In Transform to Win, we explore the challenges facing modern companies, diving into their individual digital transformations and the people who drive them. Learn about the changes they’re making to not just remain competitive, but win in the future to stand the test of time.
We all know that data is becoming more and more essential for businesses, as the volume of data keeps growing. Dresner reported that nearly 97% of respondents in their Big Data Analytics Market Study consider Big Data to be either important or critical to their businesses. It’s an inescapable fact that to get ahead (and stay there) in any industry now requires harnessing the power of data to drive decision-making and influence business strategy.
This is a key element of a digital transformation. That’s why 98% of firms are investing in Big Data and AI initiatives. Nevertheless, coming up with a digital transformation strategy can cause some nervousness: 73% of firms consider it to be an ongoing challenge and only 38% feel they’ve created data-driven organizations to date. Often, this might be because of a leadership issue, in particular, whether businesses have a chief data officer to guide them through such a transformation. There’s either a vacuum where such a leader should be, or the role remains unsettled in 72% of firms, owing to the rapid and disruptive changes that Big Data has caused in recent years.
Here, we consider why, then how, digital transformations supercharge businesses, and the critical role that product teams play in making that happen.
Become data-driven to succeed
Adapt, or die, many executives feel. They’re right. Digital transformation has proven benefits. Most significantly, it can increase revenue, boost efficiency, productivity and innovation, reduce costs, reinforce security and differentiate your business. To give some sense of the impact it has, using Big Data helps save Netflix US$1 billion per year on customer retention alone.
Data-driven companies typically enjoy an increase in profit of eight to ten percent and a ten percent reduction in overall cost. 83% of executives say that they’ve implemented Big Data projects to gain a competitive advantage and nearly 50% of businesses identify Big Data and analytics as the key impetus for significant change in their sales and marketing efforts. As much as 30% also say that R&D has also been fundamentally changed by Big Data and analytics.
Achieving a successful data transformation requires the right choice of an analytics and BI platform to ensure you get the most value from your data. Then, your data engineers will have the best tools to build and maintain the pipelines to streamline ETL, mash up data, maximize the access to data (wherever it’s located), optimize query performance, and create the smoothest data workflow from raw data to analysis. And you’ll enhance developers’ capabilities to take this data and build the most innovative, effective and targeted apps for you and your customers, designed to enhance your business.
Embrace embedded analytics, make better data-driven decisions
For anyone creating their organization’s digital transformation strategy, much of their focus is typically devoted to gathering, managing, analyzing, and visualizing data. There’s a wealth of insights that you can glean from data that will help you streamline your processes and enhance your business. But only looking inward doesn’t present the full benefits that advanced BI and analytics can offer. For those, you need to go further by thinking differently about your data, and by embedding analytics.
“A digital transformation isn’t just about streamlining your business so that you can do what you were doing before, only better. It’s about imagining a bold new direction for your business and having a clear vision for what you’re building.”Guy Levy-Yurista, Chief Strategy Officer, Sisense
While data adds value for you internally, embedded analytics gives you the extra capability to create value for your customers by turning data into data products. Adding reporting, data visualization, and analytics tools to existing applications, or developing new applications with these features, makes usage data just as accessible for customers and consumers. With embedded analytics at their fingertips, everyone can make data-driven decisions. This promise of adding value increases the stickiness and differentiation of companies’ products and services, escalates user adoption, and creates new revenue streams.
“A digital transformation isn’t just about streamlining your business so that you can do what you were doing before, only better,” says Guy Levy-Yurista, Chief Strategy Officer at Sisense. “It’s about imagining a bold new direction for your business and having a clear vision for what you’re building.”
Embedding to win: building revenue-generating apps
With the right cloud-native analytics platform in place, your users will get what they need to make smarter decisions, and your developers will have the right tools to build new analytic apps that offer customers even better insights.
Embedding analytics into products should be part of your digital transformation strategy. Developers can empower more users to benefit from analytics, making insights more accessible for everyone, regardless of technical aptitude. Developers become key players in improving decision-making throughout the entire organization. Creating new revenue opportunities with stickier, customer-facing apps is another way your product team, using embedded analytics, can help accelerate your company’s data monetization. It can also help you see ROI from your digital transformation sooner.
Empowering customers with embedded analytics: Tessitura Network
Tessitura Network provides arts and cultural organizations with a unified CRM solution that manages a host of functions in one database, such as ticketing and admissions, fundraising, memberships, marketing, business insights, education, online, mobile, and more. It is able to achieve this by leveraging all of Sisense’s capabilities, from analytics and visualization, customization, and more. And working with Sisense, Tessitura created processes and support to encourage adoption and ensure customer success.
John Jakovitch, VP of Business Intelligence at Tessitura Network said, “It was obvious to us that Sisense was built to be [embedded] . . . The best thing I can say about Sisense is that we never ran into a use case that we couldn’t do. We were able to implement everything we needed.”
Embrace the power of data to create success
So, in our data-saturated world, the combination of builders coupled with the implementation of advanced, cloud-first analytic tools, is the key to unlocking the full power of your data that will be instrumental in your organization’s successful transformation.
“For modern organizations, data is the ultimate building block. High-profile companies are using data to build profitable new products, new lines of business, even entirely new industries. It’s the starting point and the finish line for every new business creation. In an age where every company is making moves to be more data-driven, those that figure out how to efficiently monetize their data insights will be the biggest winners.”Charles Holive, Sisense’s Managing Director of Strategy Consulting Business
The march of data continues relentlessly, and it offers potentially extraordinary benefits for organizations and their customers. Digital transformation, spearheaded by the adoption of advanced BI and embedded analytics, empowers builders to embrace this trend and keep pace with it. It’s the dynamo that will drive everyone to increased success and further growth.
Adam Murray began his career in corporate communications and PR in London and New York before moving to Tel Aviv. He’s spent the last ten years working with tech companies like Amdocs, Gilat Satellite Systems, and Allot Communications. He holds a Ph.D. in English Literature and when he’s not spending time with his wife and son, he’s preoccupied with his beloved football team, Tottenham Hotspur.