Data per se is not new, but its power to drive business value in modern times is unprecedented. This power is most evident in the business models of digital platforms such as Facebook, Amazon, and Google. But, for a vast majority of legacy firms operating with value-chain-driven business models, this newfound power of data remains untapped. A key reason that’s holding them back is their traditional approach to collecting and using data.
Are You Using the Right Data to Power Your Digital Transformation?
Legacy firms need to tap the power of real-time data.
December 03, 2021
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Summary.
Most legacy firms rely on episodic data, generated by discrete events such as the shipment of a component from a supplier, or the sale of a product. The explosive power of digital platforms, on the other hand, stems from their use of interactive data, streamed by users interacting with platforms. Tapping the power of interactive data is more and more possible for legacy firms now, thanks to sensors and the internet of things (IoT). Shifting from episodic to interactive data is not easy. Yet it is an essential part of any legacy firm’s digital transformation initiatives. To remain relevant in the modern era, legacy firms must find ways to tap the power of real-time, interactive data.