Succeeding in a data-driven digital age
- Posted on November 11, 2014
Every business today is a digital business in some form – from companies that have embraced digital from the very start to traditional companies that are embracing mobile, social and cloud computing within their organizations. In fact, NPR recently wrote about how Domino’s Pizza is becoming a technology company that happens to make pizza. While pepperoni and cheese was the start, Domino’s has now evolved into a technology player innovating new ways to get pizza to its customers faster – including a data-driven, personal virtual assistant to meet the customer’s pizza needs.
To compete in this digital environment, companies need to be prepared to react as well as anticipate fast-moving market developments. Digital transformation involves thoughtful investments in opening up access and empowering a workforce that understands how to use technology and data for the benefit of both the company and its customers. But, many companies are not yet there.
In two new Economist Insights reports sponsored by Avanade, we outline key challenges that companies face in finding the right mix of people, data and technology to modernize and transform into data-driven, digital businesses. Overall, companies are struggling to modernize their businesses and find ways of serving digital customers and empowering digital employees.
In “Refitting organizations to capitalize on data,” Kim Darby, chief information officer at Cancer Treatment Centers of America, says it best:
“How do I make sure my systems are adapting in a way that allows me to react quickly to new inventions or things that are fundamentally going to change the way we do business? If I’m not prepared for those things, I won’t have time to react.”
For me, the answer is in the data and three key principles for data-driven success:
- Data access can no longer be limited to an elite few; data must be made available to all areas of the business. This is where the business will succeed or fail.
- Companies need to find the right mix of data skills and talent within its workforce. Then, they must empower and reward employees for using data in ways that improve business performance.
- The availability and use of data must also be coupled with intuitive and dynamic tools and visual representations of data to facilitate insights and action.
Check out the full reports below or on Avanade’s Data & Analytics page.