PART 4: DATA
We’re talking digital transformation and the importance of taking a holistic approach to the process. We’ve looked at the importance of analysing your business and its services and examining the applications you use to provide your services.
One of the main benefits of digital transformation is that we get to collect valuable data – a resource that, when used properly, is critical to all organisations. 90% of all data was created within the last two years. In fact, currently there is approximately 2.5 quintillion bytes of data created every day!
Data allows you to understand what is happening throughout your organisation, who precisely your customers are and how they behave; it lets you identify trends, influence change and ultimately improve how you work.
Effectively analysing data allows us to truly get to know the user (your customer), who can be analysed throughout several parts of their journey, from their social media sentiment to purchasing behaviour.
Data allows us to personalise and enhance our services to users – something statistics prove that consumers really want. According to Accenture, 33% of consumers who ended their relationship with a company last year did so because the experience wasn’t personalised enough. The same report tells us that 75% of consumers are more likely to make a purchase from a company that knows their name and purchase history and recommends products based on their preferences.
Through identifying and examining trends, data allows us to improve the customer journey, to predict events that are relevant to an organisation and adapt accordingly.
A perfect example of how data can revolutionise an organisation is Northern Ireland’s public transport provider Translink. Neueda partnered with Translink to solve the challenge of how to collate and interpret the vast amounts of data it owns, including information relating to ticketing, passenger journeys, service scheduling and vehicle location.
As Translink captures huge amounts of this type of data from several different sources on a daily basis, it needed to find a way of turning it into information that would help it service passengers more effectively. Within 10 weeks we developed a centralised, digital data warehouse using software from the Microsoft technology stack. We set up a business analytics service, using cloud platform Microsoft Azure to ingest, store, model and visualise data, enabling invaluable insights from 70+ Translink data sources.
We simplified the process of analysing data across Translink’s entire estate, allowing its employees to drive efficiencies and value to its business and customers. The results were impressive, with Translink reporting a 95% reduction in data report preparation time. This benefits both Translink and its passengers, whose experience is ultimately improved.
Find out what data you have access to and ask if you are using it to the best of its ability. Put simply, great data management is a win-win for everyone.
In my next blog on this topic, we will look at the pivotal role technology plays in bringing digital transformation to life.