Becoming data-driven and digital is an attractive idea, but many companies have found it difficult to pull off in practice. Companies are capturing only a fraction of the potential value of data and analytics. Indeed, analytics is no small feat. So how do you simplify your company’s digital journey and yet become genuinely data-driven?
Facts and insight fuel every corner of any company. From turnaround time in order and delivery to improved customer service and upselling. But it does not stop there. Data and analytics not only improve the bits and pieces but have the power to transform the company in its core. The true magic happens when companies integrate data into and utilize them in their day-to-day operations and exploit how data can support new business models.
Recent research shows (Deloitte: Analytics and AI-Driven Enterprises Thrive in the Age of With™: The Culture Catalyst) that data-driven and digital companies are more profitable and outperform their competitors financially – a claim supported by McKinsey, IDC, BCG, Bains, Accenture, and Gartner. Among others, data-driven and digital businesses are more innovative, more democratic and provides a better overall customer experience.
“However, becoming data-driven and digital does not happen overnight,” says Kim Nielsen, Director, Data & Analytics, Pedab Group. “It starts with a strategic decision and advances step by step. Our advice is to identify one key area where the benefits of becoming digital are obvious and get started with one simple tactical use case. Look for low-hangings fruits that do not require too much resources or funds. From this one first project you will get attention, learnings, and energy to continue. It is also a good time to leverage the creativity and curiosity in the organization.”
In order to simplify your company’s digital journey, we suggest that you focus on new business models, data management and intelligent technologies:
· To find the right business models, you need to know your company’s strategy. Map your organisation, resources, opportunities and barriers and outline a SWOT of your company’s potentials, competitor benchmark, and gap analysis
· Instead of data being simply stored, data becomes the engine in the new business model. Collecting, structuring, protecting and mastering data is thus the very cornerstone of technology-driven innovation and an enterprise’s ability to increase growth
· Profit from new, intelligent technologies that truly simplify complex processes. The combination of exponential technologies, such as Artificial Intelligence, Internet of Things, and Blockchain, puts data to work. Data helps you make faster decisions, automate processes, and improve the traceability in a transaction
The right building blocks, i.e. an ecosystem of business advisors, IT partners, and integrators who provide your company with the right business models and technologies, pave your way to faster and better results. At Pedab, we specialize in establishing these ecosystems. It is not important where your company is in terms of digital progress or maturity. What is important, however, is a wholehearted effort and goal to integrate data into and utilize them in your day-to-day operations, thereby transforming the core of your business.