What’s your data slaying plan? Don’t have one yet? Time to get a mitt and get in the game. Even if your plan is just to make a plan, you need to get started and get into the flow of the DX… the digital transformation – it’s the future and the future is now. You are not alone in getting on board but the smart companies are becoming digital companies. Every company will need to be a tech company in the digital age. Get ahead of the curve.
Experts are predicting a 4,300 percent increase in annual data production by 2020 and less than one percent of all data is currently being used or analyzed.
One more thing, data has a shelf life, some data, historical data, has lasting value, but other data has an expiration date. Data requires storage and that costs money and sometimes extra compliance is needed too, which also costs money. What to keep and what to delete? Mountains of ever increasing data with no end in sight, you may be getting data rich but your ability to use it, to learn from it, is the pot of opportunity gold at the end of the rainbow that the DX ushers in.
Business is now transforming, going digital and it is happening as you read this. Welcome to the world of digital transformation – the application of all things digital in business and society transforming how digital data is being used, it brings forth innovation if you apply the smart data approach focusing on what you can exactly what you can glean from your data, rather than the same old same old of paying to keep it but not knowing how to massage it to produce ideas and income.
The solution? Rather than try and get your arms around your ever-growing mountain of data without a clear idea of what do with it, think of a strategy that will advance your cause.
Can your data be re-monetized to reveal other revenue streams or be sold to a noncompetitive company for an alternate use? What trends could it unveil that could create new products or refine existing ones?
It’s the quality of the questions you generate and then extract from your data that will make or break your company. You have to leverage your data, harness its strength, develop technology strategies to identify the data points you need to gain meaningful insights. What pain points do you have right now? Ask yourself if the answers to solving them could be in your data and if so, go get it! How? It’s called cognitive computing, a self-learning platform that uses data mining, pattern recognition and natural language processing to mimic the way the human brain works. By asking the right questions and teaching your system how to think like you, your risks will go down as your profits go up. That’s how to transform into the digital world.