I’ve begun to notice increasing mention of two terms:
These are part of another commonly used term: digital transformation. The COViD-19 pandemic has been a key driver. For many organizations data and the associated digital journey are new and daunting. Yet essential. Let’s discuss.
Everything starts with data ..
To quote Henry Sands at Ralph Lauren:
“Data will quickly determine the companies that will be successful in the future.”
Many companies have been gathering, almost hoarding, data. What to do with all that data, in many cases, has remained an exercise for a rainy day. Well that rainy day has finally arrived. So what next? Questions:
What data do you have?
Is it good data (or in need of processing)?
Is it accessible, or buried away in internal departments?
Is it historical data, real or near real time data, or a mix of both?
A focused effort is needed to review and understand what is currently in place and useful. But perhaps more importantly is to begin the process of thinking through those essential business questions. Put differently, understand the problem before you look for a solution.
The right data can help solve a specific problem. Begin with understanding the problem and whether you have the data to solve that problem?
A group of us formed whyofthere to help organizations navigate these tricky waters. To step back, and look at these big picture questions before diving in. To help break down complexity into bite sized chunks. To become methodically data-driven.
The results of a data-driven approach should be insight. That is:
Insight-driven means delivering immediate outcomes through a deep understanding of a person (or thing).
Being data-driven leads to a greater depth of understanding. In rapidly changing times that can mean the difference between survival and failure.
The locational component (geospatial) of data is often overlooked. That is data about people and places. It is at the heart of all where questions. Location data helps retailers better understand who are their customers, and how is their behaviour changing. At the heart of the Internet of Things (IoT) is location.
Working with our whyofthere group, we will ensure that you leverage every key data component to help you derive maximum business insight.
Digital (geospatial) Transformation ..
In the matter of a few weeks this spring, a lot of analog activity went digital: meetings, conferences, concerts, graduations, and even work itself. Companies that had taken a half-hearted approach to digital transformation now have little choice but to ramp it up — especially as it relates to customer experience.
Companies that aggressively invest in digital capabilities will be the ultimate winner as we come out of the COVID-19 stranglehold.
Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements.
Digital transformation means changing from legacy systems and roles. It is a journey from old to new. A journey all in the organization need to embrace. That will not happen overnight. It will mean demonstrating business value, overcoming inertia and simplifying the complex. It means collaboration and alignment across multiple departments to ensure synergy in processes, solutions and data. A growth mindset needs to be adopted. It is essential that teams understand the need for continuous learning and to embrace failure. Short term failure leads to long term success. Agility and fast failure need to be goals. Conducting experiments and proofing ideas is essential. That requires creative, innovative thinking.
Digital transformation requires careful thought and planning. Let us help you in that journey.