In the digital world data insights, precision in decision-making and exceptional customer experiences are imperatives of the modern business. “Nevertheless, no matter how much companies want to achieve these goals, there always seems to be some element that is hindering them” according to Chris Volschenk, CEO of StorTech. He adds that “companies are finding that there is always a missing link even with the latest and greatest technology solutions and being far down the line in their digital transformation journey.”
Importantly, Volschenk emphasises that “visibility in the digital transformation journey is not enough – organizations need the capabilities to improve functionality in their IT ecosystem and thereby the overall manageability of their digital transformation journey.”
He adds that because businesses tend to work in silos, and because they rely on legacy systems, change becomes a mammoth task when implementing an innovative idea or a new solution. “What it really comes down to is having an integrated approach across the entire ecosystem to have a transformative effect that extends way beyond IT. Today’s business environment relies on immediacy and innovation with constant pressure on IT departments to enable this. Traditional approaches may have been able to get the job done, but they are no longer enough to meet modern demands in an agile way. Technologies such as the cloud have helped to provide some agility, but the missing link remains an integrated approach with the ability to see, the capability to control, and functionality to transform the organization with the information that the technology is providing,” Volschenk says.
From the health of the technologies and systems deployed throughout the organisation, to the effectiveness of projects, to the customer insights that are the promise of data-driven initiatives, the volume of information available to a company to help keep pace with innovation is enormous. With the increased availability of information through data insights from both business and customer data, decision-making is improved that can enable exponential growth. As of 2017, 41% of companies had either implemented big data initiatives, were in the process of implementing it, or were expanding their existing implementation, according to a Forrester study. However, the value that companies are seeing from these initiatives lags far behind the investment.
Volschenk points out that many companies claim they want to manage their information as an asset, but they don’t actually know what information they have, and even if they know what they have, they don’t know what its potential value is. He adds that a lot of focus has been placed on customer data, but internal data can be just as valuable – if not more so.
“Every company collects information about their business content and context, but most don’t have the ability to see what that information actually means. This limits them from recognising the true impact of their business processes and technologies. Most companies will say they have a big data plan in place, but digital transformation goes far beyond just collecting and using customer data to provide better customer service.”
Volschenk promulgates having insight into every area of business by end-to-end control, an integrated approach and consolidating the insight and control by turning it into a tangible tool that provides new avenues for innovation and efficiencies. The differentiator for a company is how to use that to their competitive advantage.
Volschenk concludes that “while there are several ways to leverage the benefits of visibility to stay ahead of rivals, companies should have a more integrated approach to manage their IT ecosystem. Digital capabilities improve functionality in the IT ecosystem and enhance the overall manageability of data in the digital transformation journey. By using data insights, companies can identify new product releases or evaluate marketing efforts to ensure its effectiveness. Furthermore, the identification of differentiators from informed data is the key to keeping a competitive edge. The sky is the limit.”