Think of all the data analytics at your disposal. Think of all the data sources your business calls upon. There’s the external information you gather from your market and the internal information you gather from employees. On the one hand you’re trying to stay one step ahead of competitors by leveraging that data properly, and on the other hand you’re trying to get the most out of your internal data so that you can motivate employees to act. It’s not easy and trying to keep up is often the reason why companies are failing at digital transformation.
Ultimately, digital transformation is a process of turning all of your business activities, whether they be internal or external, into manageable data. The focus is to be able to use this data strategically by marrying your internal data with external results. Why is this so important? Simply put, happy and engaged employees translate into happy and engaged customers. However, if customers drive technology in the market, how does a company bridge the gap between internal platforms and emerging technologies? This is but one reason why a number of companies are failing at digital transformation.
The Speed of External Technologies
Your enterprise may be at the forefront of data analytics and yet still be unable to keep up with the speed of external technologies, ones outside of your business that are constantly changing. Ultimately, your big data marketing team may do a phenomenal job of keeping your opportunity funnel full, and you may have found a way to excel at using internal data analytics to keep your workforce engaged, but if the speed of technology adoption is too quick for your company, then you’ll certainly lose ground. It’s just that simple.
Market-Driven and Customer-Driven Technologies
In less than a decade we’ve moved from mobile phones to smartphones. Cloud computing has taken giant leaps forward. Social networking has become a real-time activity and customers are mobile like never before. Ultimately, it’s the market and the customers that drive new technologies, and being able to stay ahead of the curve is often next to impossible. In fact, even keeping pace isn’t nearly enough. Companies that excel in digital transformation are ones that are not only aware of emerging data technologies, but ultimately ones who have seamlessly integrated these emerging technologies with existing internal platforms.
Conflicting Goals and Objectives
One team is focused on big marketing data and using that data to win business, keeping customers and growing market share. Another team is focused on using data to improve the quality of their product, shorten manufacturing cycle times and increase production throughput. Another team is focused on data collection for cost reduction and better financial reporting. Yet, another is dialed into data in order to get the best of employees. So, who wins? Better yet, who decides and how does all this information tie together?
Artificial Intelligence and Virtual Reality (VR)
Companies will be hard pressed to be able to have the developers capable of incorporating AI and VR programming, especially with industry stalwarts like Google, Microsoft and IBM gobbling up all the talent. Unfortunately, both AI and VR look to be the dominant platforms moving forward. In fact, according to some estimates, upwards of 75 percent of developers will be including AI in their platforms by 2018. It’s hard enough for companies to stay up-to-date right now, let alone be able to find the developers and internal capabilities to keep up with the advancement of AI and VR platforms.
Bringing all these technologies together and leveraging your existing data analytics is not an impossible task. However, it means staying ahead of the curve and having a team committed to success.
If you’re looking to better understand the onslaught of new technologies, or just looking to get a better handle on your existing data analytics, then we can help. Contact us now with any questions.