4 Key Areas to Apply Data and Analytics in Digital transformation (DX)
Digital transformation, today’s most common buzzword among IT leaders as a step to achieving rapid growth in feasible time frames. It is an initiative every organization is looking at to stay competitive.
Then how is the way forward for the Digital Business Transformation (DX)?
The instrumental role, in this DX journey, that majority IT leaders speak about is ‘Data Strategy’.
Global-level surveys show that the leading transformative companies believe in ‘four important traits’ to become a leader in DX trend.
- True transformation
- Transformation in customer-facing functions first
- Investment in next-gen technology through bimodal architecture
- Be talent-driven
Let’s take a look into each of these four traits that DX leaders consider as a key checklist to applying ‘data and analytics’ for successful digital transformation:
1) True Transformation
This is not just for the IT team! Successful DX leaders recommend the ‘true transformation’ that transforms the organization completely. This can be the change in organizational structure in line with the new transformative approach, long-term objectives backed by senior management support and timely investments in relevant next-gen technologies.
2) Customer-facing Functions on Priority
Customer is the top priority in the digital trend! Organizations focusing on customer experience are enjoying a competitive advantage. 92% of the successful DX leaders say they have mature DX processes and initiatives focused on enhancing customer experience. While 70% report a positive impact of the same on the business in real-time.
As a result, data analytics and related tools are coming helpful/handy in collecting data, not just to target but also to keep them engaged.
3) Investment to Drive Analytics-based Processes
Other than just transformation process, DX leaders are very keen about recruiting the right talent to drive the process. More than 45% of leaders consider investing in digital skills and technology as the top priority, with a focus on recruitment and training in competing skillset.
Some reports support this argument showing possible signs of the ‘lack of skilled personnel to deal with data. This worries DX leaders a lot who report a lack of skillset to drive their DX initiatives. Considering the significance of data and analytics in driving DX trend, recruitment and training top the priority list!
4) Collaboration Across Departments
Cross-departmental collaboration is key to success in the business transformation journey. It is a holistic approach that should involve a single agenda with an inter-related set of goals and short-term objectives linked to larger missions. Though IT can be the core driver, transformation belongs to everyone in the organization. As a driver, IT should be able to explore and enable teams to explore and analyze data.
Data and analytics usage for corporate strategic initiatives involve collaboration among Operations (61%), Finance (52%), Sales and Marketing (49%) and Human Resources (43%) teams.
On an EndNote
The digital transformation leaders who possessed these qualities are reportedly 2.5-4 times more capable of generating more value through next-gen technologies. The major technology area they focus on is ‘Big Data & Analytics’, with more than 90% of DX leaders and 60% non-leaders already investing in this area.
These numbers position Data Analytics at a crucial point in realizing business success through digital transformation initiatives.
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