NOTICIAS

Digital transformation is a broad and dynamic concept and can mean different things to different organizations. In the simplest sense, it can be thought of as the transition of procedures, operations and resources from the physical to the digital world. But digital transformation can cover everything from the development of a mobile application to the migration of an entire organization to digital assets.

However, there is one element that puts this idea on a unique plane. Is that the relationship between business and technology is changing and is now part of the core business of any company.

This is a new paradigm for organizations that not only involves the digitization of processes, but also a true business transformation that impacts organizational culture, products and services, talent attraction and retention, and management leadership. In an economy that is evolving at an accelerated pace with new emerging industries and changing scenarios, we must be prepared to diversify resources and take on challenges on the fly.

The key to that model is digital transformation based on data management. According to Suresh Kumar Tulluri, VP / SBU Head of Tech Strategy, this “means digital empowerment and optimization across an enterprise, creating value through better understanding, integration and actual implementation of data. A job that can be done even in conventional offline companies. Data-driven digital transformation, both online and offline, provides a definitive understanding of how to improve, scale and get the most out of value”.

Democratizing Data and Data-Driven Decisioning for Better Operational Efficiency      

Data Driven Decisioning is the use of metrics and data to guide the strategic decisions of organizations aligned with goals, objectives and initiatives. Known as DDDM, it gathers information to analyze trends and make better decisions based on what has already worked rather than making choices based on hunches, opinions or experiences.

Data is one of the most valuable assets for any organization. So, unlike traditional companies, data-driven companies do not scale in a linear pattern, and one of the reasons why giants like Google and Amazon always experience exponential growth is that their business models are fundamentally based on data-driven decision making.

According to PwC, data-driven organizations can outperform their competitors by 6% in profitability and 5% in productivity.

Another study also reveals that data-driven organizations are 58% more likely to exceed their revenue goals than non-data-driven organizations.

The 81% of organizations also agree that data should be at the center of all business decisions.

Netflix, for example, collects and analyzes customer data to see what types of movies and shows are popular. The company then uses the information gathered to purchase similar titles, assuming that subscribers would also like the new titles based on their previous preferences. The company used this data-driven strategy to increase its market value by more than $50 billion during the peak of the pandemic in 2020.

But taking this process forward involves driving organizational cultural change. One of the keys is for the business-wide collaborators to know how to effectively use technology and work on data. According to IDC, the democratization of data is revolutionizing the way companies use data and opening the way for companies to grow at an exponential rate.

One of the significant benefits of democratizing data is that everyone in the organization has access to the information and there are no barriers that create bottlenecks in data flows.

However, to benefit from this type of organizational “new culture,” a strategic implementation plan is needed with tools that allow users to leverage data that aligns with their organization’s KPIs: metrics, goals and objectives. Empowering the organization’s workforce on how to take advantage of the data and establishing strong practices is central.

Resources required to pave the way

Many organizations intending to embark on a digital transformation journey face significant data management and planning issues. Among the process improvements most suitable for taking this type of transformation forward are:

Data automation and validation. This not only saves time and money, but also reduces the risk of errors and ensures that the data uploaded can be read by different systems within automated processes.

Data Integration from multiple sources to create a uniform and complete view. Today there are functionalities that allow companies to get constant and consistent access to data that is generated in different systems. This allows them to become the basic raw material for a data-driven strategy, in a constant and automated way.

Data Consolidation, which is a process that combines data from numerous systems and generates a combination and, in some cases, adaptation of data formats. The objective is to reduce the number of storage sites and convert them to an intelligible format that can be used as input by the company.

Data Transformation. Data that is generated in different systems and points of the total process of an organization’s operation, may result in some cases in different file formats, or may be obtained by integrations in formats that are not always those required for subsequent validation, integration or consolidation.

Conciliac EDM

Conciliac EDM is the data management platform that brings together all the aforementioned functionalities in a unified, automatic and flexible way. Data ingestion from different sources, validating its veracity, unifying its formats, extracting information from different types of files, consolidating and reconciling information, are indispensable processes for a correct management of real, true and structured data for the business use demanded. Their implementation within the company’s processes allows optimizing data management in different areas and making it automatic, efficient, secure and error-free. A prior and indispensable step for companies that want to turn their decision-making process into a truly data-driven one.

If you want to know more leave us your contact or write us to info@conciliac.com.