Data-driven business transformation enables operational excellence and higher market share - Harshdeep Singh Marwah, Chief Growth Officer, iValue InfoSolutions Pvt. Ltd.
Even as legacy, mainstream companies are increasingly investing in Big Data and Analytics and AI-driven initiatives, many still have to address several challenges to achieve their full potential. On the other hand, new-age startups effectively use data and have begun to capture significant market share. Organisations with traditional cultures have to work at transforming employee mindset to digital thinking and step up their data capabilities and employ a data-driven approach to all strategic decisions.
Data, often referred to as the new ‘oil’ or the new ‘gold’ of the emerging digital economy, when extracted and applied delivers high yields for businesses. The older assumption-based business models have to get replaced by data-driven ones. All structured and unstructured data are pulled out from various sources and analysed by leveraging data analytics tools to gain actionable insights that drive better business outcomes. Yes, Big Data has to be transformed into Smart Data! Gaining timely insights related to industry, customer and competition is key for informed decision making.
Business Intelligence presents current and future performance
Business Intelligence includes all relevant data, methods, processes and tools to ingest all available data over the years and apply new-age AI/ML driven technologies to address a specific business challenge and provide appropriate insights. It uncovers trends, patterns, methodologies, marketing and pricing strategies, and their impact on business growth, employee performance, sales conversions, revenues, and effectiveness of promotional campaigns, among others.
One such use case can be taken from retail sector where inventory management constantly poses a challenge to e-commerce companies. This can be addressed with application of Business Intelligence by gaining insights into the category of customers, their demands and purchase history, for accurate response. Big Data Analytics can effectively drive business Intelligence and deliver better product innovation, pricing, enhance up-selling and cross-selling.
Decision-making in real-time with Operational Intelligence
This approach will enable taking critical decisions and relevant actions in all business-related operations, based on real-time data as and when it occurs. Live-stream data supports context-based decision-making and help enhance businesses in real-time with improved capabilities. Operational Intelligence has been extremely useful in the current pandemic-driven environment where virtual services are taking over across industries.
Operational Intelligence builds the much-required resiliency and ensures businesses are up and running. For instance, with most retail going digital, proactively recognising the life span of any IT asset, the cause and taking timely corrective action is the need of the hour, which is delivered by Operational Intelligence. Even the slightest delay in addressing a particular request from a customer, by the e-commerce website, can actually lead to losing the customer. Organisations require Operational Intelligence to succeed in this dynamic and complex business environment.
Business Security gaps are effectively addressed with Security Intelligence
Understanding any organisation’s threat landscape and improving the capabilities accordingly to respond to threats in a strategic and methodical manner is addressed by Security Intelligence. Simply reacting to events and attacks is not an efficient way to protect businesses against cyber threats. Predictive analysis is the core aspect of Security Intelligence and is relevant in handling all kinds of cyber-threats that occur both internally and from outside, besides DDoS attacks.
Security Intelligence can provide a detailed picture of the threat landscape, so actionable insights be applied.
In any business scenario, it is data that identifies the potential risk to the business as well as the location of the malicious activity. Hence, data collection and analysis provides a strong foundation to Security Intelligence. Furthermore, it is cost-effective too!
Creating and establishing a data-driven culture in the organisation is the responsibility of business leaders. Mainstream, traditional companies with legacy systems, processes, culture and skillsets have to invest in the efforts to transform themselves into data-driven businesses, by applying best practices. Businesses that integrate data into their strategy, implementation, operations, culture and customer experience enjoy a competitive edge with higher revenues and profits.