The current economic environment is pushing every businesses to focus on core activities to be profitable. Tech companies have been no exception with ecommerce, ride-hailing, gaming, e-health, and e-learning all facing substantial growth opportunities. This is in spite of the contraction of economies across the region and slowdown in venture capital funding to the region’s unicorns.
Companies aspire to become data-driven, and there are plenty of reasons why this is a worthy aspiration. The most significant of these is the ability for these enterprises to be more agile and fast-moving in response to changes in the market. While digital native enterprises have led the way in leveraging data to drive the business forward, it is clear from today’s volatility that simply possessing data is not enough. The reality about most tasks in an organisation is that having data doesn’t automatically mean that employees will agree on its conclusions or a course of action based on the same data. Many organisations also need help with the people and process-related aspects of data analysis to complement powerful tools.
Defining what it means to be data driven
Snowflake views data-driven organisations as entities with leaders who continually improve their ability to access and analyse data consistently to make accurate decisions. Industry-leading capabilities of recent years, have already become essential to the regular course of business for the majority of companies. This is why it is crucial to stay focused on improving data analysis capabilities to maintain a competitive edge.
Improving analytical performance isn’t just a matter of gathering more data, businesses must also contend with data literacy issues, a shortage of data analysts, untrustworthy data, and natural cognitive bias that occurs when humans evaluate data. The Data Cloud can ensure a readily-available source for all enterprise data that is governed and scalable. Business intelligence can be accelerated to support a virtually unlimited number of concurrent users and queries.
Getting employees on-board with new cloud technology to maximise the value of data
There is no getting around the fact that CIOs are driving the overall business strategy with their tech investments. This has resulted in a massive transition of workloads and processes to the cloud. What has proven to be a key challenge in this is not the migration to the cloud itself, but ensuring that all employees can execute their roles with automation more effectively and efficiently than they had before. To make this a success, enterprises need to carefully lay out what technology investments should be made, when to integrate it, what to retire, and how to manage the impacts of these actions across functions and geographies as the business grows.
Looking across business functions, it is also easy to see how cloud technology can help businesses grow. The right solutions make collaboration between and within teams in different locations seamless. It is also easier to access real-time data for analysis. Operational tasks and deployment issues are also removed, since fully-managed cloud solutions don’t experience the same downtime, maintenance or personnel that on-premises solutions do. This paves the way for more transformational activities that help drive business goals around growth, scalability, profitability, and automation.
The faster pace of business, the need to develop new solutions for the marketplace in a shorter timeframe, and the necessity of data to help teams make informed decisions facilitate the push for the deployment of new cloud technology. It speeds up data processes to help drive business decisions and ensure timely and relevant customer experiences. Once these complete customer views are created, enterprises can then securely share access to these insights through partnerships and other expansions in business offerings to fuel growth – taking yet another page from the play books of Asia’s leading digital-native enterprises.