Data insights, disruption and the end of business-as-usual
There are major disruptive forces driving the demand for data insights in every industry.
Once stable customer relationships are now at risk, because everyday service experiences are now the greatest factor shaping consumer expectations. Previously accepted levels of customer service are no longer good enough – businesses must use data insights to understand and anticipate customer needs at every stage of the customer lifecycle in order to continuously improve products and services.
As more things are connected to the Internet, larger amounts of data are generated. Companies that understand the transformative role that data can play are re-shaping industries and driving growth and competition in new sectors and new ways. For organisations to evolve, they must strengthen their analytics capabilities, and use insights to drive competitive advantage.
As new technologies allow companies to become more efficient, humans must find ways to do things that only humans can do, or run the risk of being replaced by machines. Critical skills most in demand (link to World Economic Forum) are complex problem solving, critical thinking and creativity – all of which are uniquely human facets that rely on data insights, and can’t be done by machines.
All-in-all, these forces are unstoppable and re-framing every aspect of business. Change won’t wait, which means business leaders must continuously strengthen their capacity to use big data insights as strategic lever for innovation and growth.
The need for organisations to work smarter with data is self-evident, but it’s also important for business leaders to recognise the obstacles that stand in the way. In our next article, we will highlight several challenges that make the discovery of data insights increasingly difficult for organisations in this new era.