- 2 January, 2018
- Posted by: DurleyPS
- Category: Digital Transformation
The information that a company can generate and access today is not only an operational execution tool, but must be handled as carefully and strategically as it is done with money. For a modern business, managing data is the key to compete and survive, yet many entrepreneurs continue to underestimate its importance.
Data is key in areas such as supply line management efficiency, product and service design innovation, or marketing effectiveness.
The user experience strategy based on data management is the key to digital transformation.
Take as an example the customer experience, which is actually the driving force behind any business and to which the idea of “digital transformation” is focused.
Personalization is key to the digital customer experience. The customer expects the processes to be easy and automated, whether when placing an order, checking a reservation or tracking a purchase; they expect companies to know them: to remember their purchase history, to have a record of their customer service requests, to know that they have updated their postal address, and so on.
A customer experience like the one demanded by today’s market is only possible if it is built on a unified database. But the data is everywhere, in many different sections of the organization, perhaps in different formats, often duplicated and without a clear and consistent reference.
This is the reality faced by most companies today and only those that face the processing of their data responsibly will survive the current market.
Managing data as if it were currency.
It’s time to think about the data in the same way you think about money. Because today data is that for businesses, our greatest asset.
In classical business management, we try not to waste funds, manage budgets in a responsible manner and for this purpose we carry out audits, keep strict accounting and asset management, etc. Well, data should be managed in a similar way, and perhaps have more advantages: data can be used over and over again, by different departments and for multiple purposes, compared to a dollar that can only be spent once, which is one more reason for the right data to be available where needed.
The way forward for any modern company that wants to have a long track record in its sector is largely through a more intelligent use of their data. Like money and other key resources, leaders must strive to manage their data comprehensively and wisely.