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Prior to the digital transition, experience and intuition were prioritized over data. Businesses who use data driven culture to inform choices are benefiting from it in terms of revenue.
A lot of companies have realized that data is an important resource that may greatly help the business plan move forward. Digital transformation, which aids in converting data into information, is a requirement for extracting value from external and corporate digital data. Through enhancing decision-making, streamlining processes, and creating competitive advantages, accurate and comprehensive information creates value (Data Driven).
We’ll look at how digital transformation improves information’s business value for engineers and other fields in this article. We’ll examine the ways in which managers and engineers looked for business value both before and after the digital transformation, and how the latter’s focus on verifiable data is working better.
Prior to the digital transformation, decision-making for operational efficiency was driven more by the experience of senior staff and unofficial institutional knowledge than by data.Automation and process optimization are made possible by digital transformation, which continuously raises operational quality and efficiency. Information that improves employee productivity, minimizes manual labor, and streamlines business processes is essential for efficiency success. Improved workflows, digital data, and skilled employees reduce operating expenses and boost company value.
Prior to the digital transformation, relationships, general trends, me-too thinking, and personal intuition all had a big influence on strategic decision-making, sometimes with disastrous outcomes.Executives and decision-makers now have the resources and knowledge necessary to make strategic choices thanks to digital transformation. Organizations can make future decisions with knowledge thanks to scenario modeling, predictive analytics, and access to a variety of internal and external data sources.
Before digital transformation, cost reduction depended on individual engineers’ and middle management’s leadership and determination to implement the opportunities they directly observed.Digital transformation can reduce costs and waste by acting on insights identified through data analytics. Digital transformation can also reduce costs associated with traditional data management, such as:
Remote employment had poor usability and little functionality prior to the digital revolution.For engineers and other disciplines, digital transformation makes remote work and collaboration easier. These capabilities, which guarantee that information is accessible to partners and employees regardless of their physical location, became crucial during the COVID-19 pandemic and are now regularly expected workplace features. They also strengthen business resilience and disaster recovery.
Before the digital revolution, innovation was based on costly physical models and prototypes as well as educated guesses. Introducing new product lines and business models was usually a risky endeavor.Engineers may come up with new ideas for risk mitigation, business models, and revenue streams as a result of digital transformation. By enabling engineers to experiment with dependable data, cutting-edge technologies, and advanced forecasting tools, it promotes innovation.
Before digital transformation, supply chain management was based on the experience of senior staff and was constrained by long lead times. Responding to disruptions to minimize impacts on the flow of goods and components was difficult and expensive.In today’s globalized business environment, digital transformation can enhance the value of information in supply chain management. Real-time data on inventory, product demand forecasts and logistics status can lead to more efficient supply chains. This reduces costs and improves customer satisfaction by minimizing delays and out-of-stock situations. In a significant disruption, digital data enabled supply chains to respond better by modelling the impact of alternative courses of action.
Analyzing customer feedback prior to digital transformation was restricted to what could be discovered through surveys, firsthand observation, and instances in which the company let customers down.Organizations can more efficiently gather, evaluate, and respond to customer feedback with the aid of digital transformation. Sentiment analysis, social media monitoring, product returns, and customer complaints all offer insights into what customers think. Businesses can modify and enhance their goods and services by analyzing this data.
Business agility was constrained prior to the digital transformation. Bankruptcy or a forced business sale were typically the outcome of internal crises or shifts in the business environment.Businesses that undergo digital transformation become more flexible and agile. Better information enables businesses to react more quickly to:
Achieving business value from digital information requires organizations to implement the following information infrastructure elements that engineers can champion.
Data access was difficult prior to the digital revolution. It was scattered across several application-specific data silos, record management systems, and paper filing systems. The quality of the data varied. Experience and intuition were the main sources of decision-making for executives, including engineers.
In order to undergo digital transformation, data must be migrated from various sources into a single, centralized location, such as a cloud-hosted data warehouse or lakehouse. Authorized engineers can now access data more quickly and reliably for analysis and decision-making thanks to this centralization, which also greatly improves data accessibility.
Before digital transformation, data analytics, while helpful, was constrained by:
Digital transformation paves the way for implementing advanced analytics, generative AI, and machine learning models. These technologies can uncover hidden patterns and insights within data, facilitating predictive and prescriptive analytics. Businesses can make informed decisions, optimize processes and identify new opportunities, ultimately increasing the value of their information assets.
Data quality was not given enough consideration by organizations prior to the digital transformation. As a result, substantial data cleanup projects were often conducted before beginning any data analytics endeavors. Even so, there was little faith in the suggestions made by data analytics.
Digital transformation contributes to the improvement of information quality and accuracy by providing improved data integration and cleansing tools.
Decisions can be made on the basis of clean, trustworthy data by automatically correcting or removing redundant, deceptive, and inaccurate data.Adopting data stewardship procedures that prioritize completeness and accuracy as a standard component of all business operations is necessary for organizations to improve the quality and accuracy of their data.
A data-driven culture was unfeasible, prohibitively expensive, or unvalued prior to digital transformation.The attitudes and behaviors of the entire staff clearly reflect a data-driven culture.
They frequently use data to enhance business performance, and they actively promote it. They reject the popular pre-digital transformation hunches, gut feelings, shoot-from-the-hip, and flavor-of-the-month approaches. A strong culture of data and analytics places priority on:
Data literacy was not given much consideration prior to the digital transformation.The capacity to comprehend and convey data and insights obtained from data is known as data literacy.
Organizations use a structured training program backed by practical experience to increase staff members’ data literacy. Businesses promote data literacy by stressing data analytics when formulating recommendations.Information’s business value can be increased thanks in large part to digital transformation.
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