One of the major reasons why organizations fail to thrive in the digital world is because their business models are not in line with the digital economy. Without a business model which supports the digital transformation of the enterprise or industry, it is practically impossible for an organization or business to plan and execute market strategies which are efficient and optimal. In addition to exploring and experimenting with new revenue streams and data streams, for progressing in the digital world, companies and organizations also need to constantly revamp their back-end systems and the way they work.
Being an integral part of every digital transformation, organizations also need a platform to manage data of any kind and size. Only after studying trends and properly evaluating the data and changes that need to be made will organizations be in a position to leverage digital competencies to their advantage by not only creating relevant business models, but also innovating with the products and services being offered. The implementation, integration and wide scale use of a management platform will, therefore, improve the performance of the organization and improve the quality of the solutions which are guaranteed to boost the customer experience and revenue.
As mentioned above, for an organization to limit its focus to only transactional data is a recipe for disaster. Organizations understand that the world is heading towards digital at an unprecedented rate, but it is estimated that fewer than 25% of them have successfully reaped the full benefits of data analytics and been able to extract the highest value possible from the analysis of data. It is, however, unfair to say that organizations are not trying. Since they realize that they will be responsible for their own demise if they rely solely on the traditional methods of running a business and progressing by focusing on transactional data alone, approximately 65% of organizations have started measuring and tracking other key performance indicators in the last two years.
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