Building a business from the ground up is a journey full of challenges, not to mention twists and turns. As your business overcomes challenge after challenge, it will begin to grow. However, each step of that expansion will bring with it new logistical problems you’ll need to solve. Here’s what you need to know about expanding your business.
Easily one of the most important facets of modern commerce is big data. Data provides businesses with the blueprints needed to develop better business and marketing strategies, making it an all-important part of an effective business model. However, big data brings with it a number of problems you’ll need to account for. This not only prevents smaller businesses from taking full advantage of the benefits of big data due to budgetary reasons, but also entails investing in tech and security.
The implementation of big data makes businesses targets to hackers. From market data to the private information of customers, businesses are inordinately targeted by hackers in an attempt to steal valuable information for their own nefarious purposes. This can be with the intent of committing identity theft or selling the information to the highest bidder. Protecting your trade secrets and the safety of your clientele need to be tackled from multiple angles. For starters, consider the process of logging into your network. Passwords are the default security measure for logins, but they provide little to no resistance in the face of cyberattacks. Multi-factor authentication is a necessary alternative for passwords, because it can either strengthen them or replace them outright. MFA functions by demanding an additional login token, and that token is randomly generated for each login attempt and sent to the user’s smartphone. This reduces the chances that a hacker can fully infiltrate your network even after successfully obtaining a password with nearly 100% efficacy.
Another crucial aspect of data management is automation. There are many steps involved in the big data pipeline, and each one presents its own challenges. Simply put, putting human workers in charge of managing your data takes more time and is much more prone to error. Therefore, automating data collection and storage is necessary to keep data clean and ready for processing. Internet of Things (IoT) technology can be used to create a smart office capable of automating these processes. This is true both of the individual processes and the handoff between each step of the process. For example, an IoT cash register can send records of monetary transactions directly to an app for sorting those transactions. This reduces the presence of human , and human effort, from the process. Errors throughout this process can skew the results of data analysis, but automating the administrative side of things, insofar as possible, can provide more accurate and more effective results.
Cloud storage is a necessary but affordable aspect of data management, even at the most basic levels. This is because business data is more widely available now than ever before, and the storage space available either physically or on your computers will be insufficient for housing all of it. However, cloud computing is just as important when it comes to processing data, a task that would otherwise take a lot of time and bog down the machine handling the task. Cloud computing allows a business’s private cloud “network” to pool the resources of all of the disparate machines to create what is functionally a supercomputer capable of drastically reducing the time it takes to make those calculations. This results in a much shorter turnaround time for data processing before it can then be analyzed properly.
While small businesses have the deck stacked against them, growing your business introduces additional challenges. However, an increased budget in tandem with more experience will allow you to tackle these new challenges while maintaining the operations you’re used to. This guide provides a blueprint for integrating and upgrading big data infrastructure that can continue to pay dividends moving forward.
Publish Date: August 15, 2021 4:50 PM