Today there are many ways to harness the power of data. You may be hearing the terms: Big Data, IoT, Data Analytics, Data Science, Machine Learning, Artificial Intelligence, Data Mining, Data Management and think where do I start?
It’s actually a pretty simple formula: one starts with collecting the data, then analyzing it and finally formatting the data into insights. If you can reach this outcome, there is tremendous value to be realized that can help drive digital transformation. Success stories are all around us:
- A multibillion-dollar financial company collects and formats its customer data into machine learning/AI systems that enables predictive fraud detection and mitigation, saving over $20 million annually.
- A consumer goods manufacturer collects, analyzes and formats customer data from tiny sensors built into their products to predict product usage, reliability, maintenance schedules and life cycles.
- A global industrial manufacturing giant analyzes internal and external data, adopts machine learning and AI to predict and mitigate internal server farm failure rates.
Determine whether your data is secure, compliant and available
In order to ensure that your digital transformation initiatives are successful, you must be confident that all your backend data support technologies are secure, compliant, visible, manageable and easily available. Consider the following:
- Do you know if your databases storing your data in your Data Lake are in compliance and/or within their approved life cycle stage? What about supporting systems such as server and networking technologies?
- If your business is heavily regulated, such as those in healthcare or financial services, use of data for future transformation initiatives could be considered non-compliant should portions of your overall infrastructure be at risk.
- Is your infrastructure managing and transporting your data HIPAA compliant? PCI compliant? GDPR compliant? Your backend systems and support technology must be properly certified as required so that your transformational data is compliant also.
- Out of lifecycle technology is often unknown within enterprises until it is too late. As evidenced by recent headline grabbing news reports of huge hacking incidents at Facebook, Saks/Lord & Taylor, T-Mobile and more; out of lifecycle infrastructure poses a huge risk due to lack of security updates.
Use a comprehensive enterprise platform to make the invisible visible
There are integrated solutions giving you an interactive view of all your business and IT components – including their dependencies - on the market, that provide enterprises with visibility and strategic manageability of the enterprise infrastructure. Having the ability to “see” and strategically manage your data support technologies, their relationships, lifecycles, costs, security/compliancy requirements and more, provides assurance that your data is available, secure, compliant and ready for use in your digital transformation initiatives. Using a comprehensive solution, like ours, help you to address the following:
- SWOT – Doing a SWOT analysis enables to lay foundational strategies to improve on strengths, reduce weaknesses, address opportunities, and manage risk. Each item can then be linked in the software so you can build a timeline and step-by-step project approach. This can be your map to digital transformation.
Application and IT Portfolio Management – Understanding the relationships/dependencies of your data technology and supporting systems help you manage critical risk, compliance, cost, lifecycle factors and more. You can assess your systems and applications, what redundancies are there, how can you rationalize to cut costs and drive efficiency, what risks need to be critically managed now and what need to be addressed over time.
- Customer Journey Mapping – By mapping how external and internal customers/data are interacting with your company at every touch point, you can understand what technology limitations or opportunities there are to enhance customer satisfaction. See the bigger picture by understanding which steps need to be taken to realize your strategy and digital transformation.
Data mining can be gold if you can gain visibility and control over your data infrastructure. With a comprehensive solution, like ours, you can see and strategically manage your data and thereby improve customer experience, accelerate business transformation, and manage risk by transforming business processes.
Just recently MEGA was named a leader by Aragon Research in its Tech Spectrum for Customer Journey Mapping, 2019. Download the full report and learn about our comprehensive solution covering all aspects of customer journey mapping and improving customer experience.