The first wave of the web connected people and sources of information. The second wave saw the social media connecting businesses and ordinary people. Now, however, we find ourselves beginning to ride the third wave of connectivity – one in which everyday objects become connected, and technology interweaves with our increasingly connected lives. Over 50 billion devices are expected to be connected to each other by 2020, driving a large scale re-imagination of how we live, interact and do business.
By 2016, much of the IT spend will be driven by the digital economy and the Internet of Things (IoT) in the driver seat, this indicates a shift of demand and control away from IT and towards digital business units closer to the customer. Emerging trends such as big data, social media, social CRM, cloud orchestration and augmented reality have created new opportunities to acquire and retain customers — fueling growth and driving market share. Digital transformation is not just about technology, it is about rethinking all aspects of how an organization does business, and how they can bring in differentiation, create new revenue streams and drive competitive advantage.
I believe digital disruption coupled with an empowered customer is dictating forward looking organizations to implement systems and processes that will enable them to integrate data into all their day-to-day operations and place it at the heart of all important decisions. These decisions will refine and strengthen areas such as new business development, customer relations, and competitive positioning, branding, marketing and pricing strategies among others. Through these systems, business leaders will be able to question, corroborate facts and take decisions based on the data that has been analyzed. This in a way will be the true essence of a data-driven culture.
However, we are all swamped by data. The availability of data is not the issue. It’s how we can extract information from all of that data and make good decisions. One way of doing this would be to ask the right questions. Then, derive the right metrics to bring the data into. And finally, present these actionable insights in a way that people can understand.
We have been able to successfully apply this aspect in our client programs. For one of our client, we have been able to successfully bring down the number of defects and show improvements release over release. The reason is not far to see on how we made this possible. For the client program, we were able to consistently capture, measure, monitor and track every single defect and wire our teams onto that data. Taking the logical route, we were able to further break down that data into complex, medium and simple structures and made it metrics driven. Importantly, we are now able to track this at a project team member (engineer/Business Analyst) level and present this to our clients from the project/program perspective.
Digital is changing how organizations operate and analytics is fueling this change, enabling businesses to differentiate, innovate and disrupt. As enterprises embark on their digital journey, it is important for them to stay up-to-date with the changes and quickly gauge what the impact of those changes would be on their businesses. Enterprises will have to evolve their decision support systems rapidly to meet the digital juggernaut and in this context a data driven approach would provide them the competitive edge in the marketplace.