How to Lead a Digital Transformation Using Integrated Analytics

How to Lead a Digital Transformation

In today’s digital economy, customers expect a great digital experience from all their product and services providers. The bar has been raised and as a result, enterprises are focused on their digital transformations in order to remain dynamic and sustainable. These transformation programs are complex, expensive and failure or false starts may impact financial performance, operational performance, and market competitiveness.

The value of integrated information

Cross-functional collaboration is more important today than ever. In a digital enterprise, processes must be connected front-to-back since defects, rework and delays becomes highly visible to customers interacting using a digital channel. For many enterprises, fragmented information is a barrier to cross-functional collaboration.   Information is in silos in multiple departmental analytics solutions and spreadsheets. As a result, leaders and teams transforming the enterprise cannot achieve their full potential. The central objective of integrated analytics is to provide a broad, deep and connected view of the enterprise and hence empower teams to plan and execute a digital transformation program with precision.

Aligning the Technical Transformation with Strategic objectives

While the specific objectives of a transformation program vary by industry/enterprise, the broad categories of desired outcomes typically include:

  • Improving the customer experience
    • Starting with digital – gain parity or lead relative to competitors
    • Bring consistency and simplicity across business units, product lines and channels
  • Improve efficiency, quality & speed with simplified business processes:
    • Core processes – onboarding, fulfillment, servicing
    • Enabling processes – finance, risk, HR, compliance, procurement, etc.
  • Drive revenue growth with:
    • Leads management, sales force effectiveness, digital sales, digital marketing and segmented pricing
    • Identifying new opportunities through data-driven insights
  • Strengthen risk & compliance capabilities:
    • Regulatory compliance
    • Risk management – credit risk, market risk, operational risk

Using integrated analytics to plan and execute a digital transformation

Large enterprises are highly complex.  For example, a bank may include 50,000 employees, 1,000 applications, hundreds of processes, 1,000 branches, millions of customers and so on. 

Building an integrated analytics solution is useful in 2 ways: 

1) to baseline and set improvement objectives for capabilities and performance measures, and 

2) to create the foundation for a digital operating model to lead the enterprise going forward

The solution may be subdivided by a domain of expertise as shown below and a subset of domains may be selected initially and expanded as needed. 

For each domain, a team specifies the required information by describing performance measures, enterprise capabilities and analytic dimensions. Standardized and federated data components combined with a set of software services enable integration across domains of expertise and business units. Data ownership is decentralized to improve information quality and security. This approach makes the resulting model more effective for business units and data science teams collaborating to build analytics solutions. 

The overall objective of the model is to enable users to quickly understand and analyze the enterprise in “n” dimensions.   For example, to view how the enterprise cost structure is impacted by the organization, suppliers, facilities and information technology, and how the revenue structure is impacted by the organization, product, channel, location and customer segment.

The digital transformation program we recommend can be subdivided into 4 parts:

  • Customer experience – Digital first, simple and intuitive, connected across channels.
  • Data & analytics – Build a strong data foundation and utilize analytics to transform the customer experience and digitize business processes.
  • Digitization – Simplify and digitize business processes to drive efficiency, speed and quality.
  • IT renewal – Build a faster, leaner IT with enhanced skills.  Optimize the portfolio of IT application and infrastructure for efficiency, speed and agility.

Rapid Integrated Analytics Implementations to Accelerate Business Value

The integrated analytics model described above may be assembled rapidly using our patented CHORAL methodology. This is accomplished with an agile implementation method, delivering working solutions in rapid sprints, and utilizing solution blueprints including configuration files and sample data sets. 

Data may be obtained from multiple sources and integrated into a nodal network to create a broad, deep and multi-dimensional view of the enterprise. The result is one application to plan and execute a digital transformation. This application may evolve as a digital operating model to lead the entire business enterprise as strategic value is demonstrated quickly.

Interested in learning more about how to use integrated analytics to accelerate your digital transformation? Contact us to set up a demo today.