There is a staggering amount of data in digital form entering the world every couple of days due to a number of factors which include but are not limited to; web traffic generation, user-generated content, specific event content, and so on. More data automatically means more subtle insight. Information can be used as a competitive differentiator for organizations as they focus on “digital transformation” making data and analytics a strategic priority and the key to digital transformation.
The Data Transformation Journey –
Today data is seen as a critical enterprise asset and analytics as a vital capability. Therefore, when any organization considers digitizing their workflow, they need to start with implementing a full-scale Big Data and Analytics solution to firstly control and make sense of the information available.
While many organizations recognize the potential of data and analytics, some are still stuck in the traditional business model, while the rest understand the potentials but are failing to make the commitment to correctly manage their information. Our experts at Intalio have summed up the key parts to get on the right track with digital transformation by setting a data strategy.
Developing a Data Strategy –
Valuable business assets need to be strategically approached by organizations. The starting point is to ask yourself as a business, what is it you want to achieve, what are the key challenges, and most importantly, what does your organization want to use the data for?
Identifying uses for data –
- Understand your markets.
- Offer a customized experience.
- Fine-tune your current services and other offerings.
- Improve your own business operations, for example, better marketing.
Secondly, you will need to identify what type of data do you need for each of the uses above. Depending on who your customer is, you will revert to the different data sources while taking into consideration legal requirements, GDPR law, as a good example, to extract and then analyze, making proper sense of the data at hand.
Turning the Data into Insight –
Understanding a particular behavior or trend in any given data requires a thorough analysis using advanced analytical tools to allow you to turn data into insight. Many organizations are stuck in the loop of generating generic reports and are not making insightful connections, while others have perhaps deployed a tool but not the right one. Few are the organizations ahead, but those that are, are definitely setting the bar higher by gaining competitive advantage.
Elevate Your Organizations Value –
Having an analytics and data strategy is important, but how do you become in the lead without wasting your money and immediately seeing the returns on your investments? Here are some tips and tricks:
- Clearly establish the role data and analytics play within the larger scope of the organizational transformation strategy
- Ensure everything produced by your organization is translated into hard metrics and measures
- Always look for constant improvements by understanding what drives your performance.
- Focus on what is needed only so you strengthen best practices and outputs.
Data Transformation is key to generate proper analytics and insights to accordingly elevate an organization’s value. Whether it comes before or after other solutions, the process is essential.
To show you how powerful and important these technology tools are, here are some examples of how they are used by different businesses from various industries.
In retail, for example, employees can extract the purchase history of their customers to use this data to create a more personalized experience, by showcasing items similar to the bought items, or items of interest.
In the health industry, patient records can be closely monitored and analyzed to suggest to patients some necessary tests be done, appointments to be taken, health habits to be added. The total history can be extracted to measure certain metrics like the progression of health and so on.
As for the public sector, AI embedded technology can do wonders! Real-time traffic data can be extracted to provide real-time information about traffic congestion. Moving onto more advanced uses like going into details about road quality and minimizing road accident rates using a data-driven smart transportation system within smart cities.
Giving value to your organization might sound like an exhausting job to do. However, having over 30 years of experience in content services, Intalio is able to allow your company to instantly take forward-looking decisions and compete in the emerging “digital economy” through advanced content solutions allowing your data and analytics to become the main aspects of your enterprise strategy and focus.
Collect, measure, and build with Intalio as we provide optimal information governance through a fully-featured, AI-powered set of services employing the latest technologies and transforming the way your enterprise incorporates content.
Get in Touch with our expert team!