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The digitization of business

Nuno Figueiredo Abaco Consulting

Opinion Article by Nuno Figueiredo, Board Member, Sales & Marketing at Abaco Consulting, for ITInsight (Portugal): https://www.itinsight.pt/news/opiniao/a-digitalizacao-dos-negocios

It is often said that data is the lifeblood of digital transformation – and it’s true. Artificial Intelligence (AI), machine learning, Industry 4.0, the Internet of Things, and intelligent automation require lots and lots of timely, accurate, and secure data to ensure it runs smoothly.

 

These concepts are currently one of the most popular topics, not only because of their importance, but also because of the impact they have on transforming organizations’ businesses. Either by the amount of data generated daily, which requires a need to analyze them, or by the fact that they drive new business opportunities.

In this way, the multiplicity of mobile devices used, constantly, at a global level, the number of operations that users carry out through these devices or even the digital footprint they leave on the internet and social media, produces huge amounts of data that, for themselves, they have little value. Thus, the great challenge for organizations in the coming years is to know and be able to extract value from these same data, transforming them into relevant insights for their business.

In this sense, data is fundamental to the way a company operates and interprets surrounding information, in order to find relevance in the noise that is created by diverse systems and technologies that support today’s highly connected global economies. In this way, data takes center stage, but by itself it becomes unimportant, as companies need an effective strategy and data management model to make the most of all its forms for use. practical and efficient across supply chains, employee networks, customer and partner ecosystems… and more – regardless of size or industry.

But why is data management important?

Every application, analytical solution and algorithm used in a business depends on continuous access to data. At its core, a data management system helps ensure that data is secure, available and accurate. That’s the only way Big Data tools can be leveraged to empower companies with deeper insights and more accurate predictions. In other words, through these, companies have a better understanding of what their customers want and are able to offer differentiated experiences, based on the data provided. On the other hand, it can also help drive new data-driven business models – such as real-time Internet of Things (IoT) based service offerings and sensor data – that would not be obvious or obvious without the ability to analyze and interpret date with the most suitable tools.

It’s no secret that data-driven organizations have a huge competitive advantage. Through advanced tools, companies can manage data from more sources; leverage many different types of data, structured and unstructured, in real time – including data from IoT devices, video and audio files, internet clickstream data and social media comments – opening up more opportunities to monetize data and use it. them as an asset.

Against this background, we are approaching a real-time world where data is generated constantly and remains relevant only for a short period of time. A challenging scenario for all managers who have to work with data and know how to extract useful information from them, which becomes almost impossible if they do not have the most appropriate tools and do not define an effective strategy.

This is, clearly, an evolution in the organizations business, as these technologies allow to process huge volumes of data, in fast growth and in real time. In this way, all companies that intend to act in compliance with the data, effectively have to consider, more than ever, the processing of it in real time.