DIGITAL TRANSFORMATION AND DATA: HOW EMERGING TECHNOLOGIES HAVE ACCELERATED NEED FOR ANALYTIC TALENT

Translating data and information into meaningful business intelligence is as much art as it is a science. This is why the ability to do so effectively and successfully provides companies with a distinct competitive advantage. These capabilities and insights are necessary for strategies and execution to come down to a guessing game.

Playing “chance” isn’t ideal for any company aspiring to a lasting and continually thriving future. Yet, this appears to be the approach of many organizations. According to a Gartner article, less than half of documented corporate strategies prioritize data and analytics as integral to delivering enterprise value.

PERSPECTIVES ARE SHIFTING AS THE DIGITAL ECONOMY TAKES OVER

Gartner also predicted that this data analytics gap in the digital transformation space would close significantly by 2022. It’s expected that by then, 90% of businesses will hone into and pinpoint information as a prioritized enterprise asset and analytic skills as necessary.

There’s now an understanding that adapting and thriving in the digital economy requires some manner of clairvoyance—meaning that technologies and consumer behaviors are rapidly shifting, almost as if permanently in flux. Competency and proficiency in data analytics are now more critical and strategically valuable if companies are to keep up with evolving technology and market trends.

Instead of being relegated to “specialist” in a specific department, data and analytics leaders should and will be part of the high-level conversation. As much as a vision statement and big-picture objectives are focal elements across corporate planning, so should information and the ability to interpret it.

Digital transformation isn’t a half-measure. It will only happen when data and analytics practices are understood, implemented, and embraced at an organization’s highest levels.

DATA AND ANALYTICS SHOULD BE A FREQUENT TOPIC IN THE BOARDROOM

Since data and analytics are competitive differentiators, operational streamliners, and innovation igniters, such strategies should be regularly discussed with executives.

All the same, talk is cheap, and this philosophical shift must go beyond words. Despite their best efforts, many companies need help taking that challenging cultural step and committing to information management and investing in advanced analytics and technology are more complex tasks.?

If data and analytics are to spearhead a digital transformation that thrives over the long haul, following these insightful strategies is non-negotiable:

STRATEGY #1: ELEVATE THE PROMINENCE OF THE CDO

Chief data officers (CDOs) should be increasingly relied upon and empowered to drive corporate planning, similar to CMOs, CTOs, or CEOs.

Once the CDO is appropriately established within a company, it’s then clear that data and analytics are a centerpiece, not merely playing a supporting role.

STRATEGY #2: CLEARLY ILLUSTRATE THE VALUE OF DATA AND ANALYTICS

Perform research on your organization and other similar companies to display the economic benefits of data and analytics.

This will give any doubters real-world proof of the profitability and positive results driven by these initiatives.

?STRATEGY #3: BE PROACTIVE WITH DATA AND ANALYTICS

Ensuring that data and analytics shape a company’s digital transformation necessitates unwavering determination. There must be a driving force (ideally, the CDO) steering corporate strategic planning sessions toward these aspects.

Focus on how data and analytics are currently being implemented and how they should look in the future. Ensure this messaging is internally and publicly reinforced through annual reports and investor conferences.

?STRATEGY #4: CHANGE THE DATA AND ANALYTICS CONVERSATION

CDOs and other data and analytics employees must focus on measurements conveying their initiatives as valuable assets. This way, from top to bottom, there will be a shift in the company’s behavior and culture in how information and its interpretations are viewed.

?STRATEGY #5: INVEST IN THE RIGHT TOOLS

It’s time for companies to evolve from their traditional business intelligence tools and methodologies.

Data science and machine learning are two examples of advanced analytics competencies that organizations should borrow, buy, or build.

These kinds of tools should be embedded across all aspects of the business.

?STRATEGY #6: STAY ON TOP OF DATA AND ANALYTICS TRENDS

Here are a few current data and analytics trends to consider (as?provided by Gartner):

• ?75% of companies will move from piloting to operationalizing AI by 2024. This amounts to a 5x increase in streaming data and analytics infrastructures.
• ?Dynamic data stories will replace visual, point-and-click authoring and exploration with more automated and consumer-centric experiences.
• Over 1/3rd?of large organizations will have analysts practicing decision modeling and similar forms of decision intelligence.

Staying on the cutting edge will prove crucial to a company’s digital transformation. Keeping one’s ear to the ground means remaining informed about these trends.