Digital transformation. You know, that buzzword we’ve slipped into conversation for the past decade (or more). It’s only within the past few years that it went from nice to have to a must-have. In 2020 (albeit in response to the pandemic), businesses got serious about digital transformation, accelerating digital adoption, globally, by 7 years.
When done correctly, digital transformation connects us, creating a more accessible world for customers and businesses alike.
Although, when we really get into the benefits of digital transformation, nothing outweighs revenue growth. A recent Deloitte study found that businesses with higher digital maturity reported 45% revenue growth compared to those with lower digital maturity at just 15%.
With that much revenue growth at stake, businesses can’t leave the decisions making up to gut instinct or opinion. Now, more than ever brands have to lead their digital transformation strategy with data.
What Role Does Data Play in Digital Transformation?
The entire point of digital transformation is to connect all data points across a business to give leaders a more holistic view of the entire operation. The result? Better insight so brands can make data-driven decisions about operational efficiency, product quality, and most importantly customer experience.
Building an interconnected ecosystem of data doesn’t happen overnight. And just like the saying “you need money to make money”, the same thing holds true for data. In order to understand what technology is needed to give an organization more insight, businesses must first identify the gaps in their data. With the right tech stack in place, businesses can fuel a data-driven digital transformation.
A 2021 survey by NewVantage, found that only 24% of firms have created a data-driven organization. With only a quarter of organizations being truly data-driven, this leaves a tremendous competitive advantage for businesses that not only found a way to become data-driven but data profitable.
What Does it Mean to be Data Profitable?
A company that is data profitable is making more money from the insights found in their data than they are spending on storing and analyzing the data. One way to become data profitable is to use Data Capitalization Management (DCM) to automate the analysis of complex data, insight generation, and ROI tracking so they can focus on improving critical KPIs and capturing clear monetary value. This is done by leveraging AI, particularly unsupervised learning, to analyze extremely complex sets of data.
How does Data Capitalization Management help with Digital Transformation?
Data Capitalization Management, helps businesses identify, prioritize, and track revenue-generating opportunities faster than traditional data analysis tools and BI dashboards. As brands undergo a digital transformation the pressure is on for business leaders to make decisions that produce positive ROI.
DCM removes the bias from decision-making. A marketer may know that their social ads have the highest conversion rates but it’s hard to know what may be influencing that conversion. Stitching together data from the entire MarTech stack could take months, and even then it only provides answers to the questions being asked. A DCM platform, like Unsupervised, would automatically bring those insights to the forefront and prioritize the biggest opportunities available.
It’s hard to ignore the fact that the pandemic has changed executive mindsets on the importance of technology, 38% of organizations are investing more in technology to make it a competitive advantage.
This is where that advantage lies, in the data. In an organization’s ability to embrace data complexity and identify strategic opportunities, to execute faster than the competition can.
Ready to become data profitable? Speak to an expert today to see how Unsupervised can help strengthen your digital transformation strategy.