Why data and data analysis are essential to digital transformation?

Data scientists

Let’s talk about some good practices for companies that want to acquire or improve their skills in data exploitation and analysis in order to carry out their digital transformation. The first thing that you should know is top data analytics in USA, it will definitely help you to improve your business productivity and make more benefits. 

The exploitation of information as a resource is only in its infancy, making it a competitive advantage and a differentiator for large companies in the midst of digital transformation. In this sense, data and its analytical tools are gradually becoming strategic priorities.

Data and data analysis are the first accelerators of business digitalization and transformation strategies. Nevertheless, less than 50% of the organizations surveyed identify these two areas as key elements in creating value.

However, it is expected to change mentalities in the short term. Indeed,nowadays, 90% of business strategies will consider information as a strategic resource, and data analysis as an essential skill.

To stand out in the context of the emerging digital economy, organizations must be able to make quick decisions that will positively impact their future. Data management and analysis managers must assert themselves in their company’s strategic planning and ensure that their skills are integrated into decisions regarding all activities in direct contact with the public.

Give more importance to data and its analysis

It’s really important to ensure that data management and analysis strategies are regularly on the agenda of board meetings. In all industries, leaders handle data and data analysis as competitive tools, business accelerators and innovation catalysts.

However, many structures are still struggling to get rid of old economic models and analog business processes that ignore the potential of data and their analysis. Others are aware of the opportunities they offer, but fail to make the required crop change or are reluctant to invest in information management systems, cutting-edge data analysis skills and the technologies needed to exploit this potential. Fortunately, today you can find a lot of services, such as Inoxoft, for data analytics and transformation. 

Strategies to optimise value creation from data

As the position of chief data officer is becoming democratised and sees its authority and influence gradually compete with those of other leaders, the companies of tomorrow will no longer just use data as a resource and analytical services as reporting and decision-making tools. Data and their analysis will thus occupy a central place in the strategy, priorities and investments of companies.

Here are several recommendations for companies that wish to acquire or improve their skills in operating and analysing data.

  • Inventory and share examples of the internal and external economic benefits that your company (or other similar companies or sectors) may have gained from data exploitation and analysis.
  • Offer to participate in business strategic planning to ensure that it takes into account data and analysis skills, if this is not already the case. Share it internally and publicly in annual reports, investor conferences, etc.
  • Measure and communicate the value of company information to get all employees to consider it a valuable resource and thus promote the adoption of new habits.
  • Develop, recruit and borrow talent with data analysis skills (data science or machine learning, for example), in addition to classic business intelligence expertise, and integrate them into the company’s departments.

The importance of data analytics for business

This combination of “data visibility – governance – and empowerment” is an essential engine of growth for all companies and organisations. 

As data is the basis of all strategic initiatives, it must be understood that better use of it is not a simple IT optimization or expansion exercise. It is really about using an integrated, holistic approach that meets the needs of each data stakeholder.

Better visibility and governance of data allows all those who interact with them to better protect them and use them more intelligently. The data-driven transformation of the company (supported by data governance, centralised data cataloguing and fluidity efforts in working with data) frees up the accessibility and value of this information on a large scale. It promotes more strategic decision-making and improves operational efficiency.

The move to a data-driven company creates a solid foundation for greater data automation. The current report on the state of data governance has shown that 93% of organisations have the ability to further automate data operations. 

Automatisation tools and control 

The masses of data that each company constantly stores and collects offer huge potential opportunities if they are used strategically. Raw data is useless. Those that can be used to provide commercial information must be discovered and catalogued centrally, with each data packet labelled with its corresponding metadata. Automation is the only way to carry out this task. The resulting metadata repository, combined with the business context and governance, can then be used as the one and only source to reveal information about the organisation’s entire information landscape.

A strategic asset to accelerate the delivery of new data pipelines and to ensure that company stakeholders will receive this data with all the understanding and contextual advice necessary to make it a business advantage rather than a risk.

Automation makes the collection, management, activation and enrichment of metadata a practical reality. Especially since IT teams are facing a constantly changing data landscape, in the world but also within their own organisations. 

Thanks to advanced automation and augmented artificial intelligence, it allows companies to more effectively protect their data and exploit all their value.

Therefore, your company must fully exploit data to obtain information that will give a boost to commercial innovation. It means that data analytics is a key to success in our modern world and with this essential tool you will definitely be updated every second. 

Data is now at the heart of business development and innovation. The big challenge is to increase data visibility and combine data intelligence with data governance, to help companies maximise their value and use. They will thus gain a competitive advantage while protecting themselves against the misuse of data and the associated operational risks.

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