Australia is currently in a state of transition. An economy that was built on a foundation of traditional industries is now needing to adapt to an era where technology is at the forefront of objectives, and the quality of data and customer expectations are more crucial than ever before.
In a recent report titled ‘CSIRO Strategy 2020: Australia’s Innovation Catalyst’, research organisation CSIRO explored what Australia needs to do in order to innovate over the next few years. Data management is going to play an important role throughout this transitory period.
“Innovation is rarely easy, but it’s necessary for businesses”
Innovation is rarely easy, but it’s necessary for businesses throughout the country.”In an interconnected world of accelerating technology-driven change, our future prosperity, health and sustainability is closely bound to our capacity for innovation,” explained CSIRO Chief Executive Larry Marshall. “We must help reinvent existing industries and strive to create a new industry for a changing Australian economy.”
A positive impact for Australia through innovation
According to CSIRO, Australian prosperity is closely tied to the innovation and performance of the economy. Now, this means using new and highly capable digital technologies to overhaul businesses, even those in traditional industries such as agriculture and heavy manufacturing.
CSIRO sourced ideas from a substantial 7,000 people, polling creative staff within the business, their customers, members of the public and thought leaders. The organisation attempted to find out where innovation priorities should lie, and data volumes ranked highly.
In the report, respondents said digital immersion needed to become a key area of focus, as computing power, device connectivity, internet users and technological capabilities continued to grow exponentially. And, of course, the rapid expansion of data volumes.
Data usage continues to skyrocket, and not just in Australia. Across the globe, mobile data alone is set to grow exponentially, reaching 24.3 exabytes per month in 2019. This is according to Cisco research, and it’s a solid indicator of where data is going.
In addition to this, mobile data traffic alone will grow three times faster than fixed IP traffic. That’s the traffic carried across standard computers.
With such significant data growth, there’s a need for a more capable management solution. After all, businesses (whether they’re based in traditional industries or not) cannot afford to simply lock away data in storage systems and use dated approaches to manage information.
Mastersoft can help businesses implement a better data management approach, utilising an array of capable services.A Better Data Management Approach
This process involves creating successful business workflows that are generated from synchronised, reliable and of course consistent customer information. Instead of disparate data that’s often out of reach for the company, it’s consolidated and accessible.
Some of the processes involve:
Multiple entries for the same customer are likely to appear in more than one system, and Mastersoft can help to eliminate the issues that arise from more than one entry. In turn, this leads to accurate master customer data and more sustainable relationships.
Creating a Single Customer View
A single view of customers across multiple systems can make it easy to find the right information when it’s needed. Mastersoft creates and then manages the customer relationships, as well as the links. These are the foundation of a single view of customers within the business.
Data growth isn’t likely to slow at any point in the near future, and proper utilisation and management of this information will only become more important over the next few years. Speak to Mastersoft to find out more about our extensive range of services, and how we can improve the way in which your business approaches data.