IT used to be that the only the biggest businesses with the most money could access the latest technology and dictate the trends of their industry.
This dystopian world was in full force as we turned into this millennium. But, technological revelations over the last couple of decades have allowed integral technologies and information to become democratised, which has led to a democratisation of the world of business.
Democratising information leads to more opportunity
It’s very simple: the more people who can access the latest knowledge and technology, the more people who can use it to make advancements in the field. By making the latest information accessible to all, more businesses can come into being with the intent of changing their industry.
The internet changed everything; allowing people from all over the world to connect and exchange knowledge through the online world. Through this, anyone can get online and find whatever information they need to become competent – at least regarding knowledge – in their field of interest. From there, they can find gaps in the market through their own thinking or online articles as well as ideas as to how to maximise the potential of the business. The internet democratised information, which, in turn, democratised technology.
In the world of business, one of the biggest recent revelations has been that of big data. In the new era of democratised business intelligence, businesses can efficiently gain and analyse immense volumes of data to give themselves incredible insights into their presence, consumer base, and much more. As the ability to understand new technology and create new technology has increased, the availability of big data has increased, allowing even the smallest businesses to have access to its informative powers.
Using democratised technologies
It’s all well and good having access to the internet, big data, and all other forms of new technology sprouting from the new age of democratised technology, but how can it be used to enhance a business?
As explained by Forbes, the democratisation of knowledge, creation, funding, distribution and commerce has given rise to the democratisation of business. Companies that have enabled such steps include Wikipedia, Amazon, Kickstarter, and Shopify, all of which have democratised a key resource of business.
Through all of these democratised resources, businesses can enhance their strategies for analysis and marketing to provide a better and more efficient plan. As an example, one of the biggest online industries is that of online casinos. The field is incredibly competitive with new sites popping up all of the time trying the muscle in. Through democratised technology and information, the top online casinos can analyse data to hone in on the best welcome offers to put out in order to attract new customers, such as in the case that no-deposit offers are more appealing than free spins or bonus money.
As another example, the Royal Bank of Scotland put data democratisation into action when their digital marketing team summoned representatives from many departments to work off of its data haul to bring new insights into how to improve the customer experience. By making this data available to people outside of the department focussed on such issues, a new way of thinking was obtained, allowing them to act outside of the box.
The democratisation of information and technology continues to enhance all sizes of business and is allowing many industries to advance at a rate that was formerly subdued in a stranglehold by a few big businesses.