Use Data Transformation to Drive Genuine Business Growth
You use data in your business. But are you undergoing data transformation? Learn how this offshoot of digital transformation is creating substantial growth.
Digital transformation. It’s been a hot buzzword that makes businesses throw money at the problem without understanding the need for a solid strategy, to the tune of $100 trillion of global economic impact by 2025, according to the World Economic Forum. However, one of the other terms that come off of it, data transformation, cannot be treated as just marketing noise. It has serious substance, making it essential that you have a solid grasp of where opportunities lie.
Digital Transformation Next Steps: Data Transformation
Types of Data Transformation
Generally speaking, data transformation falls into two major categories, operational and organizational data. But how are they different?
What is Operational Data?
Operational data has been around since the dawn of time, but it’s where it’s going that’s exciting. It includes all of the information you have in terms of what’s coming in and going out, production capabilities, how quickly specific processes are turned around, and similar information. It’s been used for years to help businesses stay ahead of the game. However, new technology allows you to have more information in real-time and at your fingertips at any point.
As an example, RFID has been used by UPS to track every package for years. They know how many parcels are being delivered at what time and to what location. They know the location of every package in their system. This type of data is quantifiable, simply presenting facts that allow you to make crucial decisions and choose a course of action.
What is Organizational Data?
The real game-changer for many businesses is organizational data. It’s more ambiguous, so there hasn’t been as much demand to understand it or use the data. It’s information such as comparing a market analysis to the company’s status. It’s the kind of information that helps you determine who to hire and who to fire. However, it’s being used as a reactive process. That only tells you where you’ve been and allows you to do better in the future. What if you could use that information proactively?
When used appropriately, organizational data can be turned into actionable insights. It allows you to base your decisions on real-time information, making your leadership more informed, proactive, and transparent. As this process spreads through your company, genuine transformative opportunities arise.
Choosing Data to Integrate
It’s easy to argue that you’re already integrating organizational data, but most tools or platforms are limited to measuring words instead of actions. Because only one-to-one conversations are measured, other indicators are missed entirely. Organizational data is capable of much more, such as behavioral tagging indicators of health, culture, attrition, and opportunities. Instead of looking at old data, you need to look at the information you have available in real-time so that you can make impactful, proactive decisions to grow your business. This is the real gold in organizational data.
Data on participation in watching CEO videos, reading company newsletters, contributions to voluntary programs, sharing news, HR data, and similar information provide opportunities to understand what people choose rather than what they say, which helps gauge the health of the business and its workforce. The information can be broken down into real insights by region, department, teams, or even individual workers. It’s the type of studies that have been made of biological species, economic performances, and the weather, finding trends that become key indicators. Why not apply that to business? This level of business intelligence has been discussed for many years but is now feasible.
Taking advantage of organizational data requires the right tools, tools which can be challenging to find. Why not work with an outside IT service that can provide you with the right tools to get the job done? We’re ready to help take your business from reactionary to proactive. Please feel free to reach out to our dedicated, experienced professionals today to get started.