Data and digital transformation (Dx). You cannot do a transformation without considering data. It plays many vital roles in the journey.
Thus, making it one of its key drivers along with analytics. How so?
We will dig deeper into that in this article.
Data & Digital Transformation
As per McKinsey’s report, compared to those who are not, data-driven companies are:
- 23 times better at getting more customers
- keeping customers six times better
- 19 times more profitable
Thus, it is clear that focusing on data is vital in doing Dx. The lack of the right data and analytics meaning setting your Dx into failure.
We do not want that, do we? Yet, many companies still overlook data and its value. On the same report by McKinsey, only less than half of companies see the value of data.
So, to keep away from the same path, you need to make full use of data in your Dx. How so?
Making Full Use of Data in Digital Transformation
Make a Data Strategy
First, you need to start with the right strategy to ensure you get the right data. Then, you need to get this data fast.
So, what you need to do to ensure you have the right strategy is to plan how your data is:
- kept track of
When you do have the right plan, you can then set a better roadmap for your Dx.
Ensure Data Quality
When you already get the data, you need to make sure of its quality. So, you need to cleanse and review all that you got.
Then, put up strong security. Give easy access to those who need the data. But make it impossible for those who should not.
Thus, making sure data quality is not changed in any way.
This means having a set of:
So, data governance can aid you to keep track of your data assets. You can then make sure of its:
Also, data governance has three key elements:
- processes and procedures needed to manage data
- ensuring compliance are met
- change management ways and standards
In short, it can help you control your data assets. At the same time making sure they do not lose any of their value.
Turn Data Into Insights
What good are lots of data if you cannot gain insight from it? These insights are going to be the ones you base your decisions on.
But gaining insight can be hard because you need to:
- ensure data is clean, consistent, and usable
- make the right models
- use the right visual aids
To do this, you can seek the help of AI. It can give you the right insights from your data and it is faster. Thus, helping you make better decisions faster.
So, we can now see the value of data in doing the Dx journey. How, then, are you going to make full use of it in your company’s Dx? What steps are you planning to take?