Almost every organization, government or otherwise, is going through a digital transformation journey. Many organizations are at different points in their maturity models.
Digital Transformation enables optimal resource utilization as well as increased customer satisfaction. For instance, sectors like automobile have found out avenues to monetize the data on driving patterns by selling them to insurance companies. Essentially, data is opening up new revenue generation avenues for companies. Gut instinct-based decision making is a thing of the past now, and every major strategic decision is data-driven. In such a scenario, data becomes a priceless organizational asset. 90 percent of the data available worldwide has been generated in the last two years. If the analysts are to be believed, then the revenue of any company can be increased by 66 percent by following best data quality and analysis practices.
But before embarking on the journey of being data-driven, one has to understand the key building blocks of a strong foundation.
A strong data-driven culture, availability of the right data for analysis across the value chain, easy to use tools that can allow quick slicing and dicing of data, and more awareness around data-driven decision-making are some of the key factors for the success of data-driven enterprises.
Where are you on your data journey?