The Road to Digitalization: Integrating Data Analysis across the Entire Organization to Connect Front-end and Back-end Data
The eBusiness Review article, "The Road to Digitalization: Integrating Data Analysis across the Entire Organization to Connect Front-end and Back-end Data," quoted Russell Reynolds Associates Consultant Grace Gu and Olivia Liang on the importance of adopting digital transformation amongst Chinese companies in order to perform better with the effective use of data analytics across their entire organization. An article excerpt translated from its original Chinese can be found below.
Digital transformation has become more and more popular in recent years. Many companies that invested in digital transformation in the early stage gained benefited and achieved remarkable development. The COVID-19 pandemic since the end of 2019, made more companies realize the importance of digital transformation. But in the eyes of many small and medium-sized enterprises, digital transformation is still a "luxury." They are still struggling for survival, no extra efforts and budget to invest in this field.
“Digital transformation should be a must for companies of all-sizes and a necessary way to achieve sustainable development. We should carefully choose the way depending on their financial strengths and make sense of both in the short term and long term." Olivia Liang, Executive Director of Russell Reynolds Associates Greater China mentioned.
Breaking the Data Silos through the Front and Back End to Establish a Close Loop
Compared with companies that applied data analysis only to a certain commercial or operational area, those who are committed to integrating data capabilities into daily operation can give full play to the value of data analysis. The breadth and depth of the ability to integrate data analysis has become a key factor for companies to win in the competition. "Both B2B and B2C companies show a common trend that different types of companies are trying to get through the data capability across the entire organization and to integrate with various functional areas." said Grace Gu, Managing Director of Russell Reynolds Associates Greater China.
Establishing Three Pillars in a Close Loop
In order to realize the effective use of data, Russell Reynolds Associates believes that the ability to build three pillars in a close loop is crucial:
- Data architecture/operation: build a solid and reliable infrastructure and supporting tools/system to ensure a first-class data collection, storage, quality and access channels.
- Data science and analysis: transform data into available knowledge and intelligence through modeling, analysis and processing, reporting and comparison, retrospective and predictive analysis.
- Data application and commercialization: feedback the information from data analysis in a timely and effective way, and apply into business strategy, innovation and decision-making.
To read the full article in Chinese, click here.