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Covid19: Evolution of the Digital Transformation within companies

Covid19 Evolution of the Digital Transformation within companies

The corona pandemic is continuously changing the framework for digitization. According to IBM 96% of leaders report that Covid-19 will accelerate their digital transformation by an average of 5.3 years. Another study by Celerity shows that 63% of leaders state that the Covid-19 pandemic prompted them to embrace digital transformation sooner than originally planned. The goal of promoting innovations faster and keeping up with the times is the most important reason for digital transformation for companies.

 

With the adoption of digital solutions, companies have greater resiliency. They can not only streamline their operations but also automate all manual processes in order to generate more revenues. With data driven insights, companies can make decisions faster and adapt or change course at any point. They are also better prepared to fight against cyber threats, also when their employees work remotely. All these advantages give companies a boost for their own digital transformation, but they also have to overcome various hurdles as the transition to a digital company is anything but easy. Limited resources, rigid legacy systems as well as unclear goals and rules – all these things delay IT departments when it comes to innovations.

 

Even tough 30% of organizations will increase innovation and reinvent their business models in order to future-proof their companies, digitization continues to be a major challenge for many companies. Companies’ IT departments are experiencing the greatest change: they are developing into a service provider who, on the one hand, strives to ensure that the IT systems and applications run properly and, on the other hand, acts as a full-service provider of IT-supported business processes. The requirements continue to increase. A total of four hurdles in particular slow down innovative projects.

 

Skill shortage:

According to the KMPG CIO survey, 54% of organizations reported that skill shortages were holding them back from pursuing their transformation goals. In particular, they were lacking expertise in the following areas: Cybersecurity, Technical architecture, Enterprise architecture, Advanced data analytics. Current IT teams are made of few people who have the essential technical skills but don’t have training time to develop the skills. But if your business is suffering from skills shortages, ignoring training is not the right solution – it’s much easier to train existing staff than to hire new employees.

 

 

Legacy systems

Legacy systems, which form the backbone of many enterprises, are holding them back from leveraging new digital technologies and creating new experiences for their customers/partners. Outdated business software consumes a lot of resources in companies. According to Forrester, companies invest 70 to 80 percent of their IT budget in maintaining rigid back-office systems. These systems are difficult to integrate or customize when it comes to supporting new digital initiatives. Slow development methods combined with legacy systems make the problem worse. Outdated networks and servers no longer meet the needs of companies. Taking the right step and modernizing the legacy is the way forward. The IT modernization promises cost savings, efficient management of IT infrastructure, efficient utilization of human capital, better security and risk management, enhanced user experience, and last but not the least, a direct impact on competition.

 

Limited resources

Digital transformation is necessary in order to become more agile, more innovative and more resilient, but often only limited resources are available for converting old processes to more modern tools. Building a business case for such investments can be quite challenging in terms of budget approval. Also, all legacy systems require modernization. Otherwise, they can be exposed to crashes anytime. Therefore, the introduction of new technologies can be introduced in steps, often with a free software test phase.

 

In order to be really successful, that means first and foremost to be economically positive, but also to recognize and use the opportunities of the future as a driver of innovation, a digital roadmap should be planned. Not the hard change, but a targeted and coordinated development in digitization should be the way in which all members involved within a company pull together. Strategic concepts that include optimal resource planning are required here. This means that a networked transfer of knowledge and experience must take place. Using the strengths of individual individuals and combining them with scientific innovations should be the path to productive and efficient profitability. The digital evolution is a permanent further development and with all step forward new opportunities become visible that can be realized through a stable foundation.

 

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The role of Data Modelling & Prediction for Business Transformation

The role of Data Modelling & Prediction for Business Transformation

IT teams in small and medium-sized companies struggle with budget constraints and a shortage of skilled workers. When the demand for IT services increases, they are heavily overloaded and look for ways to increase efficiency. Additionally, organizations are reaching a point where their data storage and computing are unable to keep up with the growth of data and technological advancements.

 

As data, a critical asset for organizations continues to rise exponentially, business executives around the world are heavily investing in IT automation. Also, the digital transformation is pushing the boundaries, enticing businesses entities to invest in technologies that can predict possible outcomes, and to gain a competitive advantage. One of the emerging and appealing technology that businesses can benefit from in many ways is Predictive analytics. By definition, predictive analytics is a mathematical principle that uses algorithms and artificial intelligence (AI) to derive probabilities from historical and current data. It is currently one of the most important big data trends. The predictive analysis leverages statistical techniques such as predictive data modeling, machine learning, and even artificial intelligence to uncover patterns in big data.  It helps organizations to make data-driven decisions and get useful, business insights that can help them increase company profit.

 

It is a process that uses data mining and probability calculations to predict results. It includes the collection, analysis, and interpretation of data from various operational sources. The method uses structured and unstructured data, for example from internal and external IT systems (big data/data mining). Predictive Analytics collects this information using text mining, among other things, and combines it with elements of simulation processes. Thanks to machine learning, the algorithms automatically draw findings from their own data processing and use this as a basis to automatically develop predictions. The aim is to predict complex economic relationships and future developments based on the analysis of the existing data in order to make better decisions and gain a competitive advantage. Each model consists of a number of predictors, which are variables that can influence future results.

 
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The underlying software has become more accessible and user-friendly over time thanks to user interfaces that are suitable for specific departments. The goal is to identify trends, announce disruptive industry changes, and enable more data-driven decision-making. Such predictions serve to optimize the use of resources, save time and reduce costs. Optimized timelines for the introduction of new products or services can also be created. The models developed in the process are intended to help achieve or support the goals set.

 

Any area in which data is being collected is suitable for predictive analysis as there are many uses for it. These include detecting data misuse, improving cybersecurity, optimizing marketing programs, and improving business processes. Predictive analysis can use adaptive algorithms to examine systems, applications, and network performance by allowing companies to take a more proactive approach to IT operations management. With this technology, IT security experts can identify potential vulnerabilities, determine the likelihood of cyber-attacks and work on improving the company’s security structure.

 

Adapting to advanced analytics will allow your organization to stay on top. Just as technology is constantly innovating, so should companies adapt. Predictive analytics focuses on improving profitability, productivity and reducing costs through process optimization.

Do you have areas of the company in which you want to improve prediction/reporting?  If you answered yes, please contact us directly, our experts will gladly support you.

How sales and marketing Automation can boost your business?

One of the greatest challenges in marketing today is the introduction of marketing automation or the digitization of sales. Automation of sales & marketing is the implementation of various technology, e.g. in the form of software to take on administrative and monotonous activities. The automation of these repetitive tasks helps boost operational efficiency and ease decision-making. Due to Covid-19, the sales processes within companies showed a positive attitude towards the automation of marketing and sales processes. Research and Markets anticipated the global marketing automation market size to reach USD 8.42 billion by 2027 (March 2020 survey). According to Gartner’s latest annual CMO Spend Survey, 68% of CMOs expect their martech budget to increase by 2021.

 

By means of automation, companies put useful, relevant content online in order to generate qualified leads for marketing and sales activities. This is how the digital sales process gets going. The task of marketing is to gain customer contacts with convincing content on websites, social media or other dedicated portals.  On average, 51% of companies are currently using Marketing automation. With more than half of B2B companies (58%) plan to adopt the technology.

 

Sales automation is not just about email marketing, it doesn’t send useless spam, nor is it a solution for marketers who want to work less. Instead, as part of sales automation, workflows are developed that make work easier and turn prospects into customers. Marketing automation tools are used in sales automation. These tools include lead generation, lead segmentation, email marketing, lead nurturing, and lead scoring. With the right automation and the data of your customers and your communication goals, you create workflows that send the right information at the right moment. Through the intelligent interaction of contact lists, website tracking, smart content, and email workflows, you can achieve a highly personalized approach. Automated sales are all about creating fast and efficient sales processes that lead to more leads or more sales.

 

How sales and marketing Automation can boost your business

Reports have shown that employees spend more than half of their time doing administrative tasks in the CRM system rather than spending time to really sell products. The primary goal of automation is to give your employees more time and hand over administrative tasks to suitable software! To make the road in automation easier, here below typical tasks in Sales and Marketing can be easily automated.

 

  • Morning reports and emails

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Most organizations start the day with a morning summary that includes data such as current team goal achievement, deal status, and employee productivity. Instead of always sending individual emails to all employees, you can automate these reports and have them sent to your employees every morning.

 

  • Lead distribution

Leads have to be processed individually by the sales manager without automation. However, it’s possible that the interest of the potential customer lapses and the lead is no longer usable. You can prevent this with an automated lead assignment. You determine in advance which lead category must be assigned to which member of the sales team. As a result, leads are processed more quickly and, in a time-saving manner, without a single manager having to take care of everything.

 

  • Lead prioritization aka lead scoring

The leads generation is also a topic that costs a lot of time, which is often not valued by the corresponding success. Once a list of target customers has been created, these should be registered according to their priority. An automated lead evaluation system helps with the selection of the most important (potential) customers. This calculates how promising a lead is based on specified criteria. Not only it saves you a lot of time, but also helps to invest in the most promising leads. No more leads are lost as better reporting and analysis options are availed through central tracking of all processes and activities in the sales process.

 

  • Creation of data sets

After the sale, the CRM system needs to be brought up to date. This can take several hours, but it is actually wasted time. Because you can also easily automate this task! It is true that entering data cannot be relieved of you, but functions for a better overview can pop up automatically when you need them, such as, if a lead visits a page with prices, a new task automatically appears in the CRM, when someone requests a demo version of your product, an opportunity is created, another task is created when a demo version expires. With such functions, you make sure that you never miss a sale opportunity!

 

  • Automated library with all sales materials

In most cases, the sales & marketing content is stored in multiple different locations. A nightmare for every employee who now needs different information about a customer or project. With a CRM system in sales, you always automatically have all the data in one place. With the help of search terms, your employees can then easily find what they are looking for.

 

In addition to those listed above, there is a lot more is possible with automation in sales, such as automated billing, automated planning of meetings and appointments, automated reporting for the summary of the activities by the employees, independent lead tracking, and monitoring to understand customer movements, etc.

 

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Automation myths debunked: Why is Automation important for your business?

Hardly any company that strategically pursues their company growth can get around automation today. Automation enables tasks that were previously slow, manual, old-fashioned, and time-consuming to be supported with suitable software and thus run independently. As a human error can be unpredictable and happen when you least expect it, with the right technology companies’ processes are more accurate and faster. Use cases of automation are, for example, employee onboarding, analyzing reports on transactions, monitoring bookkeeping activities regularly, customer service, databases updates, sending personalized emails, perform inventory, etc.

Business processes automation can not only be used to gain efficiency. Availability of modern technology, as well as enhanced software applications, have made it easier to increase employee efficiency and you can get better results when you embrace automation. A win-win situation for companies and employees.

 

But despite these benefits, there are still myths surrounding automation that keep companies from getting started. Even though automated processes create positive changes, still, many companies fear high costs, difficult implementation, and staff changes – but these are just prejudices that we would like to address here and thus show that every company can benefit from automation.

 

Automation is a complicated and complex process

Hmmm, yeah. Not if it’s done right. As is often the case, good preparation is half the work. So, before starting with automation, make sure you understand what your company’s expectations are. Your decision to automate must depend on your needs, capacity to build it, and also your customers’ requirements. Specific goals can be developed using your personal business case. This step is essential so that automation succeeds and creates benefits for the company.

These requirements should also be discussed in-depth with different automation tool providers instead of falling for fancy advertising promises or the cheapest subscription. It is advised to meet with different process automation providers for not only choosing the right tool, but also to evaluate your own requirements.

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The future is automated

‍Automated processes bring a lot of advantages in operational processes, such as improved operational efficiency, long-term cost reduction, better customer service, visibility & transparency, and an increase in productivity. However, if a company only carries a small range of products, stores a manageable amount of goods, and generally only offers a small storage capacity, there is no need to implement a fully automated system. In such cases, manual or partially automated solutions that grow with you are the better options. Companies then have to weigh up whether small order quantities can be processed more efficiently in this way.

 

Automation is killing jobs

Nowadays it is constantly stated that automation is accompanied by a huge burden of unemployment. With the increased use of machines and automated processes, the fear of reducing or replacing staff increases. It’s true that automation is impacting various jobs in different sectors around the world. Due to automation, human intervention is certainly reduced in a business process. For instance, from production to planning, everything can be controlled by artificial intelligence or machine intelligence. It is easier to bring accuracy into the production process and increase overall productivity with machine intelligence. Every company wants to reduce the number of its employees as much as possible through technological improvements. But that does not mean that we are heading towards an unemployed society in years to come. As the machines are performing tasks previously done by humans, companies are busy transforming and redesigning jobs in a way that can make technological elements compatible with human capital development. The future workplace is where humans and machines will enhance each other’s strengths by working side by side.

 

Existing systems prevent the integration of new solutions

Automation doesn’t happen overnight – Companies are constantly faced with the challenge of proper integration of a set of services related to automation and ensuring that all expectations are aligned with business goals. Integrating your automation initiatives successfully is impossible without a flexible, scalable infrastructure. Therefore, on-premise infrastructure must be avoided/limited because of its limitation in terms of automation roll-out, scalability, and ease of use. For this purpose, cloud solutions are ideal as they let you get straight to work without wasting your valuable time on on-premise setup and maintenance.

 

So, now that you know that automation is here to stay, and can help you better run your business, it’s a safe bet that such automation can be trusted and utilized. By taking into account the myths discussed in this article, and learning the truth about each, you’ll be able to run your business more effectively.

2021: Ensure Your Business Growth by Becoming Data-Driven Company

ensure Your Business Growth by Becoming Data-Driven Company

 

In 2021, government agencies and businesses will need to be able to make decisions based on current/real-time data faster and more accurately than before. Because: due to COVID-19, markets, supply chains and customer behavior have changed in recent months, only data-driven businesses are able to respond quickly and effectively in a rapidly changing world. In order to transform into a data-driven business, it’s not only important to understand the importance of data quality and governance. But it’s also key to drive a data strategy that is aligned with your business strategy. By integrating analytics into business strategies, businesses can transform data into decisions that improve lives and results.

 

A study of more than 3,500 business executives and senior IT decision-makers across the UK, France, Germany, and the Netherlands found a gap between companies using data to inform decisions during the pandemic and those who are not. The YouGov survey, commissioned by Tableau, asked executives of small, medium, and large businesses about their use of data during the pandemic, lessons learned, and confidence in implementing long-term business change. For executives in data-driven companies, a majority (80%) believe they had a key advantage during the pandemic.

 

These leaders are also deeply committed to the important role data plays in the future of their business. A large majority of 76% plan to increase investments in data literacy; especially after the long bumpy ride we have all been on since the start of 2020. Additionally, 79% are confident that they will ensure business decisions are supported by data. The results show that non-data-driven companies are slower to grasp the meaning of data in these uncertain times. Only 29% see this as a key benefit and 56% say they will reduce or stop investing in data skills. Additionally, only 36% are confident that the data will support business decisions.

 

“This year has accelerated change for businesses and ushered in a fully digital world faster than anyone could ever have imagined. Data is at the heart of this digital world,” said Tony Hammond, Vice President Strategy and Growth EMEA. at Tableau. “In this age of data, our research shows that data-driven companies see clear benefits and are more confident about the future of their business. As a result, they really rely on the power of their data. Companies that haven’t woken up to it run the risk of falling behind. But businesses big and small can rest assured that it’s not too late to harness the power of data – the time is now.”

 

When asked how it helps to be data-driven during the pandemic, company leaders recognized several benefits. At the top of the list are: more effective communication with employees and customers (42%), the ability to make strategic business decisions faster (40%) and improved collaboration between teams for decision making and problem-solving (36%).

 
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“We started building data skills in our company in 2013, and due to the pandemic, we have definitely benefited from these functions,” explains Dr. Dirk Holbach, Senior Vice President and CSCO Laundry & Home Care at Henkel, one of the world’s leading consumer goods and industrial companies. “For example, within a few days, we were able to record all of our personal protective equipment controls so that each facility can see how we are equipped in this regard so that our business can continue to operate. I am confident that we will take some good lessons with us in the future, especially when it comes to working together. “

 

For all respondents, the key takeaways from the pandemic are: the need to be more agile (30%), prioritize and implement projects faster (26%), and access to more accurate, up-to-date, and cleaner data (25%). Jay Kotecha, the data scientist at full grocery brand Huel, said of his data strategy: “Our data-driven strategy helps the company respond to consumer behavior and enables us to pivot and react faster and more clearly. It’s about empowering the entire organization through data. Employees examine data from across the company and turn it into insights we can act on, whether it’s sales projections, sales effectiveness, or marketing spend. “

 

Across Europe, the results show that just over half (56%) of business leaders consider their companies to be data-driven, while one in three (38%) think they do not. These results indicate a clear way for organizations to leverage data to support business resilience and decision making during this time. German companies are taking the lead with 62% as their business is data-driven, while the UK lags behind with just 46%.

 

The promise of digital change is based on the ability to harness the power of technology to grow your business, open up new markets, and acquire new customers. It also means that you need to understand all of the data (the digital exhaust – the trail of data left behind by browsing the Internet) that new customer experiences create. A data governance strategy as well as information and data quality management as an integral component of management systems significantly supports the achievement of the organization’s goals, ensures compliance conformity, increases throughput, and supports organizations in the transformation to a data-oriented culture. Organizations thus secure their competitiveness and can expand this further through increased data intelligence.

 

Sources:

Data-driven companies are more resilient and confident.

Data-driven businesses vastly more optimistic – research

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