Big data, the Internet of Things (IoT), advanced analytics–they are terms that define our time, yes, but the reason we should be concerned about them is because we can apply them to solve real problems. Fundamentally, they’re about using technology to build a new ecosystem of capabilities for businesses and organizations.
What’s most important about the term digital transformation is that it signals a new era. More and more physical, “analog” objects, for example, are now complemented by a “digital twin” – a virtual mirror image comprised of data about the object’s behavior, performance, environment, and location, both in real time and across its lifecycle.
These “living data sets” hold the potential to improve everything about your business, from product design and maintenance, to the productivity and well-being of customers and end-users.
To thrive in a world of big data and exploit the potential of digital trends like these, organizations are rushing to increase their “digital quotients.” Every company, agency or individual seeking sustained viability and long-term advantage must define a meaningful digital strategy.
But data can only be transformative if you have a clear understanding of which data are relevant to specific problems, goals or opportunities. Without an intelligent and practical strategy, organizations can succumb to “data toxicity,” suffocating under the sheer volume and velocity of information they collect.
In this report we look at digital transformation from a practical perspective, and discuss how companies can ground themselves for effective transformation in our rapidly-evolving digital world.