How Big Data Has Changed Entrepreneurship

How Big Data Has Changed Entrepreneurship

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How Big Data Has Changed Entrepreneurship

The latest industry piquing the interest of entrepreneurs is Big Data. It is the vast amount of information being collected, analyzed, stored, and monetized in a progressively digital world.

What has led to the emergence of Big Data, and what does it mean for entrepreneurs?

The rise of big data is mainly due to the amount of data being created at an exponential rate. The collective ability of systems, phones, and machines to generate data is greater anything the world has ever witnessed before. In reality, there will never be enough memory or a big enough server to store all of the data ever created. It will continuously evolve.

This data explosion has created an opportunity for entrepreneurs. Every time a new data storage platform is released, it’s typically marks the beginning of a new era. Following the launch there are always first, second, third, and fourth generation companies that mimic the platform and make it better in one way or another.

What trends define Big Data?

There are currently two major movements that have affected big data. First is the monetization of big data. Company’s now have access to massive amounts of differentiated and actionable customer data. However, there are some instances of businesses collecting the data that don’t realize it and don’t know what to do with it once they do. The next big trend for enterprise data could be how to maintain a competitive advantage and at the same time have access to data that no one else does.

The second trend to rise in the world of big data is the regulation of it. We have already seen it in part around privacy and security issues with GDPR and cookies.

Which industry does Big Data have the most effect?

There are very few industries that big data will not impact. However, the most effect has been seen in the advertising industry. Companies can gather real time customer data on purchasing habits and visual funnels to sales. This was never possible before the mergence of big data. Google has famously made its fortune doing just this.

Courtesy: datafloq.com

How does Big Data have economic value?

A great example would be what we see a lot of in the insurance industry. Insurance companies have what is called an individual risk profile and it can be worth millions of dollars. The risk profile is essentially a collection of consumer data and carries such great value because those in the insurance world manage their populations according to risk levels. When they can navigate the data and know that a particular population carries more risk than another population, they can better control their pricing.

How can entrepreneurs assess the opportunities within Big Data?

A terrific way to understand big data is to compare it to big oil of a hundred years ago. Data is the new oil in the way that industries are evolving around it much like they did around oil. Personal data has become an economic asset class and businesses are learning to manage their data in the same way they manage their money. This is not a trend that is going to be here for a while and then disappear. Data will continue to grow, and the need to have all of these different kinds of businesses — including some that we’ve never thought of — will be born.

Facts About Recycling IT Equipment Infographic

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recycling IT equipment

Recycle IT

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When thinking about recycling used materials, more often than not the three R’s will come to mind. Reduce, Reuse, and Recycle. How do they relate to items that aren’t just plastic bags, glass bottles, and aluminum cans?

The concept of e-waste is relatively modern when you consider the fact that civilization wasn’t so dependent on computers and cellphones half a century ago. However, it is still just as harmful as any other form of waste, if not more. We’ve compiled some ways on how to reduce your company’s IT waste.

E-waste from used IT assets can lead to security risks and compliance issues if not disposed of properly

Not disposing of IT assets properly can lead to significant security risks and compliance issues. If private information is not wiped from hard drives, tape storage, or servers before they are abandoned, this can cause a major security breach or even worse, identity theft.

Up to 50 tons of E-waste is created every year

50 tons!! That’s equivalent to seven and a half elephants or two thirds of the space shuttle in waste every year! From video game consoles and outdated smartphones, to computer hardware and TV screens, e-waste is accumulating in landfills around the world. In fact, e-waste makes up 70% of the world’s overall toxic waste.

Proper E-waste disposal

Similar to other forms of waste out there, there is a proper way to dispose of IT that’s safer for the environment.

One proper disposal method is to donate what you no longer need and prolong its lifespan above ground for a few more years. This is the Reuse aspect of the recycling trio. IT assets especially have a high reusable life long after their retired or decommissioned.

By partnering with a reputable ITAD firm to dispose of the IT equipment e-waste for you, you can be sure it will be done responsibly and in compliance with federal laws and industry regulations.

Every company uses technology these days, but not every company knows how to properly dispose of IT assets safely and ethically. Raise awareness of the importance of partnering with an ITAD firm by mentioning it at the next office meeting or bringing it up to the head of IT. In the long run, it could really make a difference.

Tips To Reduce Your Company’s IT Waste

It seems like everyone these days want to think of their tech company as being a “green business”. In reality, there could be additional steps they could take to reduce their carbon footprint even more. IT companies are becoming a growing presence in the global economy, meaning their overall influence on the environment is growing.

IT assets such as desktops, laptops, networking servers and switches become outdated over time and eventually need to be replaced. Here are just a few ways your company can reduce your environmental impact through e-waste reduction.

Take care of your equipment

Just because one of your computers has been giving your IT department trouble lately doesn’t mean it’s time to get rid of it. Be sure to take the extra time to properly maintain and update your computer’s systems and drivers. The smaller number of new computers your company needs to purchase, the smaller number of resources you’ll ultimately need to run your business. Another benefit is that it is usually less expensive to maintain equipment than to replace it with new equipment.

Find Efficient Equipment

It’s a no brainer that your company’s old equipment won’t last forever. Eventually, they’ll have to purchase new equipment to replace the outdated models. When that time comes, look for more energy-efficient options. Modern technology tends to be designed with energy consumption in mind.

Handle Computer Disposal Correctly

Not so fun fact: it is estimated that 34% of all electronic waste comes from IT equipment. Now if you remember earlier, we noted that there was 50 tons of e-waste created every year. That would make 17 tons on IT equipment improperly disposed of annually!

Being conscious about how you dispose of IT equipment is important when you’ve decided to retire and decommission your technology assets. One option is on-site services that offer data destruction and e-waste pickups. However, your company will also want to investigate ITAD firms and computer disposal experts to partner with. Keep in mind that nothing can go directly to a landfill, and an ITAD firm ensures that your data is safe, and your IT assets aren’t harming the environment.

As tech companies continue to grow internationally, their overall environmental impact grows too. Fortunately, the right IT asset disposal methods can help keep your IT company green for generations to come.