Enterprises are constantly trying to utilize the power of their data to discover potential growth opportunities. Businesses need to embrace digital transformation to remain competitive. To get digitized, collecting data from business-critical processes plays an important role. Without it, transformation is incomplete. This, if done right will pave the way to having the right data at the right time and will positively empower reliable business insights.
For a business, the process of effective data utilization is a herculean task. Core technologies such as cloud and modern applications continue to evolve but enterprise can be raised to a whole new level with — data analytics. The digital transformation market is expected to grow at a CAGR (compound annual growth rate) of 22.7 percent from 2019 to $3,294 billion by 2025.
“Businesses need critical data insights for faster intelligent decision-making and real-time execution.”
Those who have successfully harvested vast troves of data can use data analytics to:
> improve productivity;
> facilitate smart planning;
> boost business performance at large;
> make faster and more accurate decisions;
> reduce costs; increase competitive advantage;
> discover new business models and innovations;
> better engage customers, employees, and partners.
Why is data analytics emerging as a crucial competitive weapon?
Data analytics complete the feedback loop between business strategy and business value. The way a microscope unveils a world unseen, data analytics as a “digital microscope” enables organizations to reveal unknown insights. For an organization, it is vital to understand how to effectively capture, use, and estimate the impact of their critical business processes as part of their digital transformation and that is possible by collecting the right data.
The data deluge is mounting continuously with shifting organization ecosystems. From taking advantage of unstructured and unprocessed data to providing predictive analytics, data analytics is a game-changer.
Before we know how Data Analytics implementation has bought an exceptional transformation, let’s check out few companies that elevate themselves through their data and analytics assets and strategies.
Tech giants such as Apple, Alphabet/Google, Amazon, Facebook, or Microsoft have fabricated their business models based on data and analytics. The global unicorns such as Uber, Netflix, Lyft, Airbnb, Pinterest, and Spotify are among the leading firms harnessing data analytics to pinpoint individual consumer decisions.
“Better data insights translates to better strategy”
How can Data Analytics implementation bring supreme digital transformation for your organization?
Predictive Analytics to Optimize Business
Nowadays, all types of data are pouring ubiquitously. A combination of data analytics and AI/ ML practices in your organization can optimize your business’s prospects. Not only that engineering data analytics with ML, allows human intelligence to think about diverse hypotheses and actionable insights. Advanced technology will continue to be a growing trend in enabling data prediction analytics.
Understanding your customers further
It is crucial to realize your customer’s thought process and feedback. Data analysis enables businesses to identify their customer’s activities and align their business strategy accordingly. To understand customers better, BI tools are available in the market that analyses and forecasts customer behavior; thereby encouraging businesses to act instantly. Businesses can easily motivate customers by offering a discount, other promotional offers, or even suggest relative products for purchase.
Future leaders will be data driven
Today business leaders must become data-driven. For that, they must go beyond their existing methods for insights and become agile in business execution. Just having volumes of data will not back them to drive business growth.
In other words, it becomes imperative to know what the data states about their business – past, present, and future. Data analytics as an integral part of the digital transformation journey glean the right insights to create value from the data. This has mostly proven outcomes in areas such as marketing optimization, online/offline retail business performance, improving supply chain management, enhancing drilling operations, devising financial instruments, and augmenting product innovation, among many others.
To generate the digital transformation you desire, strategic planning is a must!! Organizations that succeed to utilize data and analytics as competitive assets quickly adapt to volatile market shifts. As you begin your digital transformation initiatives, effective use of data and analytics will help you to fully capitalize on your information assets. Gartner states, although 87% of senior business leaders say digitalization is a company priority, only 40% of organizations have brought digital initiatives to scale.
Armed with strategies powered by data analytics, organizations can accelerate discovery, beat challenges, and boost operational improvements. The facts say organizations that fostered their analytics IQ are far more likely to succeed while managing in a dynamic business environment. This will empower your organizations to establish continuous deployment of analytic business models as the new normal.