Data is the most valuable asset these days with its ability to provide opportunities, solve challenges and give momentum to innovation. Making data-driven decisions enable businesses to increase efficiency and achieve success.
Nowhere in history has data been in such high demand. The ability of technology to make data-driven decisions has prompted businesses to explore the very possibilities of data. The growing demand for accessing data in real-time and sharing valuable insights points to the power of data in the digital transformation journey.
How important is data in digital transformation?
Data and digital strategy are no longer separate aspects, standing as independent pillars. Moreover, they are considered holistically. The capacity of one component to deliver value is dependent on the other. It is essential to align your data strategy with digital transformation to reap benefits from your investment.
How can you leverage data to fuel your digital transformation journey?
Here are a few ways you can accelerate your data transformation journey using data:
• Connect data to business value
Data has value. It’s on a rise with the increasing dependency on data. It is a false perception that all the data in the world is required to contribute to better insight. Avoiding the ‘data noise’ will help clear the air for better use of data. It is essential to make the connection between data and your business objective clear to steer clear of confusion. It would be right to say that aligning business objectives that can be supported by data would help in creating more value for your business.
• Creating data assets that can be reused
You might have come across business case scenarios where insights from similar data could have helped resolve a horde of problems. These insights might have helped you generate data assets that could support a set of priority use cases. Therefore, the first step in creating data assets is identifying the data elements that can work well for multiple business cases. This accelerates the pace of creating multiple insights from the same set of data, that can be used in different cases. You can create efficient processes by simplifying analytics. If not, your business can end up in siloed reporting, and duplication of effort.
• Creating a scalable data platform
Often businesses struggle to add new capabilities on existing in-house platforms. Creating a single platform capable enough to scale over time can be the solution in such cases. It is crucial to design the platform with an automation lens, to simplify and accelerate the ingestion of data which can later be transformed into data assets. The right architecture can go ahead and solve bigger challenges, by supporting both internal and external systems, by offering the next-gen capabilities in making use of data.
• Create awareness to embrace change
For any type of digital transformation to create business value, Data literacy must be improved among the employees. To stay on track as a data-driven business, executives outside of IT need to understand and embrace major technological decisions. How data is used across business units must be a part of business outcome alignment and strategic planning.
Organizations struggling to enable data-driven decision-making can keep these points in mind to enter the bandwagon of digital transformation. From cost optimization to modernization, knowing who and what needs to be involved and when is a critical part of building a digital business. This way you can improve governance and set a clearer path to prioritizing your investments for your business.
DIGITAL TRANSFORMATION- A WINDOW TO THE FUTURE
Digital transformation is a necessary disruption. No doubt about that. It entails a fundamental change in the way an organization delivers value to its customers. The COVID-19 pandemic has seen a surge in the debate around digital transformation. This transformation is a global phenomenon and can’t be restricted to operations alone. It involves internal and external operations, including sales and marketing, and other efforts. To adapt to the changes brought in, companies must rethink their strategies. To encapsulate, digital transformation involves the implementation of new technologies, talent, and processes to improve business operations and satisfy customers.
The heightened importance of digital transformation is evident from a survey conducted by McKinsey. A large proportion of 64% of the business executives surveyed opined that companies must build new digital businesses. This invariably points to the current scenario where businesses have progressed miles ahead in a matter of months. By adopting digital technologies, companies have sped up their advancement by years. Businesses in the field of IT Consulting Services and Digital Transformation Consulting Services have realized the immense possibilities of technology and are tapping into its potential.
Now that we know what digital transformation is, let’s understand what it means for the industry.
The new environment that digital transformation has unraveled, prescribes one to stop looking at employees, infrastructure, and applications as separate entities. They should be viewed holistically, as inter-dependent elements. The customer is at the center of the system, with the other components branching out from the center. As the adage goes, ‘Customer is the King’. It is the tools evolved through the digital transformation that has helped satisfy the customer needs and requirements. These days, personalized products and services are what keep a business ahead of the others. With the advent of modern technologies like Artificial Intelligence, businesses can automate product customization and even run tasks remotely, as we have seen during the pandemic.
The post-pandemic world is sure to filter out the smart companies from the rest. To stay relevant, companies have to formulate smart strategies to bring customer satisfaction. Businesses that don’t leverage the latest in IT Consulting Services and Digital Transformation Consulting Services would be lagging.
This prompts us to take a look at the benefits of digital transformation for the industry.
Digital transformation in the industry enables businesses to make optimal use of technology to simplify their daily routine. It offers the opportunity to combine new skills, technologies to maximize profit and customer satisfaction. It saves a lot of time and effort while improving productivity and the speed of response. By enco