Data Blog by Lizeo
Digital transformation: data at the heart of your business
The Internet, and the ever-increasing inflow of data it generates, has pushed companies to completely reinvent themselves in order to focus on the digital future. Indeed, it is the catalyst for this transformation. Therefore, how can you accelerate and make this transition sustainable within your company? Furthermore, how can you obtain an in-depth understanding of your market in real time and successfully satisfy your customers? Ultimately, what if Data was your key asset for the digital transformation?
Digital transformation for companies: the 4 main lines of attack
The digital transformation aims to integrate digital technologies into a company’s activities. Following the widespread use of information technologies (IT) in organizations, today these technologies are moving up a gear, often creating new economic models.
The 4 Key Areas of Transition
Specifically, this digital transition can be based around 4 main areas:
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The customer relationship: First, digitizing the customer journey provides an in-depth knowledge and real-time monitoring of consumer behavior. Consequently, it is then possible to customize the customer experience, particularly in a multi-channel approach.
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Organization and work methods: Second, today, the use of collaborative, decentralized tools optimizes the company’s support functions and internal processes. As a result, this leads to clear time and cost savings.
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Business development: Third, digitalization allows new business opportunities and innovative economic models to emerge.
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Data collection and analysis: Finally, the integration and use of Data in daily tasks for services also helps improve decision-making (Marketing, Sales, Pricing, Category Management, etc.) based on factual, complete, and up-to-date elements.
Technological pillars for the digital transformation
- Mobility and real time: Primarily, provides access, at any time, to accurate, fresh and up to date information on which the activity can be based. Today, this is particularly important since an increasing number of business activities and interactions take place in mobility.
- IoT (Internet of Things): Additionally, this refers to all the objects and physical systems connected to the Internet that collect new information relating to their environments.
- Business Intelligence (BI): Also referred to as a decision support system, it designates a set of tools and applications allowing analysts to view and work on available data.
- The Cloud and SaaS (Software as a Service): Lastly, via the Internet, it is now possible to access resources, tools and services, upon request, from anywhere in the world.
Data as a vehicle to understand the market
Through Data, companies can now enter the Smart Business era. For your employees, it is the possibility to use all data available in the company and its surrounding eco-system to take relevant decisions and create value quickly. However, before being able to take these informed decisions, a company must be capable of collecting relevant data on all aspects of its activity.
You said Smart Business?
Smart Business is an approach adopted in companies to facilitate strategic and operational decision-making. Fundamentally, it is based on the use of data in real time coming from, in particular:
- Business activities;
- Multi-channel exchanges with third parties: wholesalers, distributors, dealers, etc;
- Consumers reactions on products and services;
- Connected equipment (IoT), etc.
The collected data then requires a technical preparation so that market insights can be extracted using analysis or visualisation tools.
Data is then integrated into business tools (for example, a CRM), in view of optimising the company’s internal processes. The insights are shared by the business teams (Marketing, Sales, Pricing, Category Management, Customer Service, etc.).
Through this Smart Business approach, the company can then:
- Improve its customers experience;
- Obtain a better understanding of its market;
- Increase the efficiency of services.Smart Business is an approach adopted in companies to facilitate strategic and operational decision-making. Fundamentally, it is based on the use of data in real time coming from, in particular:
If the digital transformation of a company can be considered in different areas, the focal point of any approach remains the Data. This remains true whether this Data is generated by the transformation or the digital transformation takes place through the use of Data. Companies therefore need to use it, starting with the collection, before processing the data appropriately to successfully extract the expected lessons from it. At stake: a better control of their market, the identification of new business opportunities or even building a better customer experience, etc. At the heart of this transition that creates value, data cannot, under any circumstances, be neglected. Do you need any assistance with your transition to a Data-driven business?