“Modern enterprise technologies generate vast amounts of data, which can be challenging and time-consuming to analyse. By building data science models that are accessible, meaningful, and actionable, however, you can spot new opportunities quickly and speed up decision-making.” – The Infor Blog.
When it comes to speed of execution and reliability of insights, data science is a key component for success. Analysing data patterns allow businesses to build models that create forecasts of what can happen in different scenarios, create solutions and generate actionable insights.
THE KEY DRIVERS OF DIGITAL TRANSFORMATION
“Digital transformation can be defined as the acceleration of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact in a strategic and prioritised way.” – Mark Edmead: IT Transformation Consultant & Trainer at MTE Advisors.
Organisations are faced with the constant challenge of adapting to a changing business landscape in order to remain competitive. This includes keeping up with demand, changes in customer behavior and adopting new and innovative technologies into the business model. The key drivers behind digital transformation include profitability, scalability, and added value propositions to product and service offerings.
“Enterprises should be able to deliver custom applications at the speed of ideas. That’s the way to stay ahead in competition in today’s world. Lowering operational costs and enhancing customer experience is the core of digital transformation.” – Forbes.
When it comes to implementing digital transformation effectively, it’s not just about technology, it’s about building the right team. Organisational culture, the right mindset, good communication skills, and a clear understanding of the digitisation strategy are key players in the speed and effectiveness of digital transformation. Employees that are empowered by IT leaders and have received the right training feel more encouraged and enabled to embrace technology and data-driven decision making.
This is why it’s important to address any skill gaps before digital transformation takes place, and to also have a criteria of skill sets required for new employees, based on the goals your organisation is trying to achieve.
“The people you need to hire are the flexible, innovative and entrepreneurial ones. They’re not afraid to fail. They can pick up new techniques very quickly. They’re curious.” – Talent Sonar.
DATA SCIENCE IN THE CLOUD
“Data science is enabling the next generation of enterprise software, resulting in solutions that tell users what is going to happen and what they should do about it today.” – Ben Rossi: Contributor at Information Age.
Exploding data volumes are increasing the complexity of analysis, and with most data scientists running tools like AWS Machine Learning, Azure, Python and R in the cloud, it’s safe to say that data science and cloud computing go hand-in-hand.
Many organisations are investing a lot of time and resources on Big Data and making sure it stays in the cloud, in order to experience benefits like flexibility, ability to collaborate, reduced IT costs, and easy access to data.
“Businesses need to be continuously embracing new online marketing channels, bringing new digitally-evolved products to market, refreshing the value propositions of their offerings, and utilising cloud technologies to enable scaling and globalisation at pace.” – Conservit.
DATA STORAGE & ACCESSIBILITY
“Processing data and shifting it to Cloud organisations avails two benefits, including tackling large sets of data for decision making and reducing the overall cost of infrastructure.” – Edureka!
Data storage is a challenge for many businesses, but Cloud computing has made storing and analysing data much easier by simplifying IT management, data maintenance and infrastructure updates.
“Value of data is dependent on frequency and speed of access needed to deliver business requirements. Digital enterprises operate with radically different datanomics than conventional physical businesses. Here, digital information is the business.Yes, that means that there is exponentially more data to store and manage. But it also means a fundamental difference in how that data needs to be stored and managed.” – Ash Ashutosh: Contributor at InfoWorld,
Cloud computing, built around a series of hardware and software that can be accessed remotely through any web browser, can greatly assist businesses looking to improve their service offerings through accessible, machine readable data.
“Cloud computing offers your business many benefits. It allows you to set up what is essentially a virtual office to give you the flexibility of connecting to your business anywhere, any time. With the growing number of web-enabled devices used in today’s business environment (e.g. smartphones, tablets), access to your data is even easier.” – Business Queensland.
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