Understand this one thing to have a successful digital business
This data can help your business better operate in the new digital reality. Here are some things businesses should understand to get the most out of code halos.
1. Everything is data, and data is everything
The more we work, play, socialize, learn, and interact with each other, and even machines online, the more traces we leave in the form of data. Forward-thinking companies have to make use of that data to remain competitive.
2. Understanding data gives businesses a competitive edge
Having data isn't enough. You need to understand it, which means analysis, benchmarking, and comparison over time. Understanding data requires testing and, ultimately, action. This knowledge lets a company provide the right products and services at the right time - and in the right way to the right people.
3. Digitization requires new operations and business models
Successfully driving your business with data means more than just adding new capabilities. It requires changes in business models and how companies operate, and not just once. The rules keep changing and require continuous reinvention.
Purely digital companies such as Amazon, Uber, Facebook, and Google have an advantage, but that doesn't give established companies a pass. And even digital-borne businesses have to adapt. Think of how Netflix had to move from renting DVDs to streaming video.
4. Keeping an eye on the future can pay off
Someone once asked hockey great Wayne Gretzky how he became the best player in the game, and he said, "I skate to where the puck is going to be, not where it has been." In other words, why just react to situations when you can actually predict them? Code halos allow companies to do just that by uncovering previously unseen opportunities and helping to avoid problems. Businesses can look beyond today's revenue to focus on what's next for customer experience and market differentiation, which is the key to their future.
5. Data fuels personalization for consumers
In a busy and noisy world, consumers long for, and insist on, real attention to their needs. They want service with a personal touch. But excelling in customization has to go beyond just the products and services you offer - the "what." It has to extend to every aspect of the customer experience: the how, when, where, and why. To understand the answers to those questions, you need to learn from the data that code halos can provide and then use it to change how your company does business.
Adapted from a Cognizant Perspectives article.
This post is sponsored by Cognizant.
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