Digital transformation is one of those industry keywords that a lot of executives toss about but that most are not really sure really what – or how – their firms are doing to make it a reality. Rather, what executives need to be concerned about is how data is leveraged, as it is at the heart of enabling business transformation and change. Forrester reports that between 60-73 percent of all data in an enterprise goes unused for analytics. When data is recognized as the single most valuable asset for business growth, uncovering customer insights and driving decisions, that figure is no longer acceptable or cost-effective.
What keeps a company competitive and relevant to its customers and investors is how fast it can pivot to accommodate the changes in the economy and their industry. The news has been ripe with examples of companies who have struggled to keep up with the rapid pace of business and ended up claiming bankruptcy in 2018 including Toys R Us, Sears, Nine West, and others. And it all comes down to data and how it has changed the very fabric of business operations.