In this era of digital transformation and revamped business models, the urge to remain on top of the competition, companies should have a structured model framework to execute on the business strategy. Trends are changing and what the customer looks for in this rapidly changing environment is Convenience, Responsiveness, Relevance and Reliability.
Drivers of the Digital Economy
-Hyper connected devices and people
Today the world is hyper-connected, scattered and is being driven by big-data. Hence, operating live or real-time is not an option any more. It’s a necessity.
With the Internet, mobile, and social media in place, the channels that business offer to customers are becoming ever more complex. Data is spread across multiple silos and getting the right, accurate data at the right time is a big challenge that companies experience. The digital world with IoT and high speed computing, makes companies transform at a higher rate.
To stay competitive, business or enterprise systems must be able to
- Respond to the dynamic business market environment
- Engage with customers in more unique and personalized ways
- Deliver services and offerings with lightning speed
- Analyze data and make critical decisions on the fly
The need to analyze ‘data’ is crucial for business. With this challenging environments, the enterprise data models should be intelligent enough to analyze the behavioral data and come up with more effective decision making. The use of ‘quality data’ will help business and their consumers get the best of IT experiences.
To get unique value from this digitally connected world of business, enterprises should run on systems that can be real-time to access and analyze data, to adapt and to create new business models/processes.
Considering the changing priorities, information systems should need the flexibility to adapt the dynamic business nature. The business system will become more complex when your consumers and people in your ecosystem demands quicker response in real time.
Companies now can host their data on cloud, and can access any information, anytime, anywhere. With migration platforms and tools gaining so much popularity, this has never been so easy. With advanced analytics and in-memory platforms in place, enterprises now can get new insights and go predictive with more efficient business results on the run.
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