We can safely agree that digital transformation is driving new possibilities. It is helping businesses to identify opportunities and providing solutions to old and new challenges. An additional agreement that has a universal truth or ring to it is, not all problems or opportunities have a digital solution.
Now that we agree, let us look at the new possibilities! Data is the new currency is a common phrase. Unfortunately, this doesn’t complete our digital transformation picture. If data was part of an equation, then the missing variable would be analytics, equating to the constant that is business. So far, we have successfully established the keywords or buzzwords for some. Namely; data analytics, business, and digital transformation. Ok! So we forgot the word digital, the platform of ones and zeros, the enabler that makes all computing endeavours possible.
In this context, any business that needs to differentiate itself from others requires data to transform. It is the key unit of measure of information from where, henceforth, one can make informed decisions. This leads us to a new keyword, data-driven decision making.
This leads to our starting point of new possibilities, such as;
Data is quantifiable, the new business transformation currency, making all business initiatives and outcomes countable and measurable. The journey to transformation is not without its challenges, it has an ever-evolving landscape. A solution fostered today may not yield the high return tomorrow.
Here, the business transformation from a digital context has its fundamental components that remain constant. An example is; data security, the customer, demand, and supply.