Digitalization and transformation is no longer a question. It goes without saying that companies need to go along with this development. But where do we start and what choices do we make? It is not only about technology, but rather and above all it is about creating new opportunities for the company and its customers. It has a huge impact on the way business development is done.
The world is changing with digital speed
Customers’ expectations are changing with every new innovative product and service. Digital experiences that customers have at one company, are also expected from other companies and raise the bar every day. Innovators that turn the market upside down are boosting these expectations, driven by the many new technological possibilities. Digital technology is the driving force behind improvement and innovation. It not only offers new opportunities in terms of developing market share and customer engagement, but also in reducing operational costs by accelerating business processes.
From Big Data to Fast Data
An interesting development is the transformation from big data to fast data. Companies and their decision makers need insights faster than ever. We live in an age where we can hardly imagine how much data we generate together. The number of YouTube videos that are uploaded daily and the amount of email messages sent every hour is almost incomprehensible. It is an extreme amount of data that needs to be processed. And it needs to be done quickly and in real time.
Fast data offers solutions to the issues with big data. Big data collects large amounts of data and stores it for further analysis. Fast data on the other hand is ‘live data’, allowing companies to make decisions in real time. This so-called ‘data in motion’ consists of real-time analyses, the acquisition of information from multiple sources and the almost direct delivery of results and decisions.
Fast data is important for even more advanced applications – from detecting fraud and directing real-time analyses to guiding smarter customer interactions. Where data-based decisions are needed in real time, fast data can play a role. In almost every industry, customer feedback and information about their behavior is relevant to be able to put together special offers and improve services. Here, ‘live data’ is essential for the future of customer service.
With new fast data technologies, companies can determine the customer’s desires in real time and immediately send them highly personalized offers.
The questions we have to ask
Are we able to let our customers have a better experience through the use of digital technology? Can our employees collaborate smarter and faster? And is the organization capable of deploying new technologies to make its (work) processes agile, safe, reliable and future proof?
With business development and digitalization, we not only improve the experience of customers, but also the experience of employees, business partners and suppliers. And it means that we are working on securing the future of our company.
What is the impact of digitalization on your business development? From idea to execution?