As technology gets cheaper and easier to use, businesses who buck the trend in favor of the “old” way of doing things will get left behind. Cloud computing and advances in mobile web browsing have made it easier than ever to generate new sales leads and customers. Businesses who don’t realize that technology can make or break their future are destined for failure.
What may not seem like a huge migration in storage capabilities, cloud computing comes with huge implications for small and large businesses. The largest benefit of cloud computing is scalability. Prohibitively high investment costs for in-house technology to process and store data were the cornerstone of the 1990’s and 2000’s business technology environment. Businesses had to not only analyze their current technological needs, they also had to anticipate growth so that their technology purchases wouldn’t be soon outdated. Cloud computing allows businesses to quickly rent more server space, additional computing power, and utilize new software for a fraction of the cost of purchasing new technology for their business every few years according to TAMCO.
In a staggering find by Chetan Sharma, a technology analyst, more people have access to mobile internet than to clean water and electricity. Mobile websites are the future of computing and smart phones are no longer just app-featured telephones. Businesses that fail to adapt their websites to the mobile age are going to lose business. 20% of mobile devices within the next 5 years will be using mobile data to browse the internet.
The businesses that are succeeding in the digital age are the ones who don’t just know how much of a particular item was sold off of their shelves, but which customers bought those items and more importantly, what items customers didn’t buy at all. Building marketing campaigns around end of the month sales data lags behind the marketing efforts of companies using data to monitor all aspects of customer behavior. Cameras in stores, online shopping cart tracking, and email marketing have helped some companies sell products that would have otherwise been put back on the shelf right before checkout.
Using Data in New Ways
Collecting data is great, but it’s how companies are using the data they collect to make better marketing and sales decisions that matters. Corporations that track everything from the products purchased to the amount of time a customer spends looking at a product before they drop it into their cart can all affect future marketing choices. Companies who are analyzing their data in new ways, discovering new trends, are the ones who pull ahead of the competition.
Rapid technological growth is accelerating towards new horizons. The sooner businesses realize that technological changes could be the difference between success and failure, the more poised they become to take on the future.