‘Digital transformation’ can be a polarizing term among organizations. Too often, it conjures thoughts of necessity – trying to implement a new system to meet some complex new piece of regulatory requirements, or scrabbling to replace an aging legacy system on which the company depends. But that’s a faulty way of viewing it. The smartest organizations today are those that are embracing digital transformation for what it really is – a key lever of competitive advantage and success.
No matter what their business, companies today are in the business of knowing. Every company in every sector in every corner of the world has become a data company. It’s vital to understand the requirements of your customers, how the market is shifting, who are the best hires for you right now, and on and on – and the key to that lies in understanding the data within your organization and finding the tools to leverage it.
Many enterprises still lack an integrated approach that would enable them to glean insights from the treasure troves of information they hold. The ability to provide these insights will continue to be a key success driver as we move into the next age of intelligent computing. From developing the insights needed to make better, more data-driven decisions to the rise and rise of data as a service, this should remain at the top of every CIO’s agenda.
The next five years bring a host of data challenges and opportunities. The Internet of Things – an estimated 20 billion connected devices, set to double by 2020 – generates vast quantities of data with increasing volume, velocity, and variety. Much of this to date has been fuelled by the rapid expansion of mobile technology and consumer devices, but the Industrial Internet of Things is already well-established, and is in the process of transforming the supply chain, manufacturing processes, and much more. Companies have to learn not only how to manage this incredible flow of information, but how to harness it to maximise returns for their business. There is a real opportunity for organizations to build tools that effectively close the gap between data, insight, and action.
Other emergent technologies such as AI and Blockchain are also at tipping points. Earlier this year, we introduced OpenText™ Magellan, a flexible, state-of-the-art, AI-powered analytics platform that combines open-source machine learning with advanced analytics, enterprise-grade business intelligence, and capabilities to acquire, merge, manage, and analyse data and content across organizations’ Enterprise Information Management systems.
Technology decision makers shouldn’t worry about the rate of change in technology and information – they should be looking for the opportunities that brings. Innovative thinking and forward planning can set organizations apart.
We’ll be talking more about all of these technologies – and the opportunities and challenges they bring – in future posts in the run up to our 2018 Innovation Tour at ICC Sydney on 1 March. If you’re thinking of attending Innovation Tour, look at the agenda to learn more, and register to attend.