Investorideas.com
Search  Follow Investorideas on Twitter  Investorideas is on Facebook  Investorideas is on Google Plus  Investorideas is on Youtube  Investorideas is on Pinterest  Investorideas is on tumblr  Investorideas is on LinkedIn  Investorideas RSS 


Investorideas podcasts on iTunes, Google Play Music and iHeart.com    Bitcoin and Blockchain Stocks


Big Tech Comes To Big Steel

 

May 3, 2017 (Investorideas.com Newswire) There is perhaps no more iconic industry in the United States than steel. You'll see their products and their people in everything from music videos to political commercials, held up as the quintessential blue-collar job.

Steel has indeed been part of the US economy for many years, and in large part, hasn't seen much change during that time. The people working in steel know their way around their work, from handling the ore to shipping out the finished product.

But as is usually the case, this longstanding industry isn't as involved in technology as many newer sectors. Their work has proven to be profitable and effective even with limited computerization, so they've focused their resources in other areas.

In time, though, it has become ever more obvious that even though steel in 2017 is much the same as steel in 1977, it's time for some newer technology to enter the industry.

It couldn't happen at a better time for the growing steel industry. The green movement is spurring lots of investment in infrastructure and new products, giving consumers the chance to reduce their carbon footprint. Keeping pace with what's going on in this aspect of the economy will be crucial for steel mills that know their future will be built with more than just car parts or train rails.

Business intelligence software is one of the solutions that will help fuel these innovative steel companies. Business intelligence, known simply as BI, gathers information about customers and provides it to the company to help managers make decisions.

When an industry is lagging a little behind in technology, they need help to catch up and make the most of it. As the importance of BI has become clearer to the steel industry, firms want a BI leader to help them make the most of business intelligence.

The potential outcomes hold real promise. Once the industry sees the growth areas in the ultimate consumer market, it will be able to respond with the types and forms of steel that are selling the best.

The green movement has dug deeper into the supply chain of manufacturing than ever before. Consumers don't just want a product; they want a product that has been built out of sustainable materials through a process that minimizes their carbon footprint. So they're demanding that their fabrics, foods, steel, and everything else are responsibly sourced and have the minimum possible impact on the environment.

As a result, there is a lot more consumer feedback involved in steel than ever before. In 1990, a person buying a car just went and bought a car. Their main ecological concern was probably fuel economy. As a result, the steel industry only needed to get feedback from auto manufacturers, a much smaller number of customers.

In 2017, the buyer wants to know MPG but also that the manufacturer is building and transporting the vehicles as cleanly as possible. If the steel industry wants to hear how these end users feel about their products, they'll need to follow up with millions of people.

That brings us back to BI. The only way the refining industry can react quickly to the demand for greener steel is to know that the demand exists. When opportunities come to change their processes to be more environmentally favorable, the only way they'll know that the market will accept it is to find out in advance. And the only way to find that out in advance is to use BI.

The process of implementing BI is very complex for anyone, particularly for those who don't have a lot of experience with information technology. The steel industry, like many others, has found that the best way to choose a BI platform is to find someone to guide them through the selection process by providing them with a complete picture of what their options are and how to choose one.

Some observers may think an industry is lagging behind if it doesn't use every high-tech tool at its disposal. But it's hard to argue with the thought process of the steel industry, which has remained profitable and successful even without such advanced research. In time, of course, the need has emerged, and BI is helping to build steel's future as steel builds the nation's future.

About The Author:

Jane is a online freelancer who has worked on writing projects for fun and work since college. Jane's education comes from the John Cook school of Business at Saint Louis University. Whether it is writing about online business and digital marketing which she is heavily involved, Jane also likes please pieces about history and education when she can write about more open ended topics! Reach out at janebrownwrites@gmail.com anytime!

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

Disclosure: Consideration was received for the editing and publishing of this article


TechSectorStocks.com - investing ideas in tech stocks- mobile payments, social media, AI and Robotics, Drone Stocks, GPS and more

Like Tech Stocks? View our Tech Stocks Directory


More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.


Questrade Democratic Pricing - 1 cent per share, $4.95 min / $9.95 max



Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner