Many organisations today are either in the process of creating – or implementing – a Digital Transformation strategy. The purpose of Digital Transformation in any business is changing the way that it delivers value to customers. This is executed via a shift in internal use of technology, people and processes to radically alter business performance. Digital Transformation may be driven by the need to pursue a new income stream or business model or to meet the needs of customers. Any B2B or B2C business today is likely to have Digital Transformation on the agenda and the use of analytics is going to be fundamental to getting it right.
The partnership between analytics and Digital Transformation
Big data and Digital Transformation are a very natural fit. Analytics enable better business decisions to be made by providing more accurate, clearer insights generated from all the available data. The key for any organisation is going to be working with analytics that are pervasive throughout the business. That means ensuring that those analytics are user friendly and are being implemented right across the enterprise and not just in departments such as IT and marketing. Once analytics become seamlessly embedded they can really start to deliver on the Digital Transformation front – and scaling up is much simpler.
Analytics for everyone
Many companies take an approach to Digital Transformation that applies analytics only at the upper levels of the business. So, they may be introduced for the C-suite and for other ‘relevant’ departments such as those dealing with data but that’s as far as the implementation goes. For true Digital Transformation, analytics need to be pervasive right across the business. And for that to happen they need to be business user friendly across every team and every individual member of staff.
User-friendly analytics are simple to understand and easy to work with – adoption rates will be higher if you ensure your analytics are user friendly because everyone in the business will understand how to use them and why it’s so necessary. The other reason to ensure that analytics are used right across the business is that they have the potential to deliver value for every single department, not just C-suite or data focused teams.
The use of embedded analytics
It’s at the point of being embedded that analytics become seamlessly pervasive. Rather than using dashboards and reports to access analytics, these are integrated into web portals, applications or web applications. So, effectively analytics are inputting at every level and those who are using them may not even know that’s what’s happening. However, the embedded analytics are consistently making a difference, providing insights to users that enable better ongoing decision making that will improve performance and results.
If Digital Transformation is a goal for your business this year, re-evaluating the way that you use analytics may be a crucial step. Being able to integrate and embed analytics right through an organisation, from the C-suite down, could be truly transformative in both experience and performance terms.
Get in touch with CFM Systems today for more information about how reporting and analytics could help with your business finance management.