We are living in a digital era, in which the number of channels we use to interact and engage are always increasing. Businesses must transform to keep pace with when, how, and where the digital customer wants to engage. They need quick insight from data to make rapid strategic and proactive decisions.
Fragmented Data Leads to Missed Opportunities
Our world is becoming more mobile and as engagement channels multiply, the amount of data companies have to analyze skyrockets. According to an IDC digital universe study, by 2020, the available storage capacity will be able to store less than 15 percent of the digital universe. However, data captured from numerous channels exists in silos, in various formats. Organizations have to determine where to manage it—public, private, hybrid and so on.
This fragmentation means business and technology teams must struggle to ensure they’re capturing and analyzing the right information. They can easily spend too much time gathering insight or accessing data using manual processes, because they lack the technology for accessing different applications and data stores. And insight gleaned from fragmented data may not be comprehensive, leading to partially uninformed business decisions.
Those business decisions directly affect the success of the business for many reasons, including the disconnect between business goals and customer needs. Decisions are typically reactive rather than predictive, leaving businesses unable to respond in time to take advantage of existing relationships and new opportunities.
Predictive Analytics: Know Your Customer
To digitally transform and accurately respond to customer needs while maintaining efficient operations, you need an extensible solution—a solution that can adapt as more data needs to be managed and your business grows. 53 percent of those surveyed viewed data connectivity and integration as critical to digital transformation, and according to Forbes Insights, 67 percent of senior data and IT decision-makers in large organizations reported analytics have a significant and positive impact on revenue. With a centralized, flexible framework in place that enables you to share and understand data with predictive analytics, you’ll be more agile to capitalize on change.
Such a framework enables performant data sharing with internal teams and partners, without requiring anyone to learn difficult protocols or complex processes. It helps to shift the focus from homogenizing data to providing instead a homogenous experience for everyone accessing the data. People, systems and applications enjoy straightforward, secure access, so you can be more proactive and ready for change, engage with new customers and opportunities without delay, and meet new and existing customer needs.
Strong digital transformation business solutions provide the extensibility and flexibility you need to respond to change and make predictive and informed business decisions. They remove the burden from the organization working on the physical structure of the data and enable them to focus on making those decisions. Having a sound foundation based on such a solution will put you at the forefront of the competition and equip you for the road ahead.