The exact strategy and specific roadmap for business growth in the digital age will vary by industry and market and is best addressed in a business and technology consulting engagement. But there are some constants that underpin almost any digital transformation journey. We will discuss them in this Required Capabilities section so you consider taking a head-start in developing them.
Below is a list of some of the topics I will be discussing in this section. Please contact me if you like to deep dive in any of them.
1- Data Management
Data management is a broad capability with several sub-topics. We will cover here Data Governance, Data Architecture, and Data Analytics.
a) Data Governance
Treating data as a corporate asset and ensuring data quality, security, privacy, and adequate accessibility for all business requirements. Governance is a fundamental cornerstone for companies that want to leverage data (the new oil) effectively and mitigate associated risks. Several data governance frameworks are available and you will typically adopt one as your reference for best practices.
b) Data Architecture
With data volumes and variety increasing, and with requirements for real time data processing, you need to ensure you have a solid and modern data architecture that can serve all your business requirements and not become an impediment or a bottleneck in your key business processes. Under this topic we will also include best practices for data ingestion, storage, openness, and lifecycle management.
c) Data Analytics
Data value is brought to the surface only when properly analyzed to derive relevant business insights. And these insights are best monetized if they are made actionable, meaning that the insight will help trigger a valuable action. At the lower end of the data analytics spectrum we find traditional BI reports. While at the upper end we have machine learning algorithms that are used to train machines to become artificially intelligent and capable of taking autonomous action.
2- Smart Systems and Processes
Data management is just a mean to an end. The end we seek is to have smart systems and processes that act on the insights the data provided to deliver our optimized products and services. This section titled Smart Systems and Processes will cover the capabilities we need to make the insights we accumulated actionable, all the way to the bank.