Do you have a Data Analytics strategy that fuels successful Digital Transformation?
Published on 22nd October 2018 | Sameer Khare
Over the last decade, digital transformation has become the most popular buzz word across all industries in the world. Technology has transformed the way the companies do their business, marketing, client relationship, and customer engagement. According to Forbes, 89% of enterprises have already planned and set to implement digital transformation.
Statista has researched that 3.58 billion people have used internet worldwide in 2017 and is increasing continuously. Also, the smart devices and assets are increasingly growing everywhere capturing the untapped data. Clearly, more & more data gets generated and its analysis can help the businesses to optimize their operations, proactive decisions, and position their product or services precisely. With data analytics solutions, businesses can prevent the asset failures, predict outcomes & customers’ demand, interpret the data more meaningfully, and take effective decisions.
Let’s discuss the five most essential tips for building a right data analytics strategy to drive successful digital transformation.
Define clear goals – Find what is driving the need for Digital Transformation
Having clarity on what drives the need for digital transformation is crucial. Understand the market trends from the technology and product perspective. It can give you the upper hand in data analytics. Moreover, identify your major challenges, make the concrete action plan, and move with small steps. Your goal should be measurable and achievable in milestones.
Ask your customers to build the clear Digital Roadmap
Any changes are valuable only if they are done keeping the long-term vision in mind. Deliver what can solve your customers’ problems instead of spontaneously creating a solution that addresses zero challenges. The crystal-clear roadmap can be formed only if, businesses see the transformation as an effective way of doing the things. The investors and directors should change their mindset and start forming the roadmap with a flexibility that can adopt a change in priority.
Bring "Working Together" across the Business, from Leadership to your People
All businesses have multiple departments, teams, and groups of people. It is significant to have alignment among them to achieve the common objectives. It is only possible with the clear communication, transparency, and well-structured procedures. Furthermore, the individual, whether it is a Chief Executive Officer or a CDO, should take the lead and ensure the business objectives are met.
Define Right Dataset & Tools and embrace the Cloud
Data is generated everywhere; by IoT devices, Mobile Application, CRM, Social Media, ERP, and much more. All these sources offer untapped insights helpful in business decision-making. However, you don’t need to take all set of data from all data sources. Identify the right set of data source meeting your business objectives. Moreover, you can leverage the cloud for minimizing the cost and facilitating your team to focus on solution instead of managing the infrastructure.
Customer Success Story
US based Water utility companies are utilizing Smart Analytics solution, developed by data analytics experts at Saviant, and are saving billions of gallons of water every year. Utilities have started their digital transformation journey by using IoT driven Smart Meters and can now extract business intelligence from the IoT data. Using the system, they can monitor the health of field assets and execute predictive & proactive maintenance of infrastructure.
Develop Analytics as a Service to experiment new Business models
Digital transformation cannot be done in overnight. Changing the business model is a continuous process in this competitive world. You need to offer modern services and it is not at all enough to just build one application to consider yourself digital. Explore various data sets and continuously think about offering the better engagement to customers; by developing the culture to try out innovative business models.
Enabling a Right Data Analytics Strategy that Works
The technology roadmap for a successful digital journey is very important. Industry leaders need to enhance every aspect of their business and not to find a replacement of existing processes; in order to experience the power of digital. The technology can help you to transform your processes and business, but experience holds the key in this transformation world.