- Where do Today’s Companies Stand?
A recent survey has shown that nearly two-thirds of all senior company executives have plans to increase their firms funding towards digital transformation. More than half of the firms have the process underway while nearly a fifth have already completed integrating the plans into their business models.
- Why is Digital Transformation Relevant?
But what is digital business transformation, and why is it so vital to a company’s success?
It can be described as the process of using digital technology to reinvent and rethink business processes in order to increase their effectiveness and efficiency. The idea is not to simply modify an already existing service, but to revolutionize it in such a way there is a significant change and improvement in customer experience as well as production and quality of services. By using new technology it is possible to streamline the supply chain and use the collected data to brainstorm new ideas for the company.
The most common technologies that firms consider include using cloud computing, artificial intelligence, big data and the Internet of Things. And one of the primary services invoked by companies through these technologies is data management. - What is Enterprise Data Management?
The purpose of EDM is to increase an organizations capacity to handle its growing data that is constantly being generated- inventories, financial information, relevant videos, and images, as well as some forms of unstructured data that is created through social media and other platforms. EDM allows a company to create this data, integrate it into business models, disseminate it, govern its use and manage its security.
Organizations that offer EDM products focus on four main aspects of this service-integration, governance, management, and security of data. And before a business can successfully implement any plan offered by a digital organization there are a few strategies it must determine for itself. For instance, a business must have a clear understanding of the types of data it deals with, analyze its integrity and quality, determine what it hopes to accomplish with the data and ask what are its standards and policies. - What are the Advantages?
Having a practical and efficient EDM plan in place can greatly contribute to a company’s success through the following ways:- Help centralize all company data and thus increase affectivity.
- Allow efficient analysis and review of data to enable the formulation of business strategies.
- Aid in planning any future investments or company transactions
- Increase the data security to ensure data is not misused
- Be able to better inform your investors and stakeholders.
- Harness the benefits of cloud storage and computing.
