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How Data Technology and Big Data Has changing Business

Updated: Jul 27, 2020

Many companies have disappeared and many others have emerged, companies that were once market leaders simply disappeared. All this is the result of the new consumption model generated by technology. The Technology has also exerted pressure for change in all professional areas, and it is important to understand the future developments of the profession before starting a degree, the continuing need for curriculum updates, new and emerging professions to reflect the evolution of the profession, that is, all movements in business follow the flow of information technology. That is why is important to consider the technology into its business management methodology, we believe that only traditional management models are no longer efficient. If we look at the list of companies and billionaires in the world today compared with the lists a few years ago, we will realize that most of the technology field today, such as Amazon, Microsoft, Tesla, Facebook, Google, etc and all of them are connected to data. The others that are not technology, invest heavily in technology, that is, the wealth in the world is migrating to the field of technology and this is irreversible and tends to be a trend in any type of business no matter how simple it is.

Family and traditional businesses will not have more market space if they do not consider technology as part of the business model, as a strategic sustainability issue.

Business leadership has always been in the hands of people with some kind of expertise and entrepreneurial profile, visionary people who could have some kind of innovative insight, entrepreneurs who could realize business opportunities and through those insights, could generate ideas, solutions and wealth.

With the arrival of technology, there was a democratization of this entrepreneurial profile, the new technology, specifically Big Data, has begun to revolutionize and direct new trends in entrepreneurship.

Data is the new oil, despite being a groundbreaking science field and not yet explored by most small and medium-sized companies, big data solutions have supported decision making, solving and preventing problems, generating insights for making decisions. Companies that will adhere to this new technology will be forward and innovative, it will have greater precision in predicting the future, will be more efficient in solving problems and identifying business opportunities.

Many companies will have to revamp their business or even migrate to other types of business, as technology is changing consumer behavior and customer relationships. Just good business management is not enough, you need to have a business insight into the future, identify consumer, product, customer relationship trends, and so on. Any innovative detail of the competitor is already sufficient to make your business unfeasible, your price becomes less attractive, your costs become impracticable and so your company loses competitiveness and become outdated.

With Big Data you can cross-check your business data with external data and identify and create artificial insights and foresights to support decision making, your business becomes smarter, more effective and more sustainable.

Within this inventive context, time and differential and Big Data solutions manage time like no other human being is able to do, this technology allows the manipulation of a gigantic mass of data, generating statistical predictive models that can optimize solutions generating cost reduction and higher potential return on investments.

Artificial intelligence is already being used for stock market investments, demand forecasting, sales, etc. And having this technology inside your company, makes you put a foot in the future, works like a time machine, where you are able to see the future and make the right decisions so that your future is the best possible.

Therefore, the changes in the market generated by the new technologies suggest the need for technological adaptation in all business fields, technology as part of the business model and strategy is fundamental for sustainability.

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