In today's digital landscape, it is ideal to proactively plan for digitization by leveraging a staged approach. Completing the steps along the journey to real-time analytics will ensure you can deliver tangible business benefits - before competitors.
Data is now more valuable than physical property. Uber became the largest taxi company in the world and Airbnb eclipsed the world's largest hotel chains without owning taxis or property. Customers expect a seamless digital experience and if they don't receive it, they will be sure to use their arsenal of review sites to warn other consumers and bring down your brand image. It's now time for every company -- even the decades old brick-and-mortar organizations -- to digitize in order to succeed in this digital world.
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Why start now?
You'll begin to see results by just deciding to focus on going digital. Making the decision to move to real time analytics will set off a chain reaction igniting immediate action and value for your business. It provides a perfect opportunity to review your processes, set your priorities, and reframe the business for digital innovation. The sooner you make that decision, the sooner that business value can be reaped.
Transforming into a real-time business is not a "flip the switch" effort, but it isn't as intimidating as you might think. Use these five simple steps as a guide toward digital transformation success.
1. Prioritize What Data Matters
If your house was burning down and you only had 10 minutes to grab what you needed, what would you take? When thinking about your data, you need to have that level of focus. To make the most of real-time data, you must evaluate your critical data and ensure your processes support your objectives. Used correctly, you’ll be able to innovate with customers in areas that your competitors haven’t yet digitized. Be ruthless when evaluating metrics and only choose the data that enables business priorities.
2. Start Small With What You Already Have
Successful digitization boils down to data governance. But let's be clear -- in the past data governance equaled control, restricting access, limiting access, creating lots of default settings and derivations. But the digital world now generates unprecedented amount of data from social media, apps, microservices and commonly used sites. Good data governance is no longer about control; it's about context.
DATUM’s Information Value Management® software platform establishes your data governance framework while guiding you toward self-sufficiency. It helps you identify the data that's critical to your processes, embeds it into your performance measures, and collects the decision-making criteria that will drive your business forward.
3. Establish a Simple, Scalable, Data Governance Operating Model
Most companies operate by a project-by-project basis, requiring data rework every time - wasting money, time and effort. Instead, organizations should adopt a program approach - a repeatable method consisting of a centralized, sustainable structure for capturing, analyzing and executing data initiatives.
4. Leverage a Suite of Proven Tools
Many companies have tools that don’t quite work together. When it comes to data governance standards and rules, there are a multitude of systems and processes that rely on them. Thinking holistically to ensure application of the right tools toward the appropriate information is critical. You'll need a technology suite that supports your data outcomes without over complicating things and allows you to easily scale your governance framework's standards and rules across all applications as needed.
5. Measure Readiness
Even with the right tools and processes in place, there's still the risk of spending too much time and money implementing them. It's critical to ensure business designs are complete before moving on to building, testing, or deploying any technologies. The best solution to prevent these implementation overruns is to leverage a governance framework which assembles and measures readiness for critical functional specifications such as ownership assignments, standards, rules, processes, and prescribed governance methods.
Just Get Started
They say the best time to plant a tree is 20 years ago and the second-best time is right now. The same goes for digitization. If you haven’t done it already, this very moment is the time to start. Otherwise, your competitors will pass you by. Thankfully, leveraging an Information Value Management® based approach in concert with process, passive and active data governance solutions will make the digital transformation process easy.