Why Data And Analytics Are Considered Key To Digital Transformation?

Data And Analytics: Key To Unlock Digital Transformation
Information is the most crucial asset for modern business. It is the differentiator for organizations aiming to adopt digital transformation in their business processes. Data drives the decisions and analytics sorts the data to provide the right information and help decision making.While the relationship between data and analytics is as straightforward, their combined relationship with digital transformation gives them a key position in the current digital nature of businesses worldwide.Data and analytics are key components of a business’s rate of growth. However, more than 50% of global businesses are not yet using these tools to their full potential to deliver business value.Here, the need to classify data as an asset and analytics as a necessary competency increases significantly for the business.In this article, we discuss in detail how businesses can make the switch to digital transformation using their own data and analytics.The Switch to Data and Analytics for Digital TransformationThe collecting of relevant data for results is often overlooked in analog procedures and old business structures, which in turn disables the analytics part of growth. Digital transformation relies heavily on data collection and analysis to provide deeper business insights. The switch from traditional, obsolete, and slow systems to digital solutions is how the modern business is keeping pace with the changing needs of the market and data is crucial to make this switch.Many businesses, however, are hesitant to make the switch for a variety of reasons. It could be a lack of understanding of data’s potential or the organization’s current issues that are keeping it from making a move to the information environment.When you compare these factors with the advantages of digital transformation supported by data and analytics, you’ll see how this new way of working has the potential to become the focal point for all of your organization’s strategy, execution, and investments. Here is how you, as a business owner or stakeholder can begin the adoption of data and analytics in your business.
  • Collect and communicate the economic benefits, both internal and external, of the data generated by your organization’s processes.
  • Offer to be involved in all strategic plannings to successfully integrate data and analytics within all operations.
  • Document the results, measure the value of information and communicate the benefits of this asset to help provide that necessary push to the organization towards a shift in the culture that accepts data as an asset.
  • Move towards the next step by hiring, licensing, or developing advanced analytics competencies, like data science and machine learning. Make sure that you can get them fully embedded throughout your business.
Data and analytics are increasingly becoming the cornerstones of digital transformation. Not only will they help in understanding the digital needs of a business in detail, but will also help in optimizing solutions customized for a business. Whether you are looking for digital transformation, data analytics, or data consulting, SVAM International is a leader in developing and delivering bespoke solutions for your business, so you can bank on technology as a tool for your organization.
The world today is extremely data-oriented. It not only makes the foundation of businesses prevalent in today’s time but also dictates how businesses interact with their audience. Irrespective of their size, businesses need data and valuable insights to stay relevant to their consumer base. Efficient data analysis and presentation can help organizations achieve their business goals and objectives faster.However, enormous amounts of data have become available at the hands of decision makers. Due to rapid growth of data within organizations, it becomes difficult to draw valuable insights and make advantageous business decisions.Such value can be provided with Big Data analytics. When the database becomes huge and makes it difficult for businesses to understand trends, preferences, and patterns, Big Data analytics help organizations understand and sort through these interactions between people and systems. It helps businesses recognize their most valuable customers and tailor their services to create new experiences, services, and products for their consumer base.It is a new-age competitive advantage that businesses all over are searching for. So what wonders can businesses expect from the world of Big Data and Analytics? Here is a comprehensive look at 5 advantages of Big Data for business.

Benefits of Big Data for Business

  • Consumer Interaction Consumers today understand their exact needs. They often compare all the options that are available. They interact with social media and web platforms to get special treatment from brands, like information on discounts and new offers. Big Data is a far-reaching approach to single out these customers and engage with them in real-time. It also helps in monitoring their latest interactions and their sentiment analysis.
  • Re-Develop Products Feedback is an important part of any product or service that businesses provide to the customers. Big Data is the doorway to the world that helps businesses constantly and consistently re-develop their products to get more tailored to the needs of users. It becomes easy to uncover the general feedback of the user, as well as desegregate feedback based on geographical location.
  • Risk Analysis The success of a business depends on a lot of factors, including how they approach the economics and social aspects of running a company. With Big Data, organisations can run predictive analytics to assess every step before taking them. They can also keep track of the latest trends and developments in the industry.
  • Safety of Data Securing user’s data is one of the most important needs of the current times. Not only will Big Data help in securing data from outside forces, but will also help businesses identify internal threats to their data as well. Especially useful for credit companies, shopping sites, and financial institutions, Big Data is a great way of staying ahead of the curve.
  • New Revenue Streams The insights that Big Data analysis provides is not only relevant to the business, but it is also a great help to other businesses in the same field. Selling all the non-personalized data gathered through analysis can be sold to bigger players, especially the ones who have the resources to act on the information.
There is no doubt Big Data is about to revolutionize the way almost all the industries work around the world. For all your Big Data consulting needs, SVAM International brings you the services of expert data analysts who are dedicated to bringing value to your business through relevant data streams. Book your consultation now.
Blockchain has recently become a common buzzword in health IT circles. The technology first gained popularity as part of the digital currency bitcoin, but the thought of using PHI blockchain for healthcare may be concerning, since bitcoins have been the preferred payment method for ransomware attacks.Blockchain technology is based on an open-source solution developed to run on commodity hardware. Blockchain distributes transactions across many nodes all over the network, without having to centralize any data. This eliminates the need to set an individual or entity as the single administrator of the shared information. The network also secures the data by encrypting it during transport and at rest.A valuable capability blockchain offers is that an algorithm evaluates and verifies data based on agreed-upon rules. Once accepted, the new or changed information is immediately replicated over the network to other nodes. This makes it more resilient and disaster-proof in case some nodes are corrupted or offline.Since the information is distributed across a network, and is properly validated and secured, blockchain has become an ideal solution for enterprise applications. Increased interest and investment in blockchain by technology companies have resulted in several of its application in markets such as supply chains, shipping, financial institutions, and the public sector.There is an interest in blockchain technology in healthcare as a way to solve common PHI exchange challenges and insurance claim processing. However, there is still some resistance, as well as a lack of widespread adoption, since it is still considered new.Despite the hesitation, many healthcare executives see the potential of blockchain data exchange as it offers the ability to make health data more accessible to more entities while reducing the cost of centralizing it. Blockchain can also be used for HIPAA compliance since the data is encrypted and replicated across the network.Once understood and implemented in the correct way blockchain technology and healthcare can work in tandem. In an ideal world, health data would be shared across the distributed network and would be accessible to approved individuals or entities. However, there is no one participant in the blockchain network that would be able to host and store patient data, such as medical images or test results.When used in Bitcoin or shipping, blockchain works with small sets of structured data. Healthcare is complex and deals with a wide variety of data formats, such as videos, images, and structured and semi-structured data, to represent a personal health record.A research paper published on the Office of the National Coordinator for Health Information Technology’s (ONC) website highlights how medical blockchain can be used to maintain the links where medical record components are stored, as well as the user controls associated with them while avoiding the need to store actual medical data within the blockchain network. The research paper also explains the details of the application and its design considerations.The interest in blockchain also encouraged ONC to hold a competition to determine possible uses for blockchain technology in healthcare. ONC chose 15 winning proposals out of 70 submissions. The proposals included:
  • Claims processing;
  • Clinical research data exchange;
  • Patient PHI links; and
  • Patient-reported outcome measures.
Whether blockchain is used to offer an alternate and efficient method of processing personal health information, and transactions, or to help overcome interoperability challenges, having access to an open-source platform that has proven to be a solution for processing vast amounts of data securely provides a wide range of possibilities.