Putting data to work across your organisation
In most organisations today, people are talking about digital transformation. A lot. They hire consultants. They sit through endless PowerPoint presentations. They talk some more. But at the end of the day, many companies still don't really know how to go about doing it.
We’re seeing growing numbers of global companies that are learning to use data effectively across their businesses. Companies like GE are embedding data and analytics into practically everything they do – from factory-floor processes to managing inventory to introducing agile ways of working in their engineering and services divisions – and using the insights to drive real growth and savings. AT&T, American Express, eBay, AIG - no matter what business you’re in, data analytics will drive you forward at a rate you could scarcely have dreamed of.
Time to take data seriously
Problem is, most South African companies have yet to move forward seriously with any sort of digital transformation journey. PwC’s Strategy& Global Digital Operations Study 2018 found that only 10% of global manufacturing companies are dubbed as ‘Digital Champions’, while almost two-thirds have barely or not yet begun the digital journey – including most local companies. In fact, the report said most of the manufacturing companies surveyed in South Africa fell into the Digital Novice category (the least digitally mature companies in the report).
Use analytics, ideas and innovation
You must figure out your competitive advantage using analytics, ideas and innovation on what to do with your data. That means asking the big business questions: How can you improve profits and increase revenues? The analysis should quickly uncover the areas of real opportunity in your business, whether that’s faster time to market for product development, streamlined maintenance schedules or quicker deliveries and customer service.
The important thing to realise is that digital transformation isn’t an IT project. Data analytics is a business matter. It’s a strategic driver of change and transformation across the entire organisation. It’s about putting data and analytics front and centre of the business, creating a culture around using data, and developing your people to think in a particular way.
About the author
Sudhish Mohan, CIO & COO TransUnion Africa