Data A Crucial Asset in Digitalization Strategies
Businesses must handle an incredible amount of data on a daily basis, and those that can use it to their advantage can find themselves head and shoulders above the competition. Indeed, some people have taken to calling data “the oil of the digital era”. Almost every activity in business generates a digital trace, and there are tremendous opportunities here waiting to be untapped through digitalization.
The availability of data has allowed for improvements in products, services, profits, operations and customer satisfaction. It can also help with the development of machine learning and artificial intelligence to derive value from data and help predict future events with greater precision.
There are also some drawbacks, however. As businesses engage in data sharing, it’s easy for problems to arise. For example, different IT systems might create data in formats that the others are unable to process.
Three Key Digital Transformation Elements
Businesses need to invest in a digital transformation to make sure they’re getting all the value they can out of their data. To accomplish this, they must first assess their data and ascertain how it can be used to their advantage. It’s also important at this stage to consider the competition and how data could be used to gain an edge over them.
Once this assessment is completed, it’s time to define a data-driven digital strategy to turn those goals into reality. Agile data connectivity and integration solutions deserve the bulk of the transformation investment, and they should be quick to develop and implement.
Next, it’s time to take control of the data to drive quick value from the transformation. A cloud platform could prove helpful when it comes to connectivity needs. Infrastructure that can make use of legacy IT systems while giving managers full control and visibility when it comes to data can help improve operations as well as customer satisfaction.
This blog post was based off of an article from Youredi Ltd. View the original here.