Whenever I talk to customers, attend industry events, or meet fellow industry leaders, one theme continues to emerge – how companies can modernize their IT. Whether it’s to increase revenue or unearth new opportunities, IT modernization is continually on top of the agenda.
Businesses of all shapes and sizes are looking to implement a digital transformation strategy, which is why the industry is set to be worth over £15 trillion over the next five years. Major tech giants and fast-growth startups alike are increasingly turning to innovative technology and data-driven business models to realize their ambitions.
However, while data will inspire and fuel this digital change, without a robust analytics strategy in place it will be nearly impossible to extract true value from it. It’d be like owning a McLaren without a driver’s license.
For example, the Internet of Things (IoT) would not be feasible if there were no platforms to process and analyze the masses of data accumulated. Similarly, predictive analytics would be made redundant if organizations didn’t have solutions to present the insights in a legible and actionable format.
Let’s look at how organizations can put an analytics strategy in place to fully reap the benefits of data – learning from those organizations that are paving the way in this space.
Hitting potholes on the road to digital success
The road to digital transformation can be a bumpy ride. Not only is it costly, but many issues can crop up when deploying new applications:
Application implementation: The IT department has a key role to play in driving digitalization across the business. If applications aren’t integrated and connected, the business will operate in silos. The silo mentality must be broken down if digital transformation is to be achieved.
Data availability: Ensuring the availability of customer and employee data is crucial to improving customer satisfaction and employee productivity. Unplanned downtime and data outages continue to make major headlines, implicating well-known businesses for their poor service and damaging brand reputation.
Data hoarding: Yes, there is such a thing as too much data! Harboring useless data can become a drain on the business, so ensuring that your organization holds onto only the right data is critical.
mBank sets the gold standard
While there are potholes to overcome, the road to digital transformation is well-traveled, and there are numerous examples of success. Case in point: Polish bank mBank. Despite being a relatively new player in the personal banking space, mBank has already set the standard for customer service and personalization.
As a bank that prides itself on putting customers first, mBank is using predictive analytics to initiate more direct conversations and connect customers with context-specific offers across all channels. For instance, if someone has recently had a mortgage approved to buy a house, that person might also be interested in details of a kitchen showroom, particularly if the showroom includes special offers for mBank customers.
By anticipating its customers’ future demands, response rates to market campaigns have been boosted by up to 400%. Analytics is giving mBank full visibility into customer behavior and preferences, enabling the bank to build an even more positive experience in the future.
Inspired by data
Data analytics has become an important pillar of digitalization for organizations across all industries.
However, getting to this point requires large amounts of data to be integrated with existing systems. Once successfully integrated, businesses will be able to ask the right questions and implement the right courses of action to improve customer satisfaction and employee collaboration. As a result, digital innovation systems have entered the market to help businesses gain maximum value from the data they generate and collect.
Have you rolled out an analytics road map? If not, what’s stopping you from jumping into the driver’s seat? If you’re interested in learning more about how to accelerate your digital transformation journey and get the most out of your data, I invite you to read about SAP’s analytic solutions.