Data is the 21st century’s new oil. Such premise is not new and nowadays managers recognize that data is vital to the success and survival of any company. But how do you access that same data efficiently and with effective results for your company? How do you leverage the information you have available in a structured way and that represents a benefit for the business?
One of the biggest issues for managers is the fact of having the information, however scattered by various sources, often finding different versions of the same reality. There was certainly some critical moment when you had difficulty accessing the information needed. Or you came across a report that did not contain all the information you needed at a given moment. Even if it contained, but demonstrated a confusing and complex reading. A large amount of data in companies is not properly structured for analysis, that is, you can have data that you do not need and need data you have not.
It is from this point that arises the need to have Analytics and Big Data solutions, that is, the solutions that work this data effectively and which allow it to be used in the definition of the strategy of the organization. Without any doubt, Data Science transforms traditional business models. By using algorithms and analysis of data patterns, you can identify trends, solutions and standards, which when analysed can support management and ensure better strategies.
Companies like Google, Facebook, or Netflix have the Big Data concept in their DNA, since business models rely on data analysis. Nevertheless, Analytics and Big Data are changing and streamlining the processes of more traditional companies in various sectors of activity.
According to IDC FutureScape, by 2019, 40% of digital transformation initiatives will be supported by cognitive capacities / Artificial Intelligence providing timely critical information for new operational and monitoring models. In addition, by 2020 the proportion of organizations that will have implemented digital platform strategies will more than double.
With numerous business benefits and a direct impact on management metrics, Analytics and Big Data solutions enable to aggregate a large volume and variety of information generating insights that lead to better decisions.
Personal interests, gender, age, location, online interactions, purchase history or purchased services are some of the information through which we can improve and segment the company's offer, improving internal processes, customer service or gaining a greater competitive advantage over competition.
The truth is that customers now interact in new ways and their experience influences the company's image and buying decisions. With digital transformation you can improve customer experience and satisfaction. Gartner says that, by 2020, customers will manage 85 percent of their relationship without talking to a human being.
So technologies like Analytics and Big Data are key to business transformation and many companies have already understood the advantages of investing in digital transformation to stay competitive in a market that is becoming more demanding and innovative.
Analytics and Big Data are thus, today, the essential solutions for digital transformation to impact the company. Undoubtedly, the digital age has brought new challenges, markets and competitors to companies, who have to adapt processes, reduce costs and adjust their offer in order to make it more customized.
Digital transformation forces managers to rethink how to do business and reach the customer and the adoption of Analytics and Big Data solutions has a strong impact on the company's performance. However, it should be noted that employees are an important variable throughout this process of digital transformation.
According to the study "Digital Transformation, Are Portuguese Companies Prepared?" that EY launched with Nova SBE, "Investments in digital are still neglecting people and organization, information management and strategy and leadership. Focusing investments on the digital pillars that make the most sense for the business is important but neglecting talent streams and the strategy creates risks in the medium term. "
In conclusion, technology plays a prominent role within companies and makes business more effective, but equally important is the involvement of all employees and how to prepare them for new ways of working, which will bring efficiency and competitiveness into the organization.