In today's digital age, data is powering business transformation through modern applications and solutions. Business leaders across industry domains rely on data-driven insights to make effective decisions. 58% of data-centric companies are more likely to achieve their business goals than those that don't rely on data. They are also 23x more successful at customer acquisition and 19x more likely to stay profitable.
Why is data becoming central to business transformation in any industry? With the wealth of data at their disposal, organizations can now harness this data for a multitude of insights related to:
- Customer expectations and behaviours
- Operational capabilities
- Financial performance
- Industry trends
For instance, enterprises can leverage customer data to improve product development. Based on their customers' feedback and product usage, they can easily gauge their products' real-world performance.
Role of data digitization in business transformation
85% of business executives rely on data analytics for their business decisions. However, it's equally challenging for them to enhance the usage of data-driven insights. Why is this happening? For a start, enterprises cannot make digital data easily accessible to their business users. This is where data digitization can help.
Simply put, data digitization is the process of converting physical data to digital data, which is more accessible for business applications. Through digitization, data is easier to search, filter, and analyze for business purposes.
For example, by digitizing physical documents, business users can share critical information in various data formats with other users. Similarly, retailers can collect and analyze barcodes and QR codes in digital formats.
Here are some of the benefits of data digitization for business transformation:
- Improved decision-making
As more business executive depend on data insights for their decisions, it’s important for them to easily access and share real-time data. Easy access is particularly crucial for large enterprises whose data is scattered across global locations and regions.
Data digitization effectively streamlines data storage and access for the benefit of faster accurate decision-making. Through digitization, enterprises can integrate and organize massive data volumes in a secure centralized database.
- Customer satisfaction
Digitization of customer data makes it accessible for a variety of customer-centric applications like chatbots, customer relationship management (CRM), sales & marketing, and customer service. By extracting valuable insights from customer data, enterprises can efficiently:
- Understand customer behavior and their purchasing patterns.
- Personalize their product recommendations to suit the customer’s changing needs.
- Offer customized services based on what customers are looking for.
- Future-efficient knowledge base
By digitizing resources including technical manuals, best practices, and business policies, enterprises can provide employees easy access to an expanding knowledge base. This is immensely valuable as a learning hub for future employees.
As more companies shift to remote working, employees can access this digitized knowledge from any location or device. Through enhanced accessibility, enterprises can improve their productivity and business performance.
- Operational efficiency
In the manufacturing domain, digitized data can help in automating manual processes such as work scheduling and checklists. For example, factory workers no longer need to “check into” work through card punching systems. Work management tools can track their working hours and store this data in digital format.
Without data integration, enterprises cannot unlock the value of data digitization. Let’s explore why.
How data integration can unlock the potential of digitization
Data-powered business transformation is the right strategy for modern enterprises. Among its core strengths, this data-centric approach along with the right technology can help enterprises:
- Generate valuable insights that can help them improve customer experiences and business operations.
- Reduce business waste and costs by unlocking intelligence across every business process.
Business transformation cannot succeed with only digital technology – without any effective data strategy and integration plan. In reality, effective business transformation is possible only by integrating 3 essential assets – data, processes, and technology.
Let’s first consider data integration. Most enterprises already have the data to build their business transformation strategy. However, they are unable to unlock value as this data is often “siloed” or locked up in technology platforms or business functions. Through data integration, enterprises can unlock and combine data from multiple silos and provide a unified view. This makes it easier to access and analyze the data for real-time insights.
As an example, data integration in the healthcare domain can combine patient data from multiple sources including electronic health records, insurance claims, and medical treatment. Besides ensuring regulatory compliance, this enables healthcare providers to improve their patient care and outcomes.
Conclusion
Data-powered business transformation is imperative for organizations to gain a competitive edge in any industry domain. Through data digitization and integration, enterprises can unlock data-driven intelligence that can improve decision-making and productivity.
At Wissen, we can help you maximize your leverage from big data & analytics with the following services:
- Data engineering
- Data management
- Data analytics and visualization
Our team of data professionals can help accelerate your data digitization and integration for business transformation. Contact us now.
