There is a clear way to optimise digital transformation efforts: focus on the data. Indeed, there is a great case to be made that digital transformation will probably fall short unless it is based on a rock-solid foundation of data transformation.
In this context, data transformation does not just take into account the traditional ‘extract, transform and load processes of collecting, cleaning, reformatting as well as storing data. It also takes into account the subsequent analysis as well as leverage of collected (or real-time) data in order to inform a company’s:
- Decision making,
- Operations, and
- High-level digital transformation strategies.
The Value Of Data-Driven Insights
With no data-driven insights, digital transformation initiatives are flying blind. On the other hand, organisations that make good use of data can achieve a range of benefits, such as:
- Deeper customer intelligence, in other words building detailed profiles of customer needs, wants as well as trends. This understanding is then used in order to design new products, shift supply chain flows as well as improve customer experiences and loyalty.
- Reimagined processes, which involves identifying inefficient business processes and instituting optimised workflow replacements in order to speed cycle times, optimise the supply chain in addition to controlling costs.
- New business opportunities, in other words spotting emerging threats, opportunities, and trends. Using that knowledge to shift business priorities, enter new markets, and make other strategic decisions.
- Balanced risk and reward, in other words simulating future market scenarios, tracking and maintaining compliance with global regulations, driving down carbon footprints, and performing other analyses to achieve maximum benefits with minimum risk.
What Is The Role of Governance In Digital Transformation?
Governance is the set system of practices, rules and processes that help to control and direct an organisation. A crucial part of a successful digital transformation in an organisation is to first ensure that the organisation has the appropriate systems, processes, and frameworks to collaborate with other firms and individuals outside of the organisation who could benefit their transformation efforts.
Collaborating and forming bonds with third-party organisations is key. By taking an outside-in approach and forging digital transformation partnerships with technology specialists, leaders can forge mutually beneficial partnerships with other external organisations and inspire both parties to move faster and scale up where it is necessary.
It is important to take note that, often, organisations may need to collaborate with a digital expert, but digital experts are not necessarily the best leaders of the digital transformation journey. This is because an external collaborator may not understand the business processes or the kind of transformation that a particular business needs. Therefore, it would make more sense for an organisation to appoint one of its own internal leaders with a proven track record of problem-solving skills to guide external digital experts.
The right digital transformation with data will work well in order to implement as well as refine the correct, unified tools, data strategy, data management, process as well as analytics in order to enable an accurate data insight. This is achieved through the process of aligning and refining on- and offline data to support intelligently informed decision-making across the organisation.
Of course, as every company will have different goals, priorities as well as ambitions, no two processes will be the same. This is because each organisation will have different starting points as well as technologies in place for digital transformation.
In today’s world, unless your business is digitally transformed you’re dead in the water. Make sure that this doesn’t happen to you by studying our Digital Transformation Course. For more information, please follow this link.
You might also like
- Your Complete Guide to PPC Marketing Basics. Find out more.
- Would you make a great marketing manager?
- Will digital marketing now replace traditional marketing?
- Will Digital Marketing Kill Traditional Marketing?
- Why Your Online Branding Is Key To Your Business
- Why Your Mobile Marketing Has To Go Global? Learn more.