Recent research reveals that digital business initiatives benefit businesses in numerous ways. No matter your market, industry or business size, digital transformation (Dx) is important to results, competitive positioning and productivity.
Digital Transformation (Dx) isn’t just the flavor of the month or a buzz term circulating in the business community. It is a reality and a crucial component of business success. One might ask what all the fuss is about. Technology consulting firm, Gartner predicts that, ‘Through 2024, 50% of organizations will adopt modern data quality solutions to better support their digital business initiatives.’
In a recent survey conducted by Deloitte Consulting with Scottsdale Institute, technology health care professionals reported, ‘ leadership (80%) and management of implementation (68%) to be the key accelerators of digital transformation, and culture (60%), communication ownership, and transparency (48%) the key barriers.’
According to a recent report published by a financial research firm, the top reason for implementing a Digital Transformation (Dx) strategy (and the top benefit from said strategy) is to improve operational efficiency. 40% of those businesses surveyed said that operational efficiency was a primary driving factor.
The world-renowned technology research firm, Gartner, defines Digital Transformation as ‘the changes associated with digital technology application and integration into all aspects of human life and society. It is the move from the physical to digital’. While many businesses are taking up the task of planning for and executing Digital Transformation (Dx), many businesses will find these initiatives fall short of expectations.
While many of you may follow the research and market analytics provided by Gartner, you may sometimes find yourselves wondering if their predictions and market analysis are correct. When it comes to the predicted transformation of business users into Citizen Data Scientists, that particular transition has been happening for a while now. If anything, the global pandemic has simply made the prediction more pressing than ever.
If you are a business manager or a senior executive, it is likely you have heard about Digital Transformation in industry conferences or read about it in journals and publications. When you decide to explore the benefits of Digital Transformation, you will likely conclude that the payoff is well worth the effort. But, that still doesn’t get you to your goal. If your own team is too busy or does not have the skills to accomplish the task, you are not alone. Most businesses are engaging experts to help them on the Digital Transformation journey.
When a business enters the domain of data management, it is easy to get lost in a flurry of promises, brochures, demos and the promise of the future.
Do you know what Key Influencer Analytics are? If not, you should! One of the most frustrating tasks a business user has in analytics is finding and gathering the right data for analysis and ensuring that all factors, variables and data that may affect the outcome of the analysis is included. That is why these activities are typically performed by Data Scientists, analysts or IT in many organizations. Without the ability to identify the right variables, and determine the relationships among these variables and business success, the business is likely to measure and attend to the wrong things.
Why do your business team members need to be data literate? If your business is like most, it struggles to keep up with trends and to understand whether, when and how to implement enterprise-wide initiatives. You must convince your senior team and board of directors that these changes (which may be time-consuming and costly) are worth the effort. So, when a business manager says that her/his team needs to be more data literate, these same questions will arise.
