Digital transformation has long been simply a buzzword. But now businesses all over the world compete with each other to become truly digital faster than their competitors. What was once a far-off pipe dream is now an absolute must for survival.
The pandemic has irreversibly changed the marketplace. It’s now go digital or die, with nothing in between.
Within months, the work-forces of the world have turned digital in a bid to survive amidst the norms of social distancing and stay-at-home orders.
E-commerce has thrived. E-banking has become ubiquitous. Remote working is now the new normal.
With the international launch of 5G connectivity, we usher in the era of a new digital age with everything and everyone online.
However, without the right data-driven insights, your digital transformation might as well be blind. Only by making use of data, personalized data, can organizations thrive in the brave new digital world we’re all about to be enveloped by.
Personalized Insights Trump Cookie Cutter Analytics
A recent survey conducted at Accenture revealed that most executives believe data collection is wasted. Only 32% of data was immediately tangible and actionable, versus the overwhelming 68% of data that went unused.
In a bid to use data to thrive in the marketplace, several businesses use cookie cutter, off-the-shelf Digital Transformation Solutions to aid their decision making.
The reason for this is simple: Off-the-shelf data solutions are cheaper, don’t require skilled analysts to make sense of the data, and provide solutions for the most common problems businesses face.
However, off-the-shelf solutions have drawbacks. These solutions are rarely tailored to the unique problems that businesses face and neglect critical variables that differentiates your organization from others.
It’s not difficult to collect large amounts of data. It’s difficult to collect meaningful data while maintaining efficiency, and glean productive, actionable, and profitable solutions from that data that improve your bottom line.
Personalized data science can:
- Improve your bottom line
- Enhance revenue
- Reduce costs
- Improve efficiency
- Enhance customer satisfaction
It’s not enough to simply extract, transform, load, clean, and reformat data. It’s about knowing what to do with the data that counts. It’s about using extremely specific information to glean extremely specific insights to help bolster decision making and predict future trends to give you a competitive edge.
What would happen to your business if you chose off-the-shelf solutions while your competitors chose personalized data solutions? Well, you lose a crucial advantage in the marketplace that just might be the ticket that keeps you alive.
By using unique tools and solutions, you extract more value from the limited data you have. In short, you acquire a better return on investment for what little data you do analyze..
Unique solutions help you nurture customer relationships in a completely different way than was done in the past. You can now attune yourself to your customer’s specific needs, while understanding your specific position in the market, relative to your competitors and allies. All this culminates in tremendously actionable data that can take your organization to the next level.
Best of all, personalized data solutions don’t replace your executives and existing frameworks. It augments your existing processes to improve accuracy, efficiency, and reliability. All while improving your bottom line and deepening existing customer relationships.
Conclusion
Digital transformation and data science go hand-in-hand. While off-the-shelf data science solutions have their purpose, personalized data helps you survive, thrive, and conquer your competitors in the market. What was previously rare is now an absolute must in an increasingly competitive environment.
