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 to 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.
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