{"id":4770,"date":"2022-11-02T06:43:02","date_gmt":"2022-11-02T06:43:02","guid":{"rendered":"https:\/\/insights.codewave.com\/?p=4770"},"modified":"2022-11-02T06:43:04","modified_gmt":"2022-11-02T06:43:04","slug":"data-digital-transformation","status":"publish","type":"post","link":"https:\/\/codewave.com\/insights\/data-digital-transformation\/","title":{"rendered":"Why Data Needs to be at the Forefront of Your Digital Transformation Strategy"},"content":{"rendered":"\n<p>What if Saudi Arabia, UAE, Russia, or Norway never learned about their oil reserves? Wouldn\u2019t they all meet the same fate that Messi might have met had he never played football as a kid?&nbsp;<\/p>\n\n\n\n<p>The data that your org sits on is not that different from the oil or the game of football.&nbsp;<\/p>\n\n\n\n<p><em>You can either use your <\/em><strong><em>data<\/em><\/strong><em> to <\/em><span style=\"text-decoration: underline;\">fuel your business<\/span><em>, <\/em>get to your <span style=\"text-decoration: underline;\">organizational goals<\/span><em>, <\/em>or die a slow death competing with your rivals quarter after quarter.\u00a0<\/p>\n\n\n\n<p>Synthesis of data into your digital transformation strategy helps unlock insights in real-time, enables bias-free confident decisions, and uncovers new channels of innovation &amp; business growth. Today, <strong><em>your data is your monopoly. <\/em><\/strong>As per <a href=\"https:\/\/www.statista.com\/topics\/6778\/digital-transformation\/#dossierKeyfigures\">Statista<\/a>, 62% of organizations are actively pursuing digital transformation (DX) across different business verticals, and the total cumulative expenditure on DX projects is estimated to be worth <strong>$2.4 Tn<\/strong> by 2024. Data is a key factor in ensuring that these investments give a good ROI.\u00a0<\/p>\n\n\n\n<p>Read this insight to understand <strong>why data should not just be in the engine but also in the cockpit of your org driving all your digital transformation strategies.<\/strong><\/p>\n\n\n\n<h2 id=\"whats-digital-transformation\" class=\"wp-block-heading\"><strong>What\u2019s <span style=\"text-decoration: underline;\">Digital Transformation<\/span>?<\/strong><\/h2>\n\n\n\n<p>It\u2019s an ongoing non-linear journey to digitization &amp; digitalization.&nbsp;<\/p>\n\n\n\n<ul><li><strong>Digitization<\/strong> is translating &amp; storing your analog data in digital form. For example, digitizing SaaS docs\/data to databases &amp; visual dashboards.&nbsp;<\/li><\/ul>\n\n\n\n<ul><li><strong>Digitalization<\/strong> is about modernizing &amp; streamlining your operations, processes, and projects with the help of digital tools. For example, digitalization of resource planning with ERP software, or automation of machinery maintenance with IoT &amp; predictive analytics.<\/li><\/ul>\n\n\n\n<p>At its core, <em>digital transformation is aimed at spurring innovation &amp; growth <\/em>across the organization while bolstering resilience to external threats, enhancing efficiency and business agility.&nbsp;<\/p>\n\n\n\n<p>Your digital transformation efforts are successful if it unlocks value for your customers, your employees, and you.<\/p>\n\n\n\n<h3 id=\"digital-transformation-project-examples\" class=\"wp-block-heading\"><strong><span style=\"text-decoration: underline;\">Digital transformation<\/span> project <span style=\"text-decoration: underline;\">examples<\/span><\/strong><\/h3>\n\n\n\n<ul><li><strong><span style=\"text-decoration: underline;\">Digitization<\/span><\/strong> of fleet management, and real-time package tracking.<\/li><li>Building a <span style=\"text-decoration: underline;\">digital infrastructure<\/span> to automate employee performance management &amp; to shape a remote-first work culture.<\/li><li>Reimagining a traditional digital system as a <span style=\"text-decoration: underline;\">SaaS<\/span> software (Hello Adobe).<\/li><li><span style=\"text-decoration: underline;\"><strong>Predictive maintenance<\/strong><\/span> of heavy machinery in industries like automobiles, oil &amp; refinery, textiles, etcetera.<\/li><li><strong><span style=\"text-decoration: underline;\">Decentralized<\/span><\/strong> banking &amp; finance platform for trading crypto assets.<\/li><li>Automating credit &amp; risk management in banking institutions.\u00a0<\/li><li>Speeding up and partially <span style=\"text-decoration: underline;\">automating<\/span> the insurance claim process.<\/li><li>Digitization of real estate, land, and farm ownership data.<\/li><li><span style=\"text-decoration: underline;\">Omnichannel<\/span> integrated marketing for consumer product brands \u2014 both D2C &amp; B2C.<\/li><li><strong><span style=\"text-decoration: underline;\">Digitalization<\/span><\/strong> of media publishers &#8211; news, magazines, books, everything.<\/li><li>Smart analytics of sales &amp; marketing numbers.<\/li><li>Smart sports <span style=\"text-decoration: underline;\">analytics<\/span> &amp; insights from 360-degree VR videos.<\/li><li>AR &amp; <span style=\"text-decoration: underline;\">data<\/span> powered healthcare digitization.<\/li><\/ul>\n\n\n\n<p>\u2026and so on.<\/p>\n\n\n\n<h2 id=\"data-digital-transformation-strategy-busting-the-secret-relationship\" class=\"wp-block-heading\"><strong><strong><span style=\"text-decoration: underline;\">Data<\/span> &amp; Digital Transformation Strategy \u2014 <\/strong><\/strong>busting the secret relationship<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/codewavetechnologies\/image\/upload\/v1667370129\/data_digital_transformation_impact-min.png\" alt=\"\"\/><figcaption><a href=\"https:\/\/www.mckinsey.com\/~\/media\/McKinsey\/Business%20Functions\/McKinsey%20Analytics\/Our%20Insights\/Analytics%20comes%20of%20age\/Analytics-comes-of-age.ashx\">Source<\/a>: How data influences business outcomes across business functions<\/figcaption><\/figure>\n\n\n\n<p>Orgs across sectors &amp; geographies are embracing digital transformation. All their journeys are unique \u2014 some are betting big on AI &amp; cloud computing for enhanced employee productivity and for innovating at scale; many are attempting to reshape traditional into digital, especially in the education sector; others are exploiting web, mobile, cloud &amp; edge for better efficiency across manufacturing &amp; operations.&nbsp;<\/p>\n\n\n\n<p>But irrespective of the route these organizations take and the technologies they place their trust in, all their digital transformation journeys have one common fuel \u2014 data.<\/p>\n\n\n\n<p>Blockchain, AI, ML, Web, Mobile, Cloud, Edge, and even XR \u2014 data is the common thread running through them all.<\/p>\n\n\n\n<p>In short, data makes navigating the digital transformation journey for your org as easy as slicing a knife through butter. Without data, your digital transformation strategies are no different than you smashing your head on a wall, maybe a not-so-plane bumpy wall.<\/p>\n\n\n\n<h2 id=\"how-data-can-help-in-the-effective-execution-of-digital-transformation-strategy\" class=\"wp-block-heading\">How <span style=\"text-decoration: underline;\"><strong>Data<\/strong><\/span> Can Help in the Effective Execution of <strong>Digital Transformation Strategy<\/strong>?<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/codewavetechnologies\/image\/upload\/c_scale,q_auto:eco,w_829\/v1667370826\/digital_transformation_services_-_mobile_app_development_company_-_Bengaluru_India.webp\" alt=\"\"\/><figcaption><a href=\"https:\/\/codewave.com\/services\/data-strategy-analytics-and-predictive-intelligence\/\" target=\"_blank\" rel=\"noreferrer noopener\">Source<\/a>: Data &amp; Digital Transformation Services<\/figcaption><\/figure>\n\n\n\n<p>Oxygen is running scarce, but <strong>data is everywhere<\/strong>. Chances are that your org and you are sitting on top of a <strong>data goldmine<\/strong> without even realizing it. One question that must bog the heads of every chief data officer is \u201chow to effectively leverage organizational data?\u201d.<\/p>\n\n\n\n<p>Well, you can rely on the <strong>WWWWH framework<\/strong>. Why What, When, Who, and How may not apply everywhere, but for digital transformation projects &amp; products it works like a charm. Try figuring out-<\/p>\n\n\n\n<ul><li>Why use data for a ________ project\/product\/initiative?<\/li><li>What type of data to use and what not?<\/li><li>Who should play with the data \u2014 people responsible for the transformation?<\/li><li>When does data enter the picture?<\/li><li>How to use the data &#8211; the tools, talent &amp; tech stack.<\/li><\/ul>\n\n\n\n<p>In return, data helps you find out-<\/p>\n\n\n\n<ul><li>Why build or not build a product as part of a digital transformation strategy?<\/li><li>What to build in a product, what customers want, what your talent can build, or what do you need to do to build the product that you must as part of the digital transformation initiatives?<\/li><li>Who should be the stakeholders of the project?<\/li><li>When to launch?<\/li><li>How to launch the product \u2014 basically the target group, product pricing, and other aspects?<\/li><\/ul>\n\n\n\n<p>There is a saying, \u201c<strong>if you can\u2019t measure it, you can\u2019t improve<\/strong>\u201d.&nbsp;<\/p>\n\n\n\n<p><span style=\"text-decoration: underline;\">Data enables you to measure and improve<\/span><em>. <\/em>It improves the odds of your digital transformation initiatives.\u00a0<\/p>\n\n\n\n<p>Your data can answer the <strong>What<\/strong>, the <strong>Who<\/strong>, the <strong>When<\/strong>, and the <strong>How<\/strong> for all your digital transformation strategies. And that answers why it must be in the driving seat.<\/p>\n\n\n\n<p>Let\u2019s explore how you can make your org data a competitive differentiator.<\/p>\n\n\n\n<h3 id=\"adopt-cloud-intelligent-integrated-data-stack\" class=\"wp-block-heading\"><strong>Adopt Cloud \u2014<\/strong> Intelligent &amp; integrated <span style=\"text-decoration: underline;\">data stack<\/span><\/h3>\n\n\n\n<p>It\u2019s possible to reinvent your business with data. <a href=\"https:\/\/www.accenture.com\/ie-en\/services\/applied-intelligence\/data-value\">81%<\/a> of organizations lack an effective enterprise data strategy to leverage their data. At times, how much you can harness value from the data is also limited by your organization&#8217;s infrastructure.<\/p>\n\n\n\n<p><strong>To architect an effective data stack<\/strong>&#8211;&nbsp;<\/p>\n\n\n\n<ul><li>It is recommended to <em>eliminate<\/em> too complex red-ribbon bureaucratic processes from your <span style=\"text-decoration: underline;\">data strategy<\/span>.\u00a0<\/li><li><strong>Modernize<\/strong> your data infrastructure by embracing the cloud, and making it easier for cross-functional teams to access process, and visualize data. A single source of truth ensures that even independent teams have aligned goals.<\/li><li>Data should stream into your <span style=\"text-decoration: underline;\">data lake<\/span> in a consolidated way from marketing, sales, customer experience, revenue, human resources, etcetera, which gets processed &amp; consumed by different models and improves the quality of insights you drive from it.<\/li><li><strong>Flexible<\/strong> internal data governance &amp; robust compliance policies are equally critical.<\/li><\/ul>\n\n\n\n<p><strong>Components of a typical Data Stack-<\/strong><\/p>\n\n\n\n<ul><li><strong>ETL tools: <\/strong>To extract, transform, and load siloed data from a multitude of sources into data warehouses and back to consumption nodes\/points\/sources.<\/li><li><strong>Data Workspace<\/strong>: Data analytics tools that allow technical analysts (those who can play with code\/query) to do more than what a BI tool can achieve.<\/li><li><strong>Data Modelling &amp; Transformation tools<\/strong>: To store data in warehouses, you need to model it, and transform it to eliminate inconsistencies so that it can be utilized to drive insights.<\/li><li><strong>Data Warehouses<\/strong>: It\u2019s home for your structured &amp; processed data. Source applications collect raw data from sources and store it in warehouse post-processing. Modeling &amp; transformation tools consume the data from the warehouse, further clean it and store it in either the same or a different data warehouse.<\/li><li><strong>Data Lake:<\/strong> Again, a repository for source data but it is flexible. Any data can walk into it &#8211; consider it as your unfiltered data storage. Structured, unstructured, logs, just everything can get in here.&nbsp;<\/li><li><strong>Data Mesh: <\/strong>It\u2019s a modern approach to dealing with a distributed data stack where you don\u2019t necessarily need to transform and load it in a warehouse or a data lake before you consume it.<\/li><li><strong>Data visualization dashboard tools: <\/strong>These are the tools where you display the processed data in a visual form i.e., dashboards, charts, and graphs.<\/li><\/ul>\n\n\n\n<h3 id=\"visualize-right-clear-the-data-noise\" class=\"wp-block-heading\"><strong>Visualize right\u2014 <\/strong>clear the data noise<\/h3>\n\n\n\n<p>Are you running a retail chain business and evaluating new geographies to enter or new places to open your store? Or are you planning to launch a new automobile in an XYZ market? Or wait, the better question is \u2014 should you?&nbsp;<\/p>\n\n\n\n<p>You shoot the question and data holds your answers. Okay, only sometimes \u2026but more than often data has the answer if the question is relevant to the dataset.<\/p>\n\n\n\n<p><em>While consulting your data, there is also a threat of running into <\/em><strong>the trap of false positives<\/strong><em>. So, it becomes important to visualize your data in analytical dashboards that are designed to enhance the visibility of the insights emerging from your data.&nbsp;<\/em><\/p>\n\n\n\n<p>This applies to marketing, sales, customer service, product, revenue, and all sorts of data.&nbsp;<\/p>\n\n\n\n<p>The better the quality of the data, the better you will be able to visualize it. The better you visualize it, the better you\u2019ll understand the data. And this would mean more accurate decisions and often goal achievement parties too.&nbsp;<\/p>\n\n\n\n<p>Effective data visualization dashboards can help you further clean data, unlock value, and speed-up the innovation &amp; growth.&nbsp;<\/p>\n\n\n\n<p>For product enterprises, dashboards can help highlight early trends, which may uncover new income\/revenue streams, or anticipate a product demand ahead of time.<\/p>\n\n\n\n<h2 id=\"codewave-your-competitive-advantage\" class=\"wp-block-heading\"><strong>Codewave \u2014 <\/strong>Your competitive advantage<strong>!<\/strong><\/h2>\n\n\n\n<p>Codewave helps you build custom data solutions &#8211; from data collection to cleaning, processing, and data visualization dashboards.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s what you can do with Codewave as your digital transformation partner:<\/p>\n\n\n\n<ul><li>Embed <a href=\"https:\/\/insights.codewave.com\/behavioral-design-thinking\/\" target=\"_blank\" rel=\"noreferrer noopener\">design thinking<\/a> into your digital transformation strategy.<\/li><li>Design &amp; deploy scalable code\/solutions\/algorithms to collect alternative data from multiple sources.<\/li><li>Develop custom ETL solutions &#8211; design data warehouses, mesh, lakes, etcetera.<\/li><li>Develop ML models to process the data stored in your warehouse\/lake.<\/li><li>Design custom data dashboards to view processed data in a unified fashion from different channels\/verticals like marketing, sales, and product touchpoints.\u00a0<\/li><\/ul>\n\n\n\n<p>Custom data solutions, which are designed specifically for your business use cases, help you gain real-time insights into what\u2019s yielding results. This enables you to identify &amp; maximize the efforts that give good ROI.<\/p>\n\n\n\n<h2 id=\"conclusion\" class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>Irrespective of whether you call data the new oil, the digital currency, or the 21st-century real estate, one thing we all can agree on is \u2014<strong> it\u2019s valuable<\/strong>. In today\u2019s cut-throat competitive world, assumptions and biases are not gonna help you succeed. Your competitors know about your users, and you must too! Today, organizations concentrating their focus on user-centricity are reigning the business paradigm. Data must be the guiding force to reap the max out of your digital transformation projects. <\/p>\n\n\n\n<p><a href=\"https:\/\/codewave.com\/contact\" target=\"_blank\" rel=\"noreferrer noopener\">Contact us<\/a> to start innovating with data \ud83d\ude42<\/p>\n","protected":false},"excerpt":{"rendered":"An effective digital transformation strategy will have data in its cockpit driving business toward customer-centricity &#038; higher profitability\n","protected":false},"author":1,"featured_media":4771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"full","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[32,34,31,33],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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