Force functions, like COVID-19 can be catalysts for change from the most straightforward go-to-market adjustments through full reinvention in data-driven ways. This was a core focus of this episode of The Briefing Room, featuring Simba’s Craig Chaplin and Bloor Group’s CEO Eric Kavanagh
Disruptions occur, sometimes in epic fashion. For the unprepared organization, or even the underprepared, such events can be devastating. One key to success in turbulent times is agility: being able to pivot quickly and effectively to a new revenue source, a leaner way of working or a more profitable business model. A prerequisite for achieving business agility begins with having a sound data management and access strategy.
To gauge what data our audience felt was most critical, we asked participants what they believe to be the most important enabler of a data-driven enterprise. The result was a close call between real-time analytics (32%) and connecting fragmented data (30%). Kavanagh predicts that automating business processes (16%) will likely take the focus for companies soon.
Here are three key takeaways:
The Acceleration of Business Transformation Efforts
Over the last decade, whether its ridesharing or content streaming services, we’ve seen some pretty major business model shifts within specific industries as new entrants and existing players embraced new technologies.
This year, the abrupt shift in not only supply chains but just about every other facet of the economy in the face of a global pandemic has forced businesses to accelerate their business transformation efforts.
“Whether it’s something technology driven that’s causing us to rethink how we do business, or if it’s global events out of our control that we have to adapt to, the key concepts are still important,” said Chaplin. The need for businesses to be agile hasn’t changed because of recent events. Instead, it has been accelerated and, in some cases, it is necessary for survival.”
Enabling Business Agility Starts with Data
Access to data is foundational to business agility, especially in today’s multi-application architectures. Businesses are running on an (ever-expanding) array of applications–from social media and IoT to transactional and biometric–and these applications drive increasing volumes of data.
“Businesses today live or die based on their ability to access and integrate data. Without data, there is no information. Without information, we can’t have effective decision making,” said Chaplin.
New Solutions Are Required to Un-Gate Data & Free-Up IT
While there is no shortage of data, there’s also no shortage of tools to use and analyze that data. Decision makers require easy access to the data they need, when they need it. The tricky part is ensuring that decision makers and their analytics tools have up-to-date data access, without placing all the burden on IT.
So, how do we access all this data quickly and easily? Simba data connectors enable access to a great variety of data sources. In fact, our team works directly with data source vendors to provide connectivity for their customers. If you have a large number of users, applications and data sources, Magnitude Gateway offers a simple, centralized approach to allow IT (and other business users) to effectively manage all your connectivity to your data sources without the IT headaches.
Achieving real-time analytics, connecting fragmented data and automating processes all demand agile data management.
Watch the webinar recording here for more insights.