Digital Transformation is all everybody talking about not just the talking but the transformation for their organizations. There are lots of success stories about their transformational journey and with the good ones there comes the bad part about some of the organizations failing with the practice. There are various fundamentals to be considered while the digital transformation and out of them one most important is Data and Analytics.
Data is being considered as an asset for a long time and even now information plays a role of a differentiator for the organizations. Data and Analytics are the considerable strategic priorities that should be taken while digital transformation. Data and analytics are the acceleration in the journey of digital transformation. Data and analytics are the major key roles in Enterprises giving potential value in the digitalization and are considered as the success factor.
According to Gartner by 2020, 90% of strategies will consider information as critical asset and analytics as an essential competency. For better digital economy a faster-paced and forward-looking decisions would be the key points for the organization’s ability towards journey. Managers and leaders need to involve themselves in strategic planning and look after what best can be incorporate from them.
Companies should start making data and analytics as the weapon to define the corporate strategies for their companies. A better understanding data and how it can be used for their transformational voyage, data always has been used indifferently with a great history and the leaders have to understand the flow of history and how better insight it can help in generating for the future. Data alone is the most impactful tool that is going to drive the technology and the transformation journey would be a much better result oriented. With this data will come analytics and this analysis will help the companies to develop much better corporate strategies.
There are many companies still relying on the traditional business model, I don’t want to say traditional model doesn’t work but I would love to share that for now, traditional business models are just the overweight affecting your company. With the model, you have to change the process of no elder analog process that decreases the potential of your business. Let this shift be embraced by the management and look at what real value can be brought by data and analytics.
Try to collect and gather the examples of some economic benefits that practice data and analytics and look thoroughly and try to understand how uniquely you can put it for your company. Discuss more and leaders should get involved in corporate strategies and their involvement should ensure the capabilities to be incorporated properly. Try to make communication through various medium. Making a culture of belief that information is an important aspect that should be considered as an asset in every organization.
Data and analytics are the real key features that have the potential to transform the journey of pursuing digital transformation. Explore more about our transformational journey in our previous blog – Is Digital Transformation only about Technology?