment, create new products or services, or increase your operating and distribution footprint, so DeHetre recommends periodically reviewing your policy to ensure you have the right coverage.
Focus on your customer experience.
Customers’ perceptions can make or break your business. Deliver quality experiences and products, and they’ll quickly sing your praises on social media; mess it up, and they’ll tell the world even faster. Fast growth depends on making your current and potential customers happy with their experience.
The most successful small businesses exploit this advantage by bringing new and innovative products and services to market more quickly and developing and nurturing long-term customer relationships.
While engaging with your audience is crucial, personalizing the experience can boost and strengthen that relationship.
One trait that many successful businesses have in common is the ability to switch directions quickly in response to changes in the market. Lanng said that an agile approach to development, both in your product and your company, will help you grow more quickly.
By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best. It allows you to fail, pick yourself back up and keep going.
Look to current pop culture trends for an opportunity to become part of the movement when it makes sense.
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Managed security services in computing are network security services that have been contracted out to a service provider. A business offering such a service is referred to as a managed security service provider. The origins of MSSPs can be found in the mid-to-late-1990s Internet Service Providers.
An MSSP (managed security service provider) offers outsourced management and monitoring of security tools and devices. Managed firewall, intrusion detection, virtual private network, vulnerability screening, and antiviral services are examples of common services.
Why Managed Security Service?
Recent industry research indicates that while 82% of IT professionals have either collaborated with or want to engage with a managed security service provider, the majority of firms (74%) manage IT security in-house.
Businesses look to managed security services providers to help them cope with the daily pressures they experience in relation to information security, such as targeted malware, customer data theft, a lack of skilled workers, and resource limitations.
The methodical approach to managing a company’s security requirements is known as managed security services or MSS. The services may be carried out internally or contracted out to a service provider that manages the network and information system security of other businesses.
A managed security service’s duties include managing firewalls and intrusion detection systems round-the-clock, supervising patch management and upgrades, conducting security audits and assessments, and responding to crises. To assist in organizing and directing the procedures involved, a variety of vendors offer a variety of solutions. This relieves administrators of some of the grunt work associated with doing the tasks manually.
Here are six reasons why you need to employ the services of a Managed Security Service Provider (MSSP):
1. MSSPs Have Vast Experience and Expertise in Cybersecurity
Managed security service companies are very knowledgeable about both the most prevalent and sophisticated cybersecurity problems that most businesses face. They are more flexible and adaptable because of the additional expertise they obtained from managing security issues for other businesses across other industries. The expertise and experiences MSSPs have gained over many years are immediately useful to you.
2. Utilizing Cutting-Edge and Innovative Technology
Nearly every company has put comprehensive security measures in place, but even the best-of-breed technology has some vulnerabilities that must be fixed if a reliable solution is to be achieved.
In order to maintain your security posture, a premium managed security solutions do more than merely use their own technologies. They gather information and reports from a variety of sources, standardize it, and then use it proactively to identify threats and close weaknesses. They additionally employ technology to assess corporate security posture, report gap analysis, system controls, and key vulnerabilities—which are frequently utilized by cybercriminals to breach even the most protected businesses.
3. Prompt incident response and real-time monitoring
Finding a breach after the fact can be disastrous for companies that handle a lot of confidential or proprietary data. Managed security solutions involve ongoing monitoring rather than sporadic checks. They can identify abnormalities as they occur with ongoing monitoring. They even use a combination of manual and automated penetration testing to evaluate the firewall’s strength.
4. Reduced Alert Fatigue
Zero false positives are one of the most important advantages of managed security services. Security experts have to deal with multiple cybersecurity alerts every day that come from different security tools that have been set up in their firms. The notifications are sometimes ineffective or lack the necessary details to prompt action. The likelihood that the true threat may go undetected rises as a result of this kind of false positive.
5. Scaling up and Down is easy
The flexibility of managed security services is one of its main benefits. It is available for demand-based subscriptions. With a staff that is already qualified and experienced to handle the fluctuating volume of business, it enables organizations to swiftly expand.
6. Cost-effective approach to security
For small businesses, maintaining an in-house team with the right levels of experience is challenging and costly. Investing in the right tools, hardware, and software that are continuously evolving needs expertise and a considerable budget as well. To be on top of the cybersecurity plan and priorities, an organization needs to keep pace with new trends. While cyber threats do not differentiate small businesses and big corporations, the large investment required for the tools and technology may not be easy for small businesses but Managed Security Services can help your business level the playing field with big companies by providing access to top-notch security technology.
Considering the increasing number of IT security threats, it is crucial to have robust security solutions to protect your assets. If you are lacking in security, consider MSSP. Carefully considering client testimonials, industry certifications, and references with their clients can come in handy here.Descasiooffers Managed Security Serviceswith a comprehensive suite of cybersecurity and IT risk assurance services to detect, prevent, and proactively respond to security threats. Talk to our experts to know more.
A top-notch security service provider will go above and beyond, ensuring security and performance in ways you might not even be aware of. The Sense Of Security is the main advantage of using a managed security solution.