Apply three Data Principles for Digital Business

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Why is it important for organisations to embrace digital transformation? Mainly because consumer demands haven’t changed in the due course of time. People still watch movies at home, look up information on obscure topics and need rides around town with the help of maps. But the companies that identified early on how technology would change these industries (Netflix, Google and Ola, among others) are now dominating these sectors.

 

Moreover, courtesy of the current public health crisis, your digital business transformation is going to accelerate over the next few years, either with intention or not. With the support, Digital India Mission is uplifted for the individual wants and needs of people. As the public is expected to look for productivity in this pandemic, citizens have digitally evolved and business operations would take place digitally long before general operations restart.
As far as it is seen business leaders will be overwhelmed about the data stored and how technology could solve every problem of business. This would somewhere lead to establish a principled management foundation for accelerating digital transformations, bad technology decisions, practices and investments will become the norm and not the exception.
The difference between business and digital business.

 

During this time of pandemic, one must have experienced working from home, online games, video conferences etc resulting in consumer engagement differently looking onto the conditions around the world. The first principle embedded in all successful digital business transformation is this: The difference between business and digital business is the role of data as an asset. Digital businesses are no different, they are centrally focused on how data assets can be applied to accelerate workflows, increase flexibility, target value propositions, and advantageously improve the profitability of operations, among other business goals.
Data is not the new oil

 

Data does not live in spreadsheets. If you run a business the first thing you have to do is to create the infrastructure requires to store and query the data. Data doesn’t follow the economic laws of scarcity: You can put the same data to work in multiple domains continuously with zero loss of fidelity. Moreover, as you apply data to more work-streams, its value to your enterprise increases — while incurring almost no net cost. The second principle suggests to take big emphasis on data sharing.

 

Data isn’t safe and viable without Data Security

There happens to be a dark side of data too. It is copied, easy to share and reuse, make any data corrupt and any number of breaches or piracy instances can validate. A simple third principle of digital business is this: data security practices are the essential basis for data asset management practices. You have to ensure that data is “scarce” to others, while “open” for your enterprise.
Device security, application security, network security — these are all security “rings” that have to be managed. But as you accelerate your digital business transformation, one ring will rule them all: data security.

 

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