The term 4th Industrial revolution is mentioned more everyday but how will this shift in the way in which humans create and share value? How will this impact businesses and how can businesses in Africa stay ahead of the competition? The Fourth Industrial Revolution has digital transformation at its core and uses technologies, such as artificial intelligence, internet of things, physical systems, augmented reality, robotics, biological systems, which is rapidly changing the way human beings create, exchange, and distribute value.
Today technology has the ability to make or break every organisation. Digital transformation impacts the experience and relationship you have with an organisation, and it is a key asset to helping businesses solve their stakeholder problems. With the inclusion of new technologies, new systems and processes – a wealth of data is generated throughout your organisation. The ability to use and analyse this data is key to driving your business growth and fundamental to the success of organisations.
As a business leader, you currently run multiple projects and systems that require your input and direction. It’s the data that allows you to measure the effectiveness of these systems, processes and strategies. Data analytics provides the opportunity to derive insight from your data and use this insight to solve problems in your organisation. Understanding the Data can help you manage the systems and processes better and take advantage of operational efficiencies. Insight from your data can help you make better, smarter, business decisions. It also allows you to grow, retain and satisfy your customers by understanding the trends and patterns that your data provides.
When you understand your data, you have the power to control the different functions in your organisation.
You can read more about the reasons why businesses need Data Analytics by following the link. https://agilus.co.za/data-analytics/business-need-data-analytics/
What are the challenges of Data Analytics for businesses in Africa, and how can they be overcome?
Data analytics should be structured towards meeting clear KPIs
For many African businesses, data is collected without a clear goal. When undertaking data analytics be clear to define what your end objective should be for your data collection so that the data clearly meets your KPIs.
Moving from description to prediction
Many businesses in Africa have not yet moved past the level of using data to describe the current reality in their organisation, and often implement data analytics simply to comply with legal and statutory requirements. As a result, businesses miss the opportunity to improve the customer experience and generate actionable customer insights. Predictive analytics helps businesses segment and improve efficiencies and ultimately improve the customer experience. Predictive analytics creates opportunities to identify changes in the market and to give businesses a competitive edge.
Using Data Analytics to improve competitive position
Data analytics must be used for decision making and action. However, there is also the opportunity to use data analytics to uncover hidden value that can lead to greater insight and improved competitive positioning. Businesses that are top performers in their field use data analytics five times more than lower-performers. Organisations that invest in advanced analytics grow their revenue by 33% and have 12 times more profit growth.
The rapid change to digital transformation caused by technological change will continue to have massive impacts on organisations. To succeed in this fast- moving world, businesses must identify and respond to these changes. During this time of digital transformation, businesses in Africa need to embrace Data Analytics to successfully and effectively unlock business value.
At Agilus, our highly-skilled core team uses Data Analytics to unlock business value for you. We take your data from different sources, collate it, and analyse trends. By converging your data onto one easy-to-use dashboard, we’re giving you back control of your information by painting a visual picture of everything that goes on in your business. We pool our talents and resources to unlock business value for your business, by showing you the hidden value behind your data. We do rapid prototyping with customised solutions for each individual business in different industries using agile methodologies.
Do you want to find out what’s hidden inside your data stores?
We offer a (1 hour) corporate awareness session on Digital Transformation. Contact us to set up a session for your team.