Analytics is the Driver Behind Digital Transformation
Analytics is no longer an add-on to business processes – it has become a powerful force of its’ own. In the case of the most popular business trend of the 2000s, analytics is the driver behind digital transformation. It links every aspect of the digital economy to the business and facilitates digital processes, decisions, actions and even determines value. As such, businesses need to adapt to a new model where analytics don’t simply enhance processes, but are the core of the processes themselves.
Analytics and digital transformation trends
There is a shift in how organizations are using their data. The primary purpose of analytics is now to drive growth and value in one way or another.
This trend is reflected in how chief data officers (CDOs) prioritize their time. In fact, CDOs say that 45% of their time is spent on creating value and revenue generation, while 28% of their workload is about seeking efficiency and reducing costs.
One of the main strategies businesses are prioritizing is the use of data to enhance customer experience. Customer experience has become a key aspect of competitiveness as more businesses adopt digital channels, and it’s a core element of unlocking growth.
Customer experience is an area where data is intertwined into workflows since 44% of businesses use a digital-first approach to manage customer experience. Relying on data for this aspect allows businesses to deliver the kind of personalized attention that makes a difference.
In the near future, we could see businesses developing more effective strategies to enhance customer experience with data and adopt a more granular approach to using analytics for things like employee performance and productivity rather than focusing on sales KPIs.
Data analysis for competitiveness
Competition is one of the factors that is driving digital transformation. Businesses have to adopt a digital-first model to stay competitive, but they also find that competitiveness is heightened in the digital space.
New forms of analytics are emerging to enhance competitiveness:
- Data is playing an important part in decision-making processes. The role of the CDO has evolved to include strategic planning and decision making.
- Analytics solutions that deliver faster time to insight make organizations more reactive and flexible. Decisions happen at a faster pace than ever before – hours instead of weeks.
- Analytics work as a precise testing tool that allows organizations to compare and optimize every touchpoint of the customer’s journey, including pricing, copy, website design and more.
- Data analysis is a crucial component of automation. Analytics can be used to monitor thresholds and trigger automated actions that result in more reactive workflows.
How data supports the digital transformation
Analytics is creating new opportunities for moving services online and offering experiences that feel more relevant. At the same time, digital transformation is requiring businesses to adapt and explore new models.
Data is a building block of new models that prioritize omnichannel experiences by blending in-store visits and online purchases. The retail sector, for example, has begun transitioning toward that model and using data about past purchases and preferences, which is helping to drive sales and deliver a more personalized experience. The transformation of the retail sector is just an example of how analytics can unlock value by helping you identify new opportunities and connect with customers differently.
Neebo puts analytics at the core of digital transformation
One of the challenges of adopting analytics for a successful digital transformation is the need for a cultural shift that establishes data as a key asset and integrates analytics into the core of strategic planning and decision making. This facilitates faster, on-demand insights and improves the ability of the business to “read and react” to constantly changing business conditions at a very granular level for greater impact.
Neebo’s Virtual Analytics Hub supports your digital transformation by giving fast access and deep visibility into all of their enterprise data assets to enable analytics be the driver of processes, not simply enhance them. Neebo is a single unified self-service platform discover, share, collaborate and analyze all of your corporate-trusted data to answer questions up to 20 times faster.
Beyond just speed, Neebo unique collaboration and knowledge-sharing features will increase data literacy and trust in analytics. This enables every aspect of the organization to be data-driven, and allows the business to define business actions with greater detail and execution these with confidence to increase market agility and competitiveness.