Are there any specific PHP functions or techniques that could be used to streamline the process of finding the smallest and largest values in a set of data, as demonstrated in the code?

To streamline the process of finding the smallest and largest values in a set of data, we can use the `min()` and `max()` functions in PHP. These functions take an array of values as input and return the smallest and largest values, respectively. By using these functions, we can avoid writing custom logic to iterate through the array and find the minimum and maximum values.

$data = [3, 7, 1, 9, 5];
$smallest = min($data);
$largest = max($data);

echo "Smallest value: $smallest" . PHP_EOL;
echo "Largest value: $largest" . PHP_EOL;