To succeed in a digitally transformative world, enterprises must throw everything they once knew out the window. Traditional business models and processes are no longer cutting it. In the era of digital transformation and Industry 4.0, data and analytics are the star of the show, and some companies are still struggling to implement these components into their business strategies. In fact, less than half of corporate strategies fail to acknowledge the value that data and analytics can bring to the organization, according to Gartner. But the longer that companies procrastinate, the more they will fall behind.
Here’s why every business, including yours, needs to benefit from data and analytics:
- Information is the key to understanding your customers and delivering top-notch experiences. With the proper data, you can target the right customers and create personalized experiences based on your findings. When you know your customers well, it reflects in their entire journey with your company, and they will keep coming back for more.
- When done correctly, analyzing data can help you identify trends, and by leveraging that data, you can identify opportunities for your company. By staying ahead of the game, your business will gain a competitive advantage because you will know exactly what customers are looking for before your competitors do, leading to product creation and services innovation.
- Not only does data and analytics provide you with rich insights into your customers, but it can boost productivity within your organization. According to an Inside Small Business article, you “can use advanced analytics techniques to improve field operations, productivity, and efficiency, as well as optimize the organization’s workforce according to business needs and customer demand.”
Businesses must not fear change, but see it as an asset instead. Douglas Laney, distinguished VP analyst at Gartner, says “data and analytics leaders need to assert themselves into corporate strategic planning to ensure that data and analytics competencies are incorporated within the highest-level public facing enterprise plans.”
According to Laney, businesses can increase their proficiency in data and analytics by taking a look at how these components have benefited the organization on an economic scale. Furthermore, to ensure that data and analytics are part of the corporate strategic plan, Laney suggests participating in the planning process and emphasizing its value and importance to the rest of the organization. Moreover, he recommends that enterprises invest in “advanced analytics competencies (such as data science or machine learning) beyond traditional business intelligence and embed them throughout the business.”
How Stefanini Can Help
At Stefanini, we understand that it can be intimidating for companies to find the best way to compile, organize, and analyze data. That’s why we provide a holistic view of your business’ data and actionable insights. Leveraging industry-leading best practices for data governance and partnerships with leading vendors, we work to deliver data strategy, organization, visualization, and predictive modeling solutions through our strong knowledge of the analytical tools marketplace.
A complete view of your data and comprehension of the results can prime your business to head down the path to new product creation and services innovation. Instead of leaving your virtual piles of data untouched and unutilized, our team works to derive value from your data and create monetization.
Learn more about our data analytics services here.