Why do data and digital transformation go together? Read this article to find out.
Data Is Essential to Digital Transformation
We live in a hyperconnected system. It also seems like every interaction is equal to data sets.
Of course, change is inevitable. And because of that, how we consume and use data also changed.
But not all changes are bad. For one thing, digital changes result in shaping new business models. For another, it drives a more customer-focused approach to transformation.
Still, it’s sad to see how companies disregard the importance of data. Reports show that less than 50% of a company’s decision is based on quantitative information.
In other words, most of the decisions are based on gut feeling, experience, or opinion.
Despite that, many companies express that they want to improve in using data. Even so, most of them believe that this is not going to be easy for them.
If you are in a similar boat, how do you know where to start? One word: Clients.
Sometimes, companies forget that they exist because of their customers. The truth is that the ultimate impact the bottom line of every decision.
How to Start Using Data and Digital Transformation
This is easier said than done. In reality, there is a lot of complexity that exists within any organization. So it can be difficult to achieve this.
Another factor is that it will affect people, processes, and technology. Digital transformation touches the core foundation of a company.
But that does not mean that it’s completely impossible. As we’ve mentioned, data affects people and your customers.
However, you can only help your customers transformed by transforming your business first.
The process also includes knowing which areas you need to change and improve. But keep in mind that data transformation takes time. So, you need to have the patience to see results.
For example, you can start by focusing on your customer’s behavior. Try to understand them by observing their buying decisions, how they use your products and more factors.
You can also use surveys to measure customer satisfaction. This helps you predict what more they need and how you can address that.
Data from Employees and Digital Transformation Examples
Another strategy is to improve your employees’ productivity. Needless to say, better service from your employees means happier customers.
During this pandemic, businesses have shifted to work from home models. As a result, leaders can’t manage their employees like how they used to.
Still, a change in the situation should not affect customer service. If anything, companies and businesses should think of ways on how to fill in the needs and wants of customers now.
Because of that, analytics from data can help them figure out what to do. Financial companies, for instance, we’re able to predict transactions from people who stay at home.
That’s why they were able to manage their resilience. It also helped them make effective actions to address the use of credit whenever applicable to the client.
Data tells a lot about everything that we do and about to do. Really, we live and breathe data every day.
Now, businesses should embrace the fact that data is imperative to their operations and processes. As a result, those who harnessed the capabilities of data are going to succeed.