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How businesses cope with digital transformation, which is both necessary and demanding. Understand from all ends to bridge the gap.
Digital Transformation

The Impact Of Digital Transformation In Business

How businesses cope with digital transformation, which is both necessary and demanding.

Digital transformation has become synonymous with businesses in the recent past. The term has been used so much that the clear definition and implementation tend to become vaguer with each passing day as businesses use this to assert their presence in the respective markets. What are the best ways to ensure this implementation is as effective as it should be? Why has it become the need of the day? What impact does the digital transformation have on businesses today?

Role of Digital Transformation In Businesses

Digital transformation, simply put, is adopting digital processes as tools to achieve business goals. Though the process requires multi-layered planning, method, and execution, almost every business is at it today. It has become more of a cultural phenomenon in the business world rather than a mere strategy. Technology media company IDG has reported that out of 89% of the companies looking to adopt a digital-first strategy, only 44% of them have successfully implemented it. The fundamentals of digital transformation lie in how the business adapts to the ever-growing market and how the human resources focus on futuristic goals while the digital tools take care of the present. Such transformations also mean that the employees should adapt to the changing systems with time. Thus, they do not define what the organization does but how things are done.

Increasing Resilience With Digital Transformation

Continuous and adaptive growth implies that employees are ready to adapt to new situations better. With a flexible work process, organizations need not train the employees to adapt to any situation, leading to long-term success avoiding hasty short-term decisions. This eventually results in companies escaping the competency trap. Rigid frameworks are already in place to prevent sudden shake-ups or changes. Since most of the digital transformations are data-based, there is increased transparency, which means the unique strengths of the businesses are highlighted. The company’s priorities are sorted smoothly, demanding smart decision making from them. This eventually leads to better work structure, increased profit and professional development for the employees as they become technically sound with each process.

Keys To A Successful Digital Transformation

The following have been identified as some of the essentials to achieve the complicated digital transformation to have a more effective working inside any organization.

  • Insightful, tech-savvy leaders who understand the necessity and importance of digital transformation.
  • Easier ways to help employees to adapt to the technological changes within the organization.
  • Having more futuristic goals to engage the employees and empowering them to work in new ways.
  • Making this transformation a continuous process rather than a one-time wonder.
  • Frequent and right communication.

Transformations are complicated. Digital ones prove even tougher as they carry layers of complexity. Every business and every organization will demand a unique level of transformation. While the AI is already taking over the world, understanding from all ends to bridge the gap between traditional and digital methods proves crucial to changes. However, once the challenges become a matter of the past, the impact of digital transformation can be witnessed in terms of financial profit, almost error-free systems, less time consumption, fulfilling customer expectation and demands, etc. This is a never-ending process. Once an organization gets hold of adapting to the changes, there is no stopping them. As the popular saying goes, “Necessity is the mother of invention”. Innovation will become the best bet for businesses to stay ahead in this game in the future.

Written by Jayashree in July 11, 2019
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A proper big data analytics system helps to ensure the areas of weakness or potential risks by harnessing the data pool of the businesses.
Data Analytics

How is Big Data Analytics contributing to Business Growth?

It all started in the 1990s when John Mashey coined the term Big Data. According to Wikipedia, Big data usually includes data sets with sizes beyond the ability of commonly used software tools to capture, curate, manage, and process data within a tolerable elapsed time. It consists of structured, unstructured, semi-structured data. The size of big data is constantly moving. Since 2012, it has moved from a few dozen terabytes to many exabytes of data.

What Is Big Data Analytics?

It looks like streams of abstract information. It consists of data that is gathered from all kinds of internal and external sources such as consumers’ contact information, billing, market research, social media and more. When all of these details are kept together, this data is able to provide valuable information to both the consumer as well as the company.

But this is not that easy as it seems like. Each company decides its business objectives. Then we generate the capabilities of the data. After deciding these we retrieve, merge and analyze the data and come up with a result. These results are the outputs, which help to create better business models.

“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”

Geoffrey Moore

How Is It Helpful In Businesses?

Big Data Analysis is done using advanced software systems. This helps in increasing the performance and the speed of the data analytics. It reduces the time for decision-making. The modern big data analytics systems allow for speedy and efficient analytical procedures. This offers a big competitive advantage to businesses.

Data Analytics is providing benefits to the businesses since their inception. They help in the expansion and growth of their startup, which eventually turns into large companies and businesses. As stated by the Rutgers, “IT and other skilled technology professionals at innovative firms such as Google, Tesla, and Uber, have leveraged the power of data analytics to break into new markets, build stronger relationships with consumers, and streamline processes such as supply chain and marketing management.”

How Company Data Can Contribute To Business Growth?

It is a big challenge to expand a business. This includes collecting and properly using the data that drives, informs and incites new action. Here are some of the ways, which can help in expansion of business:

1. Future planning

The foundation of any company is to keep their businesses running smoothly. Without any operational efficiency, the business will cease to exist. This efficiency decides the use of data analytics and will evaluate its significance.

With the help of analytics, we can find the insights in the dashboards and which will result in better business reports. We can also interact with the results and can use the information to create the expansion plan. Businesses will be able to take more financial risks with larger confidence with the help of analytics.

2. Finding the audience

It is important for any company to know about their customer reviews. The company should find its audience in any country or region. They should know their reputation in the outside world. Social Media produces a large amount of data. Analytics can help to merge social media analysis with customer’s internal data. This will help to make a profile of the customer who is interested.

Metrics such as click-through and bounce rate can alert businesses of how successful their marketing and content campaigns are going. This can help them to redesign marketing efforts to reach more customers. The click-through rate illuminates how much traffic is coming to a company’s website landing page, but a more comprehensive understanding of traffic can be gained when the click-through rate is read with a bounce rate measurement. Bounce rates show when a visitor leaves the site after only visiting the page they landed on.

3. Taking actions using predictions

With the help of analytics, we can expand in a different direction from other companies. This will help us to put a step towards the perspective of different users. This can be done using predictive analysis. Predictions can help the company in making the decisions and will help to analyze the users of the company and their demands.

The companies generally do Predictive Analysis when they are willing to start something new in their existing environment. This analysis can help us to know whether the users are willing to go out for that opportunity or not. And this gives us the risk analysis for the change.

How Brands Are Using Big Data Analytics?

Big Data Analytics involves examining a large amount of data that can help to expand the business. This helps to have a better perspective of what the audience wants. Recently many brands have started using these strategies for their growth. Businesses are becoming more data-driven and objective. These are some of the ways that companies are using Big Data.

1. Learning and Retention of customers

The customer is the biggest asset on which any business depends on. For any successful business, we need to have a strong customer base. If a business gets a customer base slowly then there are high chances that they will offer poor quality products, which will eventually affect the overall business.

So, businesses are using various analyses so as to know and predict what the customer wants. The more data the business is able to connect, the more trends the business can identify.

2. Risk management

Being able to foresee risk and mitigating it before it occurs is critical if business has to remain profitable. Data analytics has been very helpful in the case of risk management. There has been a recent increase in the statistics and diversity of data. Big Data Analytics has a huge potential for increasing the quality of risk management models.

However, organizations need to have a better structure to accommodate such amount of data. A proper big data analytics system helps to ensure the areas of weaknesses or potential risks.

The data is expanding day by day, hour by hour. Businesses have also built or are trying to build proper infrastructure for the data. Big Data Analysis is becoming useful to everyone in terms of retrieval of data for any business or getting the products for the needs of the consumer. Harness the power of your business data for a calculated growth. Talk to our experts.

Written by Aradhya Singh in April 10, 2019
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