What do you mean by “Digital” – are you referring to digital connections to your customers, or digital process optimisation in your business or whole new digitally enabled business models? Often each of these approaches is seen as a new system implementation and the role of data is underplayed. Implementing a digital platform is about enabling open data access and gaining new business insights- both of which mean that data architecture becomes a central concern. In fact, the flows of data are fundamental to digital enablement. So a digital strategy relies heavily on data strategy. In fact, data strategy encompassing data access is digital strategy.
By focussing upon data as a the core asset to be levered in inventing new business models, deepening customer engagement and interactions and optimising business operations, a range of capabilities are enabled, of which here are a few:
- Deeper customer value
- Stronger brand loyalty
- Optimal pricing
- Efficiency of operations
- Optimal supply chain operations
- New information based products
- Improved forecasting
- Optimised management
By focussing upon data as an asset, and architecting the storage, access and interchange of data, companies can succeed in optimising digital capability.
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