Successful businesses must operate using an increasing amount of data, and improvements in technology allow companies to eliminate paper documents and process work electronically. Without sufficient data storage, a firm may lose access to critical records. To meet this challenge, companies are increasing their available digital storage space to operate efficiently.
Digital storage for video production
Dramatic changes in video post-production require editors to secure more digital storage space. Post-production refers to the process of editing video clips, sound, and music to produce a finished video. Technology improvements for cameras, for example, allow users to film high-resolution footage, and these cameras require more storage space for video content.
The editing process also requires a huge amount of storage space, because the editor may work with several versions of the same video footage. If a production company does not have enough digital storage space, the firm may risk losing important files.
Less paper, more digital data
As businesses move away from paper files, they must increase their digital storage space to store more documents electronically. Digital storage can be challenging, since a company may use dozens of computers in multiple locations. Some firms install 2U servers, which are rackmount servers that provide dedicated CPUs with fast, reliable access to company data. These servers allow a business to quickly assess large amounts of data.
How businesses benefit from going paperless
Innovation has changed dozens of business processes so that companies can operate at a lower cost and process more transactions in less time. Here are several areas that benefit from technology:
- E-signature tools: Every firm requires signatures on documents, such as employee contracts and vendor agreements. E-signature apps allow a business to send a document and receive a signature electronically. The signed document can be shared by email and stored online. This technology speeds up the process of hiring employees, purchasing materials and closing sales.
- Document sharing: Many companies operate through collaboration, and the team members who collaborate may be in different cities and time zones. Document sharing technology helps team members access and review the most current version of a shared document. As changes are made, each person in the group can review the changes and note who made the change. This tool is particularly useful for firms that perform project work, such as constructions firms. Document sharing eliminates the need for sharing paper documents and allows a group to complete a project in less time.
- Point of Sale (POS) technology: Businesses can collect a vast amount of important data when a customer checks out through a POS system. When a buyer checks out of a retail store, POS technology records the product sale, reduces inventory and collects other customer data, such as the use of coupons or other discounts. POS systems speed up the accounting process and provide valuable information about product pricing and customer demand.
Each of these tools requires a firm to invest in a growing amount of digital storage space.
Technology and the ideal customer
A company’s marketing department must identify the firm’s ideal customer, which is a set of traits shared by the customers that buy from the business frequently. Assume, for example, that a firm manufactures mountain bikes. The marketing department will analyze data to determine the average age, the gender, income level and other traits that are shared by the company’s best customers. This analysis requires more data and more digital storage space.
To compete effectively in the marketplace, businesses need to use technology to lower costs and increase processing speed. Leveraging the benefits of technology requires a constant increase in digital storage space, and fast access to data.