In my previous life, I oversaw and led extensive company transformation programs that spanned years. It is a tall order to complete such projects on time and within the budget and deliver the envisaged values. These, in my opinion, have always been IT-driven change management initiatives, making it even more challenging to succeed. This year’s EY Global Data & AI Summit reinforced my thinking that “the best enterprise transformation program is yet to be made.” Some elements that stymie such programs are the complexity of involvement from all stakeholders, dedicated business resourcing, understanding the as-is and to-be state while continuing BAU activities, and managing business users’ expectations. Ticking all of these boxes is difficult and, in my experience, nearly impossible; there is always room for improvement. What were my other takeaways?
Connecting Data Insights To Actionable Steps Is The Key To Success
In today’s world, every company must be customer-obsessed. In this process, gaining insights and making decisions based on available data has become critical. When combined with multiple AI techniques, today’s machines can extract profound insights from massive amounts of available data. The most significant gap, however, is connecting these insights to actionable customer-centric steps, as insights-driven organizations do. Some companies, including Rolls-Royce, Amazon, and Cervest, have succeeded in connecting the dots. Improved air safety, a more seamless customer experience in Amazon Go stores, and the ability for organizations to analyze and act on climate risks and opportunities are among the use cases.
The Lack Of Adoption Of Available Data Insights Plagues Many Organizations
I’ve always believed that the ability to ask pertinent questions at crucial junctures is a significant determinant of success. Business users frequently request easily accessible data of the highest quality and various dashboards and insights. When these are delivered, however, they are often not put to good use. It’s counterintuitive that there hasn’t been more take-up. Right? Based on my experience, neither the company nor the individual uses the insights to draw actionable strategic conclusions.
Often, people and businesses use the process of getting to the ideal data state to cover up their inability to pause, consider alternatives, and adjust strategy in light of the available data’s wisdom. Being an insights-driven organization comes down to having the right culture that encourages curiosity. Apple, Three, and Kenzo are just a few examples of successful brands with marketing and product development that rely heavily on insights from customer data.
Collaboration Is The Name Of The Game
EY’s clients, ecosystem partners, and analysts attended the event. Some of these players compete in the marketplace. Bringing all of the stakeholders together, on the other hand, was a great initiative. Everyone has a place in the market nowadays, and the goal is to create a win-win collaborative, cooperative, and co-creative ecosystem with all stakeholders. This ecosystem will help provide the customer with the best value and experience. A “red ocean” strategy supported by competitors competing at the expense of one another is a net-zero-sum game that erodes customer values. In contrast, the “blue ocean” strategy focuses on expanding the demand in the market so that everyone benefits.
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