Evolving technological advancement is the core reason for the improved business activities around the world. For the case of data-driven decisions, companies require a well-devised system that can comfortably store verifiable data that can be used for future reference. The success of the data-driven decisions mostly depends on the quality of the stored data and the effectiveness of analysis and implementation. The latest breakthrough analytics in the field of business technological field is the ability to store massive amounts of evidence or data. The data stored is almost thrice the one stored in the Industrial Revolution, and it is estimated by the year 2020, the data will be 50 times more than the one stored in 2010. Hence, this paper seeks to highlight the advancements in this field and the major components embodied in this technological advancement.
The major component associated with this advancement is the fluency of data and how the firms choose to channel these advancements. Various studies suggest that businesses that make use of the data-driven analytics have close to five percent lead in the development strategy as compared to other institutions. The degree of success recorded in this organization can be attributed to the ability of the improvised system to capture the required data, organize, extract and transact each bit of data to the required standard (Ann Abhor, Mich, 2006). Some of the companies that have benefited from the decision-making analytical scheme include the Amazon, Starbucks among the other leading institutions. The fluency of data flow should be considered as they help to keep the overall functioning of the company in position.
In some industries, the presence of data-driven decision-making channels works to improve the product development strategy, the marketing criteria, and the customer interactions. Product development is the major drive for any striving organization. The rules and strategies of product development should be enshrined in a database that can check whether other companies have made use of the criteria which they intend to make use of in their venture. The improved database can also work to secure valuable information which forms a unique part of the Intellectual Property Right campaign just like the case that provided Netflix its breakthrough (Zacarian, 2011). Once all the channels are improved, it is evident that the security of the data in the company will be assured and thus the firm will be able to carry out their activities with an added advantage over the other competitors in the global market. Therefore, it goes without question that the level of technological advancement and innovation works to gauge the performance of the organization in the market.
The large data storage scheme can also be applied in the marketing sector of any company. Information on the channels to advertise and the particular regions to cover can be correctly stored in the company’s internal data system. Also, the prospects of the firm can also be drafted and stored for futures analysis. In the current technological age, the level of customer satisfaction is a major deterministic element of the overall functioning of the company. The client’s database should be well checked, and mechanisms of wooing a wider customer base should also be kept in check by the use of the decision-making analytical data (Prado, 2013). The data can be viable in explaining the market setting and the level of penetration that a company can seek before establishing itself in the global market activities. The primary consideration of this component is for the company to have adequate market information and enough qualified staff to work with the equipment and the storage facilities. Hence, all the considerations should be taken into account so as to ensure the firm stays valid in the global market.
Another component worth noting is the system’s ability to accommodate disruptions in the global market in the long run. Analysts point out that with the increased level of data access and storage, some firms can comfortably trudge international domains that were previously out of bounds. Large companies with deep-set values of evidence can comfortably increase their pace and ability to venture the global market by getting out of their traditional comfort zones. In this case, we can use the Chinese company, Alibaba, which has benefited hugely from the evolution of the decision-making analytics (Prado, 2013). It is estimated that the corporation has been able to offer credit capital to over 320,000 small operating firms at a cost estimated at sixteen billion US dollars ($16). This shows that the company has been able to function way better and reliable than most banks in the region. The availability of disruptions is an important consideration that firms have to bear in mind.
In conclusion, it is evident that technological advancements play a huge role in the overall development of businesses in the 21st century. The data-driven business solutions hold precise information which can be interpreted and digested by firms to come up with structures that can guarantee their development. Therefore, a well-strategized system with sound managerial proof serves to suit the technological interests of the enterprise.