Big data apps can mean big business
Big Data has become the buzz word for many businesses trying to stay competitive in their marketing efforts.
The ability to harness all of that information that is collected from consumers is often difficult, especially if there is a shortage of experts that have the time and talent to organize the data into useable information.
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Applications Automate the Process
It is no wonder that following on the heels of the growth of Big Data are applications that can turn it into usable information for marketers and business managers.
Two major benefits come from these apps.
First, the apps automate many of the tasks that the experts have traditionally handled. This allows average business people to access the information to make decisions without having to wait for it to be delivered to them.
Second and perhaps even more important is the fact that some of these apps can do more than just provide information. They can make recommendations based on the data collected.
This allows the business manager to weigh the suggestions along with the company's goals and proceed accordingly. It's like having an expert consultant available all of the time.
Accessing Relevant Information
Big Data can be used in a variety of ways, especially when you collect a variety of information.
However, the human brain cannot remember or even comprehend all of the data that is now available. It is easy to become overwhelmed with too much information.
The solution is to allow apps to collect the data and filter it to where it needs to go. Business managers need to know different data sets than marketers and accountants want information that is irrelevant to operations managers.
Read more: Top 10 business apps
An app can store data into various sets based on the organization's needs. It may be divided by length of time, type of data, department or many other categories.
Only the data that is actually necessary will be provided with no filtering or sorting required by the management team.
Capitalize on the Benefits of Big Data
Applications that harness the power of Big Data can prove to be beneficial to organizations but only if they know how to use them.
For example, don't assume that all apps will work accurately on large datasets just because they are successful with smaller sets, according to the article 5 Keys to Getting the Most out of Big Data Apps.
You must test them in the beginning with datasets of various sizes to prove that no information is lost.
It is also important to keep an audit trail to show what data was used and who used the application. This can help ensure that your app follows procedures and rules, and that it follows your company policies as well as any government regulations.
The power of Big Data is only going to grow in the coming years, but it will only benefit organizations when its information can be utilized whenever needed.
Applications will automate the process and bring the data to those who can use it to help the business grow.
About the Author: Joyce Morse is an author who writes on a variety of topics, including business and technology.
M&A activity key lever for future tech sector growth
Despite the continuing uncertainty of the pandemic, the tech sector has witnessed soaring dealmaking activity over the past year, rocketing in the second half of 2020, with the last quarter of 2020 a record one for M&A activity, and momentum continuing into 2021.
Dealmaking in tech sector soars in past year
And the latest figures bear this out with the number of technology M&A deals totalling US$208.44bn globally in Q1 2021, according to GlobalData. While the US holds top spot both in volume of deals (1034) and total value (US$140.61bn), Europe ranked next with 649 deals (US$44.49bn) with the UK continuing its reign as Europe’s biggest M&A market with 204 deals.
In particular, megadeals – those valued at US$5bn or more – soared in 2020 representing 59% of all global technology sector deal value in 2020, up from 47% in 2019, according to the latest edition of the EY Technology Global Capital Confidence Barometer.
This tech sector trend towards megadeals is backed up by EY’s CCB data, with 16% of tech sector respondents planning to pursue transformative deals valued at US$5bn or more in the near-term.
While technology deal activity “all but stopped at the beginning of 2020 after fluctuating between historic highs and lows, companies pivoted quickly and tech M&A exploded in the second half of the year”, says Barak Ravid, EY Global TMT Leader for Strategy and Transactions.
M&A activity level for tech sector growth
Looking ahead to the future, technology executives are optimistic, with nearly half (47%) expecting profitability to fully rebound this year, according to CCB data, compared to 23% across all sectors, and with more than half (51%) planning to pursue M&A in the next year in order to sustain growth.
According to Ravid, M&A activity is increasingly becoming a key lever for growth as businesses look to recover.
“To position themselves for future revenue growth, tech companies are now adjusting their M&A strategy to focus more on a target’s business resilience, digital technology alignment and to gain market share through consolidation,” says Ravid.
However, with an increasingly competitive deal market and ongoing geopolitical tensions, the majority of tech execs expect to see more competition in the bidding process for assets over the next year, primarily from private capital.