The essential part of digital transformation is the strong emergence of analytics to support modern enterprises' shift from a process-centric viewpoint to a more data-centric and data-driven one. Applying "higher-value" business insights drives strategic decision-making and increases the value of the organization.
Even though the real data-driven enterprise is still in its early stages, a rising number of companies want to dominate their sector in this emerging trend. They are aware that the gained competitive advantage overthrows the necessary expenses.
33% of large organizations will have analysts practicing decision intelligence, including decision modeling, by 2023. – Gartner
Since a digital business cannot exist without data and analytics, the essential parts of understanding their concept and context are about to be described in this article.
Benefits of the AI system that makes controlled decisions on the fly
Bolstered organizational agility
Optimizing internal business processes allows spending less time on manual compiling and cleaning data and leaves more time for generating business-critical real-time insights as a prerequisite for seizing emerging opportunities.
Enhanced efficiency and effectiveness
Using the insights for spotting core business problems affecting the organization that needs to be addressed becomes significantly more manageable when you have data by your side. Identifying emerging business and market trends drive business operations to a higher level.
Business decisions no longer have to be made in the dark or based on a gut feeling but an extensive utilization of an enterprise's entire data set(s) – driving decision making with reports highlighting KPIs across multiple functions fuels next-level decision making.
Fostered more revenue
Developing more vital business strategies based on consistent, reliable, and non-redundant data shown through executive dashboards gains a competitive edge over rival companies making data the new revenue generator.
The key question for business leaders is the defining characteristics of data-driven businesses and how companies can leverage the benefits?