The Dataversity : Linking data and performance (Stream-Understand-Act)
If the pace of the pre-coronavirus world seemed fast, then time, in an evolutionary sense, post the pandemic seems to have transgressed further. Businesses that once mapped digital strategy in one- to three-year phases must now scale their initiatives in a matter of weeks.
The coronavirus pandemic has accelerated the move to digital transformation as customers reacted swiftly to the lockdown and the shift by their staff to home working. There has been plenty of anecdotal evidence of rapid shifts across most verticals as the world has changed over the past six months. Some of these examples include banks going digital almost completely, automobile manufacturers selling cars online to more accelerated widespread penetration and adoption of e-commerce across sectors.
However, with changing market conditions and economies still in flux along with the threat of the pandemic extending for many more months, organisations and leaders must reassess their digital initiatives in order to prepare them for both the short-term as well as the post-crisis world. Key business decisions such as hitting the market faster, customising for demand and knowing the customer including expanding to other markets or segments will play a very important role in ascertaining if businesses stay afloat in the long run. And we have seen that organisations have resorted to big data and analytics to find more business intelligence to find answers to the changing market conditions. But have they been successful?
Researchers still believe that the answer to that question is a “no’. According to a report from Forrester, while 74% of businesses want to be data-driven, only 29% are good at connecting analytics to action. Another report from Gartner found that more than 60% of models are developed with the intention of operationalizing them but were never operationalized.
While algorithm-driven businesses will become the new leaders, augmenting traditional analytics with more data, faster ingestion, and analysis, new expectations, while reducing costs seems to be only option to be future-ready.