Data transformation is currently upon us, and we can’t deny the fact that the future we talked about is now here. The world is finally progressing towards a more mature period of digital competence, and data innovators sit at the center of it all. Data-driven companies have an important role to play in ensuring innovation and making sure that customers get the services they require.
I recently had the experience of watching Oracle Modern Business Experience Videos by Oracle CEO Mark Hurd and Vice President, Cloud and Technology, John Abel. Both explained the importance of data innovation today, and shared their recent experiences. They also described how companies across the globe are changing their ecosystems by innovating with data transformation.
The Importance of Being a Data Innovator
As we mentioned above, being a data innovator is growing in importance. With many organizations jumping onto the data bandwagon, innovators make your company stand out when it comes to your performance with data. Not only do these forward thinkers ensure that your organization is able to make a clear footing, but they also try to live up to the short-term performance expectation that customers have from them. These expectations can form a major burden on the head of CEOs up front, who often fall prey to them and end up being fired.
A recent research study has mentioned how many CEOs find it tough going at the start of their tenure. These CEOs go through a troublesome stage up front, which they can only overcome through innovation. CEOs that fail to manage this are likely to experience numerous problems and often end up faltering underneath them. Research states that 40 percent of all new CEOs don’t last more than 18 months in their new positions. The pressure and expectations are high, and they struggle to deliver satisfactory performance.
Big organizations have been on the front line of these changing times, and the data backs that up. Almost 50 percent of the Fortune 500 firms from a decade or so ago are not there anymore. These companies either don’t exist, or have failed to keep up with the times. This shows us that having great potential and a captive market is not everything.
Moving to the hybrid cloud was an innovation, and organizations that were able to move on from legacy systems have benefitted from it. However, organizations that didn’t move to the cloud have had to live with reduced operational efficiencies, among many other problems.
AI, or Artificial Intelligence, nowadays plays an important role in data integration and enabling you to provide a service where you give your customer the attention and the personalization that they deserve. Many customers come with specific demands, and the best way to satisfy them is giving them the personalization they want.
AI helps in doing this, as it allows marketers and point-of-contact agents to reach out to every customer on a personal level. Customers often call in to talk about issues, and agents are tasked with collecting the history of the client to make that conversation even more personalized and informative. Without AI, this can be a troublesome process that involves numerous implications.
However, with AI, you can provide much more change and help. Organizations that use AI as a means of reaching out to clients, and making conversations more personalized than ever before, benefit by having data immediately available. When you give customers the level of personalization they need, you can actually use that moment to create the chemistry you want. For that one moment, you can make the client yours, thanks to precise personalization.
Not only does AI make customer management easier, but it also makes infrastructure management efficient. Artificial Intelligence includes Machine Learning, which helps to make infrastructure more manageable.
Many product-driven companies didn’t experience the drastic growth they would have wanted. Companies such as Domino’s Pizza took a long time to increase their market worth to over a billion dollars. This is because such companies had to do this without the benefits of data-driven innovation. They had to use traditional methods for growth, which took some time to reap rewards.
By contrast, companies that have been driven by data have experienced rapid growth. Jet.Com is one company that reached the market value of $1 Billion in almost no time. It took Jet.com around 4 months to cross the figure, due to their effective model that’s focused on data growth and feasibility. Jet.Com used innovative data from airline companies to give interested consumers the best source of data related to price and other services. Companies focused on data are able to achieve this growth on the basis of innovative offerings. They give innovative data sources to customers, which eventually propagates their cause.
Innovators in the Future
Innovators of the future will come across fewer of the barriers that we see today, with the emergence of technology. Innovation starts with both something new and useful. Innovators focus on discovering data sources that fit their cause. These data sources are extremely important, because whatever analysis you form will be based on how clean the data is. And, the data source you choose actually defines that efficiency.
Once they have found the data needed for their cause, they learn from it. Learning from the data available to you requires putting analysis tools in place, and getting output that is as relevant as possible.
With information from the data collected, these innovators of the future will find out what’s unknown, and will make the unknown known through the use of their superior data sources. Companies that exploit data well are not only growing fast, but are also seen as the ones currently doing the best on the stock market.
Role of Autonomous Cloud
The autonomous cloud takes away many costs and issues that data innovators had to go through previously. It manages affairs in an autonomous manner and helps give data innovators the luxury to create cloud storage and leave it there for future use.
The service provides a self-managing and self-securing database in the cloud, which helps minimize the workload hassle of database management. With data visualization methods, the autonomous database cloud can help you spot trends that might otherwise have gone unnoticed.
The future holds a lot of unforeseen implications and opportunities for data innovators. They are now required to stand tall in the face of adversity and make the unknown known. As they strive to do so, they will unlock numerous achievements that will mark the data trends in the years to come.
If you want to learn more about the innovators of the future, you can watch videos of Oracle’s Modern Business Experience here.