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Why Data Analytics is Crucial for Digital Transformation?

Digital transformation requires a major cultural change within an organization that relies on data and analytics.

For all businesses wanting to grow, investing in digitization is the need of the hour. Transforming digitally involves adopting new technology and a shift in culture within the organization. 

Today, they go hand in hand. In the context of decision-making and digitizing operations, companies generate vast amounts of data to gain insights into various parameters. 

Let’s find out what these parameters are and how digital transformation data analytics helps an organization stay ahead in the game.

What is Digital Transformation?

The digital transformation process is wide and dynamic. Its definition varies from company to company. Because this transformative process has varied meanings for different organizations, so do its organizational goals.

For some companies, digital transformation effort is providing automating salaries, incorporating better people management resources, enabling dashboards for making data-driven decisions and other benefits. For others, the process could mean offering work-from-home facilities for employees, or utilizing chatbots on their websites to help with customer concerns or queries.

Nonetheless, one general definition of this concept could be described as an imperative investment for businesses that need integration of technology, digital processes, and a focus on data analytics.

Digital transformation entails adopting digital tactics in certain areas of an organization. This may include: 

  • Work processes
  • Business models
  • Strategic decision-making 
  • Customer experiences
Prioritizing digital co-creation in an organization can help create or develop a product/service using technological resources and platforms.

Significance of Data Analytics for Digital Success

Simply put, data is information, and analytics provide insights that lead to better decisions.

By leveraging data analytics for transforming digitally, businesses can predict market trends, boost products and services, personalize customer experiences, and drive overall business growth.

Merging digitalization with data and analytics is a top-notch commitment to competitive advantages in today’s digital era. However, there are a few roadblocks that hinder modern businesses from becoming digitally successful.  Consider the following challenges.

Data Quality Concerns

 It’s crucial to ensure data quality to help a company grow digitally. Otherwise, it can result in costly damages and wasted opportunities.  Data management, data security, and data ownership are the pillars that lead to transparency in the data and intelligent decision-making within the organization.

Siloed Data

When data is not healthy and cannot be understood or accessed easily, it adds no value to an organization’s decision-making processes. Siloed data makes it difficult to gain insights. Additionally, it creates constraints on collaborating across different business units and platforms.

Meeting Customer Standards

Focusing on data and analytics can empower customers to receive seamless end-to-end experiences. With data, you can find out who your customers are and what they want. With analytics, you can enable technology that will help analyze that data so that you can meet customer expectations even as they vary.

5 Reasons Why Data Analytics is Crucial in Digital Transformation

Data analytics paves the way for digital transformation. It uses various advanced technologies such as machine learning and artificial intelligence to extract information and drive actionable outcomes.

Let’s identify a few reasons businesses can thrive in the market:
  • Data and analytics help in understanding your business customers and stakeholders.
  • It’s the best tool for identifying new business opportunities and enhancing operations.
  • It gives your organization an edge in the digital market.
  • Allows you to be more agile in building a product or service.
  • Data analytics can make your working process more efficient.

Different Types of Data Analytics

Some of the most popular and used analytics in digital transformation are:

  • Descriptive Analytics: This analytics provides reports and analysis based on historical data. It can be used to examine trends and patterns in data.

  • Predictive analytics: This type of analytics uses many techniques to make predictions about future events. It can be used to discover future trends.

  • Prescriptive Analytics: It focuses on forecasting what will happen and prescribing what should be done to achieve future outcomes.

How Digital Transformation Relies on Data Pipelines?

Data pipelines are a series of processes that Extract, Transform, and Load (ETL) data from various sources into a database. Data pipelines are a driving source to transforming your business digitally as it provides the necessary infrastructure to collect and analyze data. Hence, it leads to meaningful insights from collected data to make business decisions.  Digital advancement and data pipelines are closely connected in the following ways:
  • Data Pipelines for Analytics: Many business leaders rely heavily on data to stay ahead of the competition. Data ETL is used to derive insights, allowing businesses to make agile decisions. 
  • Analytics in real-time: The demand for real-time analytics is ever-increasing. To meet this demand, data pipelines can be leveraged to streamline data and process it in real time.
  • Data Pipelines for Scalability: While dealing with large amounts of data, organizations’ agenda is to handle increasing data loads efficiently. Data pipelines are designed to be scalable, enabling faster data analysis.

It is vital to highlight that interoperability is critical to digital transformation data analytics. Interoperability refers to the ability of different systems, applications, or platforms to exchange and interpret data effortlessly.

Data Engineering for Digital Transformation Data Analytics

Data engineering plays a crucial role in enabling effective data analytics, which in turn is an essential component of digital transformation initiatives. Let’s find out how they are connected:

Data Collection and Integration

Organizations must collect data from multiple systems, apps, devices, and external sources in the context of digital transformation data analytics. This information may be structured, semi-structured, or unstructured. Data engineering ensures that this different data is collected, processed, and integrated in an efficient, uniform, and accessible way for analysis.

Data Quality and Cleansing

High-quality data is required for relevant and trustworthy analytics. Data engineering is in charge of data cleansing, profiling, and quality checks. Data engineers help ensure that analytics outputs are accurate and trustworthy by identifying and resolving data quality concerns early in the process, which is critical in supporting decision-making during digital transformation programmes.

Data Storage and Management

Data engineering entails identifying adequate data storage technologies and efficiently managing data repositories. Data engineers must examine elements such as data volume, velocity, diversity, and authenticity in the context of digital transformation data analytics. They build data warehouses, data lakes, and data pipelines to handle enormous amounts of data and make it available for real-time or batch analyses, as required for digital transformation initiatives.

Data Governance and Security

Data governance and security are critical in the context of digital transformation. Implementing security measures to protect sensitive data, complying to data privacy standards, and creating access restrictions are all part of data engineering. These safeguards protect the data utilized for analytics, ensuring data integrity and confidentiality during digital transformation activities.

TechVariable’s Expertise & Solutions in Digital Transformation

TechVariable emphasizes custom solutions and ensures that its software offerings can work seamlessly together. Our services include MVP, Rapid Application Development, Application Modernization, Cloud Data Analytics, and more.

Get in touch with us to discover more about our services and different engagement models.