i3 | September 10, 2021

A Smarter Way to Compete

Scott Steinberg
Graphic with brain filled with data

With over 2.5 quintillion bytes of data produced daily, organizations need to analyze a mind-boggling amount of information. As a result, surfacing key insights at scale will become more critical to competing in business, with 50% of decision-making already data-driven, per Capgemini Research Institute. Companies who can harness the potential of data are 22% more profitable than rivals, explaining why many firms are looking to leverage analytics and automation to drive greater agility, adaptability and returns.

Fortunately, artificial intelligence (AI) and drag-and-drop cloud software tools make it possible to ingest more data with less time and effort. They also make it easier for your business to analyze information and access the answers needed to stay competitive on-demand. According to research from McKinsey, customer habits are rapidly shifting and entire industries have advanced by 10 years technologically in less than three months. It calls this the “quickening.”

Boosting data literacy rates in your organization and being able to surface key insights must be top imperatives. There is a growing divide emerging between companies who enjoy deep access to analytics and those that lack these insights, that could mean survival in tomorrow’s business world.

Strikingly, between 60-73% of all enterprise data goes unused, says a Forrester report. Many firms have been slow to democratize access to data and teach employees to think more like data scientists. This is a danger in a world where supply chain and workplace variables can change rapidly. In a wake-up call to businesses, global advisory firm Gartner warns, a company’s success no longer hinges on access to cutting-edge technologies or financial resources alone. Rather, it depends on employees being tech-savvy workers who possess the ability to “speak data,” making your workforce’s capacity to spot actionable information and key insights within your company crucial.

A host of easily-configured online solutions allow analytics and automation capabilities to be quickly deployed across your organization to access the information you need. These solutions give workers the tools and data necessary to spark growth and transformation at scale. They also provide firms with an unprecedented degree of visibility into operations that can be leveraged to become more agile and adaptable while simultaneously automating and optimizing business outcomes.

Put Simply

By designing your digital transformation strategy to effectively gather, analyze and digest information while streamlining processes and slashing costs — multiple goals can be accomplished. Success is found not only by skillfully managing workflows and expenses, but also giving every employee the power to drive breakthroughs at scale.

These insights often mean the difference between guessing and knowing precisely how to engineer processes, maintain optimal production and inventory levels, and adapt to changing market conditions. For leading tech retailers, it can mean the capability to know where and when to reopen storefronts, and which products consumers want. Data is the lifeblood of a modern organization, and knowledge is power in the digital economy. Going forward, your company’s fortunes will become more dependent upon access to information and the ability to draw upon key findings.

Bottom Line

Like the ability to leverage AI and machine learning to gain deeper insights into business activity, access to analytics and automation capabilities across your organization is a must. Giving your team the tools and training they need to surface vital market clues, allows them to make smart decisions with less time and effort.

Success in the future is not just about improving your ability to enjoy unfettered access to information. It’s about training your staff to work smarter with data and asking the right business questions based on the results.

Contact professional speaker Scott Steinberg at FuturistsSpeakers.com.

i3 magazine September/October 2021 cover

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