Throughout the past decade, organizations have worked on a steady path toward more comprehensively digitized operations, largely driven by the evolution of demand among consumers and client purchasers. As a result, the volume and diversity of data has skyrocketed in each of the past 10 years, giving businesses in virtually every industry and region opportunities to bolster their decision-making through the use of advanced analytics technologies.
However, the sheer speed with which relevant trends are moving along can quickly hinder the accuracy and efficiency of an intelligence program, especially when the firm has not been diligent in its data preparation process and other front-end tasks associated with analytics. With mass digitization hitting new levels of intensity, companies will need to develop more modernized and advanced information governance strategies to properly fuel their intelligence endeavors.
A persistent shift
Gartner recently reported that the average business that has more seamlessly and skillfully adjusted its operational frameworks to fit the demands of the digital economy is performing better than those that have thus far balked on such projects. This was somewhat of a long time coming, as so many analysts have been arguing that companies which embrace the best technologies will tend to outperform their less aggressive competitors in these categories.
According to the firm, adopting new technology was the most commonly cited initiative among respondents to the associated surveys, while they are using these tools to more thoroughly engage and convert customers. For obvious reasons, success or failure in these initiatives will be dictated by the intelligence involved in decision-making, which ties back to the importance placed on general data management procedures such as collection and analysis policies.
“The disruptive effects of digital business cannot be underestimated,” Gartner Vice President Jorge Lopez explained. “To date, a limited number of product categories – music, books, photographs and newspapers – have seen their business models upended. Going forward, organizational leaders in other product and service categories will also need to adapt by restructuring the workforce, eliminating obsolete roles, and finding talent that can help design systems and workflows that optimize the use of things integrated with people and business to drive new value for customers.”
With the right analytics tools and a strong strategic foundation to dictate their use, businesses can begin to shift in the digital direction and excel in their markets as a result.
Prep for success
Data management performance will often thrive when policies and processes have been simplified as much as possible, and companies would do well to adjust their strategies when beginning to embrace analytics technology. Data preparation should be handled on the frontend by skilled professionals, which can then flow into the heavier aspects of analysis and insight generation.
With so many changes necessary to fit the demands of the modern consumer and corporate purchaser, companies would do well to get moving on more robust intelligence programs to take strong steps toward more prolific digital performances.