Published on February 6, 2020

Evolution of Business

Through advances in technology, communications, and infrastructure, more and more information is being shared and distributed in the world. This higher level of data flow evolving how we do things in our day to day lives… and more importantly how we conduct business. At the forefront of this is the evolution is how information technology is used to share data and dictate better business decisions.

Data Sharing as a Catalyst

Sharing of data has directly led to business growth, and industry revolution in many industry sectors. Early adopters of data sharing through Application Programming Interfaces (APIs) have revolutionized their industries by rewriting the traditional rules about how efficient business is conducted and how the ecosystem integrates and works with each other. An API provides a gateway into an organisation to serve data in a controlled and most of all secure way. Through an API, data is more accurately communicated, efficiently distributed, and directly monetizable. This has led to an evolution of several industries to focus on efficiently leveraging the shared data flow to drive their business strategy.Century old companies like Pitney Bowes have used public APIs to reinvent the mailing and shipping industry as well as their business.

Can you afford not to?

Historically, those who know more, and discover something before any one else, drive their industry. Those with the information advantage are more adept to capitalizing on opportunities to drive success while mitigating risks that could lead to catastrophic failure. However, it’s getting more difficult to get the edge in intelligence without the aid of information technologies. Companies now fear being late to the party, and are looking to increase spending on technology to ensure they’re not left behind and becoming irrelevant. Global IT spend is set to increase again in 2020 by 3.7%, reaching $3.9 Trillion USD.

A Data Driven Strategy

Organisations hunger for as much data as they can gather on their clients, competitors, and industry. Having the data is only the first step though… without an understanding of what the data means it is impossible to make creditable decisions from it. Information technology has made great advances in not only managing data so it can be easily gathered, sorted, and processed, but there have also been breakthroughs in analysis, presentation, and querying data to make data work for strategic business decisions. The pure scale of data that can be managed and presented is now at a level that dwarfs any previous manual process being used.

For more information on how SAFE. can help your company migrate to a data driven strategy, and adopt transformative technologies such as blockchain, IoT and smart contracts to lead the way in your ethical supply chain visit us at www.safesupply.io.