The 5 Stages of Data-Driven Digitization
Companies with a low level of maturity for digitization are particularly affected by the current crisis. These are the statements of many experts worldwide. The current situation indeed highlights precisely this grievance excruciatingly, but, even without the current situation, it would only have been a matter of time before the failures of many companies and institutions with regard to digitization would have been washed to the surface. The world is becoming more and more data-driven or digital. The more time passes, the faster this process takes place.
Companies that use data to drive digital transformation thrive at the highest level.
Personal assumptions, experiences, individual perspectives, and risk assessments often characterize the behavior of many managers. These are also often reflected in company processes. Due to the different aspects, each manager sets other priorities for himself and the teams he is responsible for. This often leads to silo thinking. A data-driven digitalization should counteract exactly this “silo thinking and decisions” since decisions and strategies are strongly driven by data and not by personal assumptions and experiences.
The most crucial thing CEOs should do first is develop a balanced view of the transformation. This smooth view should be based on the insights of data within the company and the corresponding market segments.
Data create facts and transparency that are closest to reality and thus provide the best opportunity to assess the company’s position and the basis for future efficient business activities. Through data-driven digitization, your company can make the best possible use of the potential of data and operate successfully in the digital age.
CEOs who base their strategy or decisions primarily on data will be more successful in the future.
I have developed a concept of how data-driven digitization could be implemented step by step. It is important that the goals of each phase should be developed or realized in each case. This is the only way to ensure sustainable data-driven digitization. The model described is intended to serve as an orientation.
The Principles of the data-driven age:
- Data trumps assumptions
- Data trumps hunches
- Data trumps personal bias
- Data create hard facts and transparency.
Murat Durmus (Author of the Book: “THE AI THOUGHT BOOK”)
An excerpt (pdf) of the book can be downloaded here: https://www.aisoma.de/the-ai-thought-book/