According to an International Data Corporation (IDC) report, at least half of global GDP will be digitized by 2021. Unfortunately, as the report explains, “While most organizations are attempting [digital transformation], only a small percentage are getting it right.”
Approach Your Data with a Product Mindset
When it comes to leveraging data to improve their day-to-day operations, organizations need to look beyond building a team of skilled data professionals and arming it with the latest analytics tools and technologies. A well-equipped analytics team is a necessary condition of using data to drive business value, but it’s not a sufficient one. To more actively contribute to the achievement of critical business outcomes, analytics teams should start viewing their random forests and neural networks through a product development lens. By bringing a product development approach to the planning and execution of analytics, organizations can scale isolated successes into the kind of sustained, organization-wide, data-driven decision-making that serves as the foundation of genuine digital transformation.