What is Digital Transformation and Why is it Important?
Digital transformation is the process of using digital technologies and data-driven solutions to create new (or modify existing) business processes, cultures, and customer experiences. There are multiple reasons why frontrunner companies have digital transformation as a top priority.
Data: The Asset that Keeps on Giving
Increasingly, companies are starting to see their data as a key organizational asset. Data is also more available than ever before — so companies in the know are prioritizing collecting as much of it as they possibly can.
These companies are gaining lightyears on their competitors, simply by taking advantage of this data goldmine. Collecting and analyzing more diverse, more accurate, and more recent data means they have privileged access to unique market insights. At this point, they’re playing in another league.
The Challenges of Data Management
The transition can pose several new challenges for companies. For example, organizations are seeing a rise in the number of software applications they need to manage because of the sudden influx of new, data-driven solutions.
This fragmentation of the applications landscape often creates more data silos as companies try to utilize applications for each of their business functions. Not only does this limit opportunities for internal collaboration, but it also creates siloed vocabularies that can be tough for employees in different departments to bridge.
How Solid Data Management Can Help
With reliable data management, integration, and reporting, a company experiences several worthwhile benefits. Business users can instantly access the information they need, without wasting time sifting through useless data to reach it. This underpins better decision-making and increases adaptability in changing market conditions.
Well-managed data is also consistent and reliable, with no redundancies. This helps a company develop its single source of truth — helpful not only for internal decision-making and collaboration, but also when it comes to compliance and regulation.
From Data Foundation to Digital Transformation
Fundamentally, if you want to transform your organization into a digital company, then you have to begin with a strong data management foundation. Our advice? Implement a system that works for your company and that your employees can easily understand.