Digital transformation drives interest in governance, predictive analytics
Consumerization of technology has gone mainstream in the business world, where it's largely broken out of the previously guarded world of IT and shows up prolifically across the smartphones, tablets, and desktops of business users.
Empowered by the way technology has made digital transformation accessible in every facet of life, business users are leveraging technology and the data it generates to make it easier and faster to focus on revenue growth, customer experience, and data-driven strategy. As the year unfolds, and digital transformation continues its viral progression, here are trends we will continue to see.
Shifting from a legacy culture to the cloud
Beckoned by promises of flexibility and real-time availability, business users are increasingly doing an end-run around IT and legacy systems and turning to cloud-based applications to get what they need. For them, there should be no boundaries to improving how they work and the devices they use. But it leaves companies committed to legacy ERP systems caught in a tangle of data processes and workflows that have run amok, making streamlined business engagement and information governance difficult at best.
However, it's an opportunity for businesses to successfully move digital transformation forward as well. They must first take a step back to assess how they can transform a legacy culture.
That begins by expanding beyond IT to include business users across the enterprise. Together they can determine how to move from slow-moving processes trapped in silos to applications that offer the agility they need to be more responsive and productive.
A strategic, enterprise-wide approach integrates processes that eliminate silos while setting the stage for a unified system that ultimately makes for a stronger bottom line.
IoT requires a new approach to data governance
As the digital transformation continues its surge, it brings with it a deluge of data. The reality of a world-wide network of interconnected devices, the Internet of Things (IoT), is generating a level of connectivity and data that's hard to fathom:
· According to Cisco, the number of IoT sensors will grow to 50 billion by 2020
· Intel estimates that we’ll have 200 billion Internet-connected things by 2030
· Hyper-connectivity is expected to double business data every 1.2 years
Customers are reaping the benefits of hyper-connectivity via digital transformation and are attracted by companies that provide a more tailored engagement experience. It has left companies jockeying to provide proven results while giving customers the experience they want.
It is also why adapting to the push for hyper-connectivity must also be a component to transforming a legacy culture. Taking an enterprise-wide approach to governing how they monitor, update and control data and devices will lower organizations’ risk while streamlining processes across the board.
Using predictive analytics to make better decisions
As companies find their footing amidst the big data landscape, they'll turn their focus to integrating real-time analytics across their systems to take advantage of the vast and valuable data they're tapping into. Predictive analytics uses historical data to help identify future outcomes. In business terms, that means making better decisions and boosting performance across the enterprise in areas such as:
· Customers – Better predict what keeps them coming back or turns them away
· Marketing – Predict the most effective allocation of marketing dollars
· Websites and apps – Understand where and how to optimize and customize content for better conversion
· Risk – Learn what factors tend to create risk
· Operations – More accurately forecast and meet supply and demand
Today's tools and technologies make predictive analytics accessible, but decisions made using it are only as good as the data that feeds them. It's up to businesses to establish information governance programs that result in clean and accurate data.
The digital transformation of enterprises is here, and like all transformations, it has come charged with disruption. But as IT and business users collaborate to integrate data and cloud-based applications with legacy systems, with the right approaches to governing and leveraging different types of data, they'll be prepared to weather the disruptions and transform into an enterprise that's more responsive to meeting customer needs and demands.