In today’s fast-changing business climate, digital transformation is a common challenge for organizations that want to stay competitive and position themselves for innovation. According to WEF Report in 2016, the value of digital transformation across industries will surpass $100 trillion over the next 10 years. Within this process, factors such as responsiveness to changes, technology adoption and data analysis charge vital relevance. Most organizations struggle to access and extract the right data from multiple systems and deliver it to the right person at the right time. In this respect, Business Intelligence may offer ample opportunities. It can provide valuable insights and help you identify potential improvements to boost business effectiveness and increase revenue.
Source: Accenture Digital Transformation Report, 2015
However, within business units and in-house teams, companies sometimes fail to arrive at timely, accurate and informed decisions. In such case, BI outsourcing may solve a number of critical issues. This option is a real time and cost saver since it allows to access a huge pool of world-class BI specialists who can help you accelerate the digital transformation of your business. So how effective is BI outsourcing when going digital?
Leveraging new digital opportunities while saving costs and time
According to the recent research by Gartner, 3 out of 4 companies worldwide will place major responsibility on business intelligence by 2020. BI is a powerful tool for predictively spotting new opportunities, demonstrating transparency and delivering unique and personalized experiences. It accelerates digital transformation of any business by bringing vital analytics to the core of business functions and processes. This allows companies to operate in real time and easily apply innovative technological solutions.
IDC forecasts that by the end of 2017 two-thirds of global companies will have digital transformation at the center of their corporate strategy. The strong connection between digitization and data is driving change to traditional business models. For instance, a telecommunications provider and Accenture built a services platform powered by big data which may be used by consumer companies to target potential customers with mobile ads in real time.
The more an organization becomes digital, the more vital it is to have full command of all the collected data. Business Intelligence in combination with Big Data may help you make sense of any amount of information both about your consumers and business processes. In such way, companies may improve their services and gain competitive advantages. However, such initiatives are often difficult to implement with the in-house resources only. Therefore, outsourcing BI development and consulting to nearshore and offshore vendors who have the necessary expertise turns out to be the most logical choice. It’s worth noting that digital transformation is not an easy short-term project, it requires a lot of effort, time and manpower. Thus outsourcing some parts of it is almost inevitable.
Additionally, BI outsourcing may save time and effort by automatically producing valuable data reports for a company. Therefore, it reduces labor costs by automating data collection, aggregation and report generation. This gives important savings both in time and costs, and in turn contributes to accelerating digital transformation and increasing productivity levels.
Unlimited access to digital customers, channels and markets
One of the major catalysts for digital business transformation in banking and other fields is the customer. Consumers have high expectations for services reshaped according to their needs. Such customer is looking to do business with a company that will offer him the best price, experience, quality, and even more. So meeting customers expectations is a crucial factor for most companies while going digital.
BI outsourcing offers organisations a possibility to learn more than has ever been possible about their customers behaviour and desires. Accessing the greatest number of proficient BI specialists is undoubtedly a valuable advantage. This enables the company to tailor the right experience according to the needs of their customers, based on the insights provided. For instance, retailers can manage their inventory more effectively to determine how much should be held, where to hold it and when they need it. In such case, consumers will know exactly which product is available, and when they may receive the product they ordered.
According to the Accenture research, 53% of executives admitted that their company applies BI and big data to enhance personalisation. For instance, data-driven insights are also valuable for location-based services. They may deliver recommendations and special offers to customers depending on their previous customer behaviour. This collected and analysed data may predict exactly what they’re likely to be interested in buying at any given moment.
Judging from the above-mentioned information, the benefits of BI outsourcing in terms of digital transformation are obvious. Once a company makes a decision to go digital, it needs a great team of highly qualified BI specialists for providing valuable insights and allowing to access digital customers and channels. In today’s highly competitive environment, delivering the right personal experience is crucial to customer acquisition and retention and with the help of BI it is more than possible. Now you may leverage innovative technologies to a maximum thus accelerating the process of business digitalization.