We’ve all heard of the phrase, “Fastest Finger Wins.” Data is available with everyone today. However, the one that’s last to react, loses the game. Today’s data driven organizations win by sourcing real-time intel from available data and forecast trends in real-time based on historical data. Pervasive Integration and Intelligent Automation generate an immense amount of information/data across the enterprise. The free-flowing nature of this information/data enables organizations to be more effective and quicker in their decision-making process.
Augmenting data
Organizations now can access third-party data sources that are curated and use analytics-based services on a subscription model. With the proprietary data of the customer to augment external sources, can result in richer and more valuable insights while saving money. As businesses can work with data without having to spend of specialized data science operations, they can invest more in growth – up to $10.7 billion, as per estimates.
Normalizing real-time access
Be it analyzing clickstream data from website visitors, monitoring transactions, fake news, or animal safety – adopting insights based on real-time data can introduce sophistication in the system. As real-time data is essential to adopt advanced data strategies, its governance and regulation will be an important task for organizations. The need to ensure compliance to standards set by authorities, can drive organizations to relook at their internal data processing and handling procedures.
Conclusion
The speed at which digital transformation is taking hold in the Silicon Age can not only be attributed to the change forced by the global pandemic, but also to an increased awareness about the benefits of adopting technology in various industries. Technology continues to be the primary impetus to change in the world. Learn about the rest of the trends in technology in our Trendsbook 2023 called OrganizationNXT.
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