It's Time To Close The Gap Between Consumer And Enterprise Technology.

The divide between consumer and enterprise technology poses a challenge. These two worlds of technology have long been on a collision course. The time for convergence is now. Progressive, forward-thinking B2Bs are taking the initiative to bridge the divide and prepare for a data-driven future. 

Leaders at the forefront of every industry are actively embracing the challenge to drive innovation—setting an example for their peers to follow.

Transforming the Hospitality Industry through Data-Driven Solutions

Worth over $4.5 trillion, the hospitality industry experienced a resurgence post-pandemic. As consumers enjoy restaurants and travel destinations, businesses are focused on how to remain competitive. To do this, a data-driven approach needs to be embraced. Technologies like Semarchy’s unified data platform provide a master data management solution, which empowers companies to streamline operations, reduce costs, and elevate the customer experience.

Prior to the advent of MDM technologies, hospitality businesses struggled to manage data across disparate systems. Most organizations are familiar with how a fragmented approach hinders their ability to gain a comprehensive view of organizational health, customers, and employees. Data quality suffers, duplicates are widespread, and as a result, there is inaccurate information.

Given these challenges, MDM solutions are transformative for an organization. The technology’s functionalities enable consolidated, cleansed, and de-duplicated views of data, providing hospitality businesses with newfound data-driven confidence, efficiency, and agility that is harnessed to deliver superior service to consumers.  

Advancing Scientific Discoveries and Empowering Businesses with AI

Clean and reliable data is paramount in the realm of the sciences. The road from idea to breakthrough has many obstacles. Technology that can mitigate challenges and accelerate outcomes saves not only costs and time, but in this case, lives. 

The amount of data worldwide doubles every 2 years. It takes terabytes and even petabytes of data at every stage of the drug development process. Genomics research is estimated to generate between 2 and 40 exabytes of data within the next decade. Let’s say a grain of sand is a gigabyte, the visible grains of sand on the beach to your naked eye are exabytes. How can all that data possibly be processed? 

Scientists are increasingly working with R&D software companies like Dotmatics to become AI ready. Today, scientists rely on AI to test seemingly infinite possibilities. To successfully use AI, clean and reliable data is needed. If the AI is trained on inaccurate data, it is effectively useless. Robust infrastructure and sophisticated tools provided by scientific R&D platforms equipped researchers to extract meaningful insights from large datasets, with which they propel the scientific community deeper into the future of data-driven discovery. 

Championing Data Protection in the Realm of Open Banking

With great data comes great responsibility. This means security is essential, for the well-being of businesses and consumers alike. While open banking offers numerous advantages, it also brings forth significant data protection challenges that demand the utmost attention from organizations and financial institutions. 

Data protection is crucial in maintaining consumer trust, regulatory compliance, and mitigating data breach risks. In open banking, customers grant access to their sensitive financial information to multiple parties, and it is crucial for them to have confidence that their data will be handled with the utmost care and used only for legitimate purposes. Dwolla’s secure exchange solution provides flexibility and convenience, as well as robust data protection to share sensitive financial data across multiple parties. By exchanging tokens with trusted partners, Dwolla eliminates the need for clients to handle sensitive account data directly.

This means more interoperable systems while maintaining the highest level of security for sensitive information. Open banking presents new avenues for cybercriminals to exploit vulnerabilities and launch data breaches. With large volumes of financial data being exchanged, the risk of unauthorized access and data leaks increases significantly. Tokens ensure connectivity to the necessary networks without compromising data integrity. 

The same principles are true in lending, as highlighted in a recent ebook by MeridianLink. This digital lending platform emphasizes the importance of leveraging data and simplifying the lending process for expansion. Modern consumers seek an efficient, straightforward digital application and decision process. Understanding the potential reluctance of their client financial institutions to fully overhaul core banking systems, MeridianLink advocates for a phased implementation strategy.

Whether it's the secure exchange of financial information through tokenized solutions or the streamlined, yet careful, approach to digital lending, businesses must prioritize the trust and security of their clients. Data security is central to maintaining trust and ensuring the sustained growth of the financial ecosystem.

Using Niche Information and Expertise to Attract Consumers

A growing trend in niche B2B is to use knowledge, helpful guides and infographics to help consumers. This can be crucial in attracting people to enterprise software that has an incredibly specific audience. Such educational resources not only offer clarity but also foster trust.

For instance, Cleer, in its quest to offer financial insight, released a comprehensive guide for businesses, detailing strategies for efficiently navigating the complexities of the tax season throughout the year. As we progress through 2023, it's essential for businesses to note that there are still supportive programs in place to mitigate the impacts of the pandemic. One such program allows businesses to opt for an employee retention credit (ERC) for up to three years if they haven't availed it yet. This credit offers significant potential savings, reaching amounts up to $26,000 per employee.

On a different note, finding the perfect corporate gift to bolster referrals and increase client or employee retention is often an overlooked skill. Companies like Regards have positioned themselves as experts in this domain, offering end-to-end solutions. They specialize in discerning businesses' needs and curating gifts that not only resonate but also drive tangible results.

Business landscapes are vast, encompassing a multitude of needs and challenges. While there's undeniable merit in offering a wide array of services, it's often more impactful to hone in on a specific challenge that enterprises face and provide targeted solutions. Being niche-focused and helping guide enterprises through particular pain points can lead to stronger relationships, enhanced trust, and better overall outcomes for both parties.

Forging the Path to a Data-Driven Future

While consumer technology has seen widespread adoption and continuous innovation, enterprise technology has often lagged behind, leading to inefficiencies and barriers to progress. However, companies that recognize the importance of bridging this gap are poised to revolutionize the way businesses operate and create a data-driven future. 

By fostering customer centricity and embracing data-driven approaches, companies can transform their offerings and contribute to an inclusive and interconnected world.

 

This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice.
 

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