We live in a hyperconnected ecosystem, where every interaction results in massive datasets being generated. This consumption and usage of data has significantly changed over the years, helping shape new business models and driving a customer-centric approach to transformation.
Despite this prevalence of data, according to Forrester, “Firms make fewer than 50% of their decisions based on quantitative information as opposed to gut feeling, experience, or opinion.”
Even so, 85% of those surveyed want to improve their use of data insights in their decision making, but 91% report that improving the use of data insights in decision making is challenging. If your company is in a similar boat, where should you start? Your clients: Your organization exists because of your customers, and they ultimately impact the bottom line.
This is easier said than done. Lots of complexity exists within any given organization, making it difficult to achieve this digital transformation because it impacts people, processes and technology. This complexity touches the core foundation of any organization: its culture — the most difficult thing to change. Still, organizations that take this as an opportunity and change themselves can ultimately make this transformation sustainable, providing meaningful returns to their shareholders and clients.
Starting With Data
Data is a key pillar for digital transformation because every interaction in the digital world generates data. This data lets you create baselines and benchmarks for your transformation journey and provides a good indicator of progress.
Historically, this data was consumed for traditional reporting and analytics for stakeholders. However, thanks to today’s rapidly changing market, clients expect data to be:
• Delivered in real time for quick decision making.
• Able to generate intelligence in the form of predictive and prescriptive models for optimized operating models.
• Available for self-service with improved quality and security.
This requires the careful orchestration of a comprehensive data strategy that will allow your data to be discovered, analyzed and used to generate actionable insights for desired outcomes. Powerful machine learning and AI can generate models to assist with this process.
While it may be daunting to take the first steps toward transformation, it is important to:
• Articulate the current state of your data transformation journey.
• Build a holistic data strategy that helps create a “North Star” for everyone in your organization.
• Clearly define measurable key performance indicators (KPIs) for success.
• Focus on a few use cases that help validate your strategy and move the needle for your organization for broader adoption.
• Focus on consistent communication and a strong feedback loop from all relevant stakeholders.
Keep in mind that data transformation takes time, so you need to have patience to see results.
Help Your Customers Transform By Transforming Your Business First
Many organizations are embracing data to transform themselves for the sake of their customers. Across the board, these businesses are focusing on some or many of the following initiatives:
• Understanding customer behavior by observing transactional flows, the usage of products and services and industry benchmarks.
• Using insights from customer satisfaction surveys to understand customer revenue, attrition and retention trends, as well as to predict customer behavior and proactively address retention.
• Capturing data points across business processes to identify opportunities for operational efficiencies.
• Forecasting liquidity and optimization opportunities.
• Developing fraud-detection strategies to protect the franchise.
• Optimizing employee productivity management.
During this pandemic, organizations that have invested in data transformation in their digital journeys have seen tangible results. Markets across the globe were volatile. But with the help of effective analytics, financial institutions were able to forecast liquidity usage and predict surges in transaction volumes to manage their resilience and the effective use of credit wherever applicable.
At a time of rapid outbreak of Covid 19, there is a growing demand for working from home due to limited travel. As such, companies desperately need a platform that can make it easier for employees to work together. Our company can help you to solve this problem. We – Opus Solution – are a business consultant in Vietnam, specializing in providing potential technology solutions to enhance your business performance. Recently, we have just built and launched eoffice solution, Tasken eOffice, which integrates the most advanced features, not only to help you save costs and time, but also improve the productivity of your business.
Secure Buy-In From Stakeholders
Getting consensus is crucial for data transformation. Organizations need to have commitment, consensus and supportive investment to make digital transformation real. This also requires a rethinking of your current operating model, as well as digital enablement for all stakeholders. This will help them understand and acknowledge the benefits of this transformation.
We Live And Breathe Data Every Day
Data tells us a lot about everything that we do. Businesses are embracing the fact that data can be a core differentiator. Those harnessing its capabilities are going to succeed.