According to McKinsey, data-driven organisations are 23x more likely to acquire customers, 6x more likely to retain customers and 19x more likely to be profitable. Being data-driven is good for business. Therefore, it is not a surprise that one question I always get when advising organisations is how to digitally transform your business and remain relevant in these fast-changing times.
My first answer is to tell them that they have to achieve a gestalt shift, where they see their organisation from a different perspective. Instead of looking at your organisation from a product standpoint, you should see your organisation as a data organisation. This shift in perspective will fundamentally change how you run your organisation, as all of a sudden it opens new doors.
If your organisation wants to succeed in becoming a data organisation, the first step is having infinite streams of complete, high-quality, well-cleansed, unbiased data that is collected at every process and customer touchpoint within your organisation. The second step of transforming your organisation into a data organisation is to distribute that data, thereby facilitating new ways of collaboration with industry partners using distributed ledger technologies and making the data available to all your employees regardless of their location using ...
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