Today, many traditional companies are finding that they must become technology companies to compete in a global market. And they are discovering that a wealth of customer data is available but are struggling to make effective use of it. Organizations who are thriving in this tech environment share a common characteristic, insight– insight that can be gained from data, insight that tells a traditional company when it’s time to become a tech company. An insight is a call to action that indicates how a company transforms.
Over the past decade, many traditional companies have rebranded as tech companies. Netflix, for example, started as an online DVD rental company, but today, the company is known for its move to the cloud, microservices, and recommender system. Walgreens, known for it’s traditional brick and mortar pharmacies, is shifting to a more tech-centric approach. They have invested heavily in innovating their consumer experience through their mobile app and API program. Shifting from a traditional company to a modern technology company requires the adoption of new and innovative technologies that enables the ability to leverage data effectively.
Data is Language
At its core, data is a language that is used throughout an entire business. For example, executives use the language of data to communicate crucial business information to employees. Marketers use the language of data to engage in a highly personalized way with customers and prospects. Data scientists use the language of data to communicate to business executives insights gained from internal and third-party customer data.
The language of data can be augmented with visualizations such as graphs, charts, and maps. However, even when data-driven communication is augmented with visualizations, the nuance of the data is often lost. Enabling data-driven insights and communication requires increased data literacy in the structure and use of data. Successful businesses will improve their understanding of the language of data in order to communicate innovative ideas.
Data Tells a Story
Storytelling is critical to success. Every tech company relies on the evolving feedback from customers – customers who share stories about the failures and successes of the products and services they’re using. These organizations must also ensure that every team member is given well-timed, data-driven stories from which they can make the best decisions.
Every company sells products and services based on the most compelling storytelling of information.
And technology company innovation is driven by creative storytelling where the solutions to problems are regularly re-engineered and refined based on a rapid stream of ever-changing data. Data undergirds the foundation of decision making at every level of a successful business. Data communicates factors of achievement and factors of failure, which can teach valuable lessons to those who understand its language..
Data Literacy is Crucial
Gartner projects that by the year 2020, 80% of organizations will have rolled out internal data literacy initiatives to overcome deficiencies regarding understanding and using data. In addition, an estimated 50% of organizations will lack the needed data literacy and AI skills to acquire business value from data.
Data is at the core of every successful technology company, requiring professionals skilled in all areas of data- collecting, analyzing, understanding, and interpreting all types of data. Technology companies must utilize the full capabilities of modern technology to harvest, control, and deploy information in a cyclical way that enables agile transformation of operations, services, and products.
We Help Companies Become Data-Centric
At SingleStone, we seek to ensure that every one of our clients becomes not only data-centric through data literacy, but across their business. We help our clients become proficient in the collection, governance, analysis, interpretation, and harnessing of data as well as the deployment of data-driven products and services.
Does every member of your company understand the language of data? How would you go about becoming a data-centric company? Are you looking to become a modern technology company?
Let’s start with a conversation.