Data is the raw material for a digital economy. In today’s digital era, companies need to have a more dynamic view of data to improve service efficiency to satisfy their customers, develop new services, and increase profits. Business pioneers need to excel digital methods and skills to achieve competitive advantages from data business.
In general, many businesses stuck with two tasks on the path to digital excellence:
- Utilize, evaluate and structure large amounts of collected data (Big Data) to support decision-making (Smart Data).
- Be quick and agile in response to business data in the organization and in the operations
Digitization is a true turbo for work and business processes. Customers may not be fast enough today. There is the expectation that everything can be done with a few clicks. For companies, this means they must be separated by long decision-making processes, promote agile collaborations, and automate operations stronger. All this will keep traditional companies still busy for a while.
1.Integration of external data
Digital excellent company uses information from a variety of external data sources. For example, use location-based data, government data, social media data and press data for a more accurate risk assessment.
2.Consistent testing of product variants
Digital excellent company should apply the insights from Big Data analysis to systematically and learn from it. In e-commerce, for example, put the store manager on methods such as A/B testing to measure the success of different product variants for different customers and optimally together.
3.Sensor data for decision support
Each device, each component and each building is potentially the data provider. Sensors provide companies with permanent information such as the production, road utilization and power consumption. In the logistics industry, sensor data can be used to optimize routing, improve driver productivity, and reduce fuel consumed.
A digital excellent company must have employees or departments with the knowledge, skills, expertise and tools to gain insights and findings from massive business data. The organization should also be fully networked without data islands or silos. Internal and external knowledge should be available to all and can be further processed quickly.
Data represent the essential foundation of the globalized digital economy. Digital data volumes are doubling every two years in the foreseeable future. Companies around the world need to well prepare for this digital transformation and gain competitive information and knowledge from this flood of data.