Companies are always looking for ways to improve their products and services. The rate of change in business today is happening at a much faster pace than it has before, with new technologies emerging every day. This requires organizations to constantly innovate to stay ahead of the curve. These changes have led many companies to turn toward data as they make decisions about how their businesses should be run. Data-driven digital transformation starts with understanding the challenges that modern organizations face when trying to utilize analytics, and how they can overcome these obstacles by turning towards big data solutions for insight into their company's success future.
In this blog, we'll look at how data drives digital transformation, the challenges that organizations confront with their analytics, and why they're turning to data to make business decisions.
Challenges of Modern Businesses & Data Analytics
Organizations need to be able to respond quickly in the market, and analytics has become a key component for this. However, it’s not as simple as just looking at data - companies also have to understand how that information was gathered, who gathered it, what they were looking for, and how it can be applied to their business.
Another problem is that business users don't have the right kind of data to turn into actionable insights. Analytics across departments and teams can be siloed, causing information gaps between groups. This often results in different people using the same numbers to mean different things , which makes it impossible for management or leadership to make good decisions based on data.
There are several other challenges that organizations face with analytics, including access to the right data at the right time, especially when it comes from sources outside of their company; lack of security protocols for big data environments ; and not having enough trained professionals on staff who can actually utilize the information gathered by modern toolsets .
Data-Driven Digital Transformation
While many organizations may be aware of the benefits analytics can bring to their business, they often don't know how or where to start. They might already have an IT team in place, but lack personnel with the skills required to use big data solutions. In these cases, it's important for companies who want a data-driven digital transformation to invest in training programs that can provide their employees with the necessary skills for getting started.
Companies are also turning toward big data solutions, which is empowering them with actionable insights about how they can improve their business processes . These toolsets are able to automate things like data preparation and cleansing , saving valuable time so teams have more time to focus on providing insight about their products and services.
Data-driven digital transformation is becoming increasingly important for modern businesses who want the edge in today's competitive marketplace. However, data analytics isn't just something that should be left up to IT or big data teams, it should also provide information which can help management make better business decisions. This requires a company-wide approach, where everyone from the CEO to individual employees are involved in making data analytics an integral part of their business.
Monetizing your Digital Transformation
Data monetization allows you to extract more value from your data and is a big part of digital transformation. There are several ways that companies can use their data sets, such as for machine learning (ML) applications, predictive analytics, or insights into real-time customer behavior. There's also the opportunity to turn those behind-the-scenes data insights into new revenue-generating products and services.
For example, airlines can take their historical flight data to create a predictive maintenance solution that not only helps them keep planes up in the air but also reduces costs by catching problems before they become major issues. Finance companies can use their transactional data from customers' credit cards to predict when someone is at risk of not making a payment on their credit card, and then contact the customer to offer them an alternative.
Digital transformation is happening now across all industries - including yours. Whether you're looking for new business opportunities or want to make your internal operations more efficient with data analytics, it's time to take advantage of this opportunity.
Kicking off your Digital Transformation with Sparkline
In this age of digital transformation, data is at the forefront. In order to take advantage of new technologies and business opportunities going forward, you need a solution that scales with your needs. Whether it's machine learning or predictive analytics on transactional data sets across industries like finance, airlines, hospitality and retail - Sparkline can help build that foundation for you.
We're at the forefront of emerging technologies and will work with you to build data-driven solutions that complement your digital transformation goals. Contact us today for more information on how Sparkline can help power your business success!