Driving Digital Transformation with Data Analytics

May 19, 2020
Industry Update

Digital Transformation Readiness

The acid test of Digital Transformation in your company is currently how the organization as a whole managed to adapt and cope with the COVID-19 pandemic. Not just you – its far-reaching impact is felt everywhere. Bringing economies to a halt and day to day lives in many cases unprepared for the sweeping changes of the way we live work and play.

“It is not the strongest or the most intelligent who will survive but those who can best manage change.” ― Leon C. Megginson

Looking at it from the lens of Digital Transformation, companies that were most likely to have technologies in place to integrate with their business processes were able to adapt quickly and provide business continuity in these uncertain times. The 4 areas that required massive changes were telecommuting, online delivery of food and services, cloud technology and virtual events and meetings.

Digital Transformation + Data Analytics = Enhanced Customer Experience

Digital business process boils down to enhanced customer experience using more and better information about the customer relationship. Utilized effectively Data Analytics open up valuable insight and information about what  works and what needs to be improved. 

It is a true maxim that data backed decisions gives a much needed 360-degree view. However, it is not always true that organization knows what their data is doing and how to leverage it in tandem with the digital transformation.

How are brands can utilize data analytics for driving their digital transformation journey?

Robust Organizational Structure to apply effective data analytics strategy

To effectively leverage the power of analytics, companies need to put in place structure and processes (digital tools) that is able to quickly and automatically collect, analyse and action on available data. To obtain the right usable data continues to be a challenge.

Develop Analytics Champions

Analytics champions are those who bridge both data science with marketing strategy. Another key success factor for companies is developing and hiring the right Data leaders and champions can help to bridge both data analytics and business strategy for better return of ROI. They need to know enough about the business to ask the right questions out of the data collected.

Focusing on better lean data and not just big data

Instead of collecting data for data sake, the ongoing challenge that brands face today is the volume of data. Organizations need to identify and collect data that will optimize the experience for customers and better predict future behaviours.

Digital Transformation ROI matched with analytics success

Companies that continue to use and optimize tools and data available to them learn better by using digital marketing strategy like A/B testing. This continues to predict and optimize business outcomes. There’s no better way to learn about your customer than to see what works and what doesn’t, and data would be able to show the performance at every touchpoint.

Data Democratization 

Data Analytics is becoming increasingly more impactful to the digital workplace. In 2020, it will become a more critical and the most success will be for those who make data democratization more accessible to employees, while being mindful of ethics and security, and improve systems performance across the organization.

How do companies increase the importance of analytics, develop data-driven culture and build capabilities for a successful digital ready organization?

Leading organizations in every industry are wielding data and analytics as competitive weapons.

Gartner studies predicts that by 2022, 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency. 

Brands ability to compete in the emerging digital economy will require faster-paced, forward-looking decisions.

Build your organization’s data and analytics competency for digital transformation success with Appmonz.