TrueNorth is disrupting with the "New Oil" - DATA

A staggering $ 4.5 trillion is expected to be spent globally on IT costs in 2022. This includes spending on software, devices, data centre systems, and communication services. According to the book: The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies research is cited that for every dollar spent on computer hardware, up to 9 dollars need to be spent on training, software, and business processes redesign.

Picking the right technology can therefore have a massive impact on costs and a strategic partner in the world of data-driven digital transformation requires careful consideration. In the coming weeks this three-part series will give an overview of what needs to be taken into consideration in this data-driven journey and what TrueNorth Group can provide in this domain. Over the series we will cover why this is such an important topic, what to look for in a trusted partner, and the approaches we take to solve the challenges.?

So, to tell you why TrueNorth should be your partner of choice, lets take a step back and consider where this explosion of data originated from:

We understand the environment and how its changing

The world is being digitally transformed at a rapid pace. Going to the bank for example changed from going to a physical branch only in working hours, to having the ability to do some transactions at an Automated Teller Machine (ATM) out of office hours, to today, where you can basically do anything banking related on your mobile phone when you need to. Digital transformation has changed every single industry imaginable, in un-imaginable ways.

But to digitally transform a process that used to work in a non-digital way is one element. When something, anything is transformed digitally using information technology of sorts, the result is that data points are logged for each interaction these IT machines have with other machines. The result of all this logging of data points? The data explosion! Terms like Big Data was coined for the vast amount of information being produced.

Why is this important for your business?

a.??????Business are being disrupted – No business is immune to this digital disruption, and if you are not paying attention to re-designing your business, someone else in your industry is.

b.??????You are most likely already sitting on a wealth of information – Most businesses have made some efforts over the last few decades to change their processes from manual paper-based, to digitization. Using this information for describing and understanding your business is the first step, but this information could potentially also be used for more advanced analyses to improve the understanding even further.

c.??????Data is the new oil – It is considered the most valuable commodity, even more valuable than oil these days. From oil we refined fuel to drive combustion engines, tar to create roads, and plastic products for just about anything you can think off. Data needs refinement too, which can then be used as fuel to power various tools and engines in the data spectrum. The question you need to ask yourself is your data working for you? Are you refining it further, and using that as a source to power tools like recommendations engines to give your clients a better experience?

TrueNorth provides and end-to-end, full spectrum offering to unlock meaningful business value from your data. Collecting data in a modern approach is the key first step. With devices, channels and source systems capturing data in vast amounts, produced because of digitization of everything, collecting, securing and storing data is critical. TrueNorth Group has the expertise to help you in this phase.

Contact us for more information at [email protected] or follow us on LinkedIn or at www.truenorthgroup.co.za