There is an old adage that says no one knows what the future holds. That is true to some extent but when it comes to forecasting growth models for your business, technology can go a very long way in projecting what is in store for the days, months and even years to come. Why? Because of big data. This is becoming a whole new industry and as we learn more, the technology is advancing exponentially. We have come to a point in time when it is safe to say that there are ways to use technology to future proof your business to mitigate risk. Here are a few ways in which technology has progressed to a point where future proofing is almost assured.
A Side Note from Indivia Australia
According toERP software customisation experts, Indivia Australia, the key to making use of big data is in the interpretation and analysis. The issue that many businesses have with making strategic decisions is using various software for different areas of their business that don’t communicate with each other and share their data. Once they do communicate, the next challenge is generating reports that can be used to make informed decisions. Off the shelf ERP software allows users to do many things but it is the customisation of the software to suit the individual needs of the business that is critical for success.
What Factors into Future Proofing Your Business?
Since you are aware of the fact that the market is constantly changing from day to day, if not from minute to minute, there are a number of variables that must be accounted for when trying to future proof your business to ensure continued growth. Some of the data that will be collected is based on current and historical market movement but some data appears to be completely a separate issue. In actuality, that data isn’t unrelated to markets because costs are based on market conditions as well. At first you will look at cost projections wondering how those are influenced by markets.
Consider for a moment products that are made from petroleum and its by-products. The cost of crude is continually in flux, often based on geopolitical factors and those can be hard to forecast. However, the right software can be programmed to account for fluctuations based on ‘possible’ market conditions. This is why you need to really evaluate the software you will be using to future proof your business when looking to ensure future growth.
No one starts a business thinking it will be a ‘one hit wonder.’ The object is always to move forward to new heights and to continue making a profit even if it grows slowly over time. Some businesses stay conservative in their forecasts whilst others see an explosion in growth. With the right platform you can use variables to place your company where you want it to be at a pre-specified date based on the program’s ability to crunch big data. The rate of growth you expect can be determined by calculating those variables into the equation and by simply changing a few numbers you can come up with completely different forecasts. How big to do see your company in a year? The right technology can help you meet your goals.