Technology: Use it Wisely
Technology has placed a vast wealth of information at the finger tips of its users. This means that anyone who has online access may tap into the unlimited source of information and become more informed. However, this advent of information technology and constant connectivity also carry a huge responsibility for its users, especially those who place sensitive and/or personal information into the system. Therefore, we have to be more aware of the risk of identity theft and also be cognizant of the fact that not all information presented online is accurate.
Nonetheless, technology continues to play a pivotal role in the way that people collect, store, and mine data. Today, there are many sophisticated programs that allow users of the system not only to gather, store, and analyze data but also to make more timely decisions that may minimize their expenses, save time, and improve income. Individuals mine data to establish new contacts, improve their line of credit, minimize their expenses, and take advantage of discounts and various other offers. Similarly, companies mine data from their database on existing and potential customers, competitors, donors, and regulators in order to determine patterns or trends that may affect their bottom line or their overall position in the industry.
By mining data, companies are able to keep up with the latest trends in prices, sales, costs, and to determine the quantity of stock that should be kept in their inventory system in an effort to satisfy the demands and maximize their profits simultaneously. These are trends and patterns that would not otherwise be obvious without careful analysis. They also mine data collected from social network sites, employment agencies, brochures, and Web forms such as surveys, purchase, registration, and application forms to study demographics, spot a niche in the market, increase sales, and to improve their promotional strategies.