An astonishing 70% of digital transformations fall short of fulfilling their objectives according to research by Boston Consulting Group (BCG), demonstrating the remarkable challenges of complex, data-driven transformations.
Data is at the heart of delivering on this vision, with a business-led, modular technology and technology platform one of the six key pillars identified for maximizing the success of digital transformation strategy. BCG’s study of successful digital transformation solutions shows that two out of three enterprises that achieved success had fit-for-purpose data platforms to support development.
These compelling findings echo our own experiences of driving data transformation at enterprises for customers in telecoms and beyond—the ability to adapt is key, and a flexible, scalable data solution is an essential part of the digital transformation toolkit.
Adapting to changing expectations
More than half of companies identified in BCG’s research struggled with lack of flexibility in their data technology platforms, creating significant barriers in the drive to accelerate agile data transformation at scale.
The reality is that data can no longer be seen as a valuable ‘additional’ asset to a modern enterprise—it must be embedded into core business operations. Data is the difference between a personalized product that captures customer loyalty, or a blunt product strategy that fails to gain traction in a crowded marketplace. It is the difference between comprehensive fraud protection that maintains enterprise security and protects customers, or a significant revenue leakage problem that undermines profitability in a competitive business landscape.
An integrated, end-to-end data solution is vital to delivering on customer needs. According to research by Salesforce, 56% of customers now expect all offers to be personalized, and 85% expect consistent interactions across departments. A struggling, siloed technology stack and data system just won’t cut it in that environment.
With the total volume of data projected to be created, captured, copied, and consumed globally expected to almost double between 2022 and 2025, companies need to act now to put in place the systems to leverage this opportunity.
Data transformation is about how and where companies use data. On a technical level it is the process of capturing, cleaning, structuring and utilizing data to drive actionable business results. But that, complex as it may sound, could risk oversimplifying the end-to-end process required for a truly holistic transformation.
What enterprises should think of when it comes to data transformation is how they change how they operate to better serve customers, enhance and optimize their operations, and unlock new revenue opportunities. It’s about a cultural transformation as much as a technical one, and we know from our own experience at Neural Technologies how important that buy-in is to delivering the most effective change strategy.
Integrating an effective data transformation solution
Data is not homogenous in the modern operating environment. It’s not all beautifully structured data sets accumulated in a regular cadence and with an expected volume. The nature of the 6Vs of big data mean that our data environment is unpredictable, at times even chaotic. A good data solution about transforming that chaos into intelligible business insight that can inform products, services, and operations.
Neural Technologies’ data solutions are designed for this landscape, allowing enterprises to capture data from both legacy and emerging data sources. It offers stream data integration that captures data from events as and when they occur, providing real-time and actionable insights that enable rapid and personalized responses to customer interactions and needs.
Our advanced data solutions are designed to allow integration across multiple sources, with an API service gateway that can help boost both internal and external innovation, as well as allowing enterprises to integrate with third-party data opportunities.
Robust data orchestration is integral to this opportunity, ensuring an integrated digital ecosystem which brings together systems and software as part of one cohesive unit. That integrated approach is vital in delivering on the holistic, enterprise-wide data transformation. Neural Technologies’ Orchestration solution offers a scalable, modular answer to deliver on that need.
Optimus Data Integration (Mediation) solution works hand-in-hand to ensure that data systems are able to scale to meet growing data volumes, allowing batch and real-time processing that can easily integrate with third-party applications through open API functionality. Data provisioning ensures that data is always-on and available as and when your enterprise needs it.
This data-driven approach can be leveraged for a wide range of enterprise needs. It can form the foundation to a dynamic rating and charging solution for industries such as telecoms, allowing communication service providers to provide responsive, adaptive tariff solutions that can be uniquely personalized to meet customer’s changing means.
Artificial intelligence (AI) and machine learning (ML) also offer powerful platforms to uplift potential data transformation efforts. As pioneers in these solutions, Neural Technologies delivers value across the data value chain, empowering automated solutions which can help support effective real-time decision making for high-volume use cases such as fraud detection, revenue assurance, anti-money laundering and more.
Data transformation isn’t an end point, it’s a journey for companies to deliver improved performance through ongoing, data-driven evolution. Neural Technologies’ suite of scalable, modular solutions can provide rapid deployment of effective solutions, delivering measurable improvements to business operations with fast return on investment. That means better data for your business, that helps drive forward enterprise success.