WHAT IT'S ALL ABOUT...
In this blog, we explore why data should be put at the centre of all digital transformation initiatives.
The digital transformation dilemma
The race to embrace digital transformation is a top priority for the majority of business leaders, yet still remains a controversial issue in the boardroom. The issue divides opinion on several fronts, raising questions around who should lead it, the scope of work and the levels of investment that should be allocated to make it happen. Just about the only thing everyone can agree on is that digital transformation is vital, yet all too often that is where the consensus ends.
One of the reasons for this lack of focus on tangible outcomes is that many companies fail to frame the debate around a need for better data management and insights. This is perhaps ironic given that, according to our own research, so many organisations see technology as a critical investment, both strategically and operationally.
IT at the top of the list for UK decision-makers
In our recent Data Surge report we asked 200 UK decision-makers in large and medium sized organisations what their plans were for departmental spending in 2019. Top of the list came IT, with nearly two thirds of companies planning to give this area of the business a major cash boost next year. Additionally, 80% told us they were planning to hire a data scientist next year, with 96% saying they felt that Big Data was critical to their company’s future.
The truth is that the purpose of initiating a digital transformation project should be centred around the need for gaining insights into company data, reducing costs and improving decision-making. There is no point in replacing outdated manual reporting and forecasting systems, if you are not reaping the benefits of faster processes and more accurate information.
UK CEOs deeply frustrated with the ‘short-sighted’ approach to digital transformation
We are told that UK CEOs are deeply frustrated with the ‘short-sighted’ approach to digital transformation and broad tech investment exhibited by their board colleagues. This stumbling block could be overturned if those leading proposals for digital projects were able to clearly articulate the obvious, immediate and long-term benefits of mastering the power of company data. Until this happens, companies will continue the widely reported pattern of false starts and reboots of vital digital initiatives, wasting valuable time and money.
The time has come to break the deadlock and ensure that everyone at senior levels within the organisation has a crystal-clear understanding of how data can reduce administration and drive business value.
By putting improved data insights at the heart of the deliverables and execution of digital transformation, every company can ensure vital return on investment in these increasingly critical projects. The first stage in this process is properly assessing what stage of the data journey the company is at, what changes need to be made and how the company can move forward with data-enabled insights.
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