Monday, April 10, 2017

The Power of Digital Insight

Compared to digital laggards, high-performing organizations can manage one of the most invaluable assets - information well to gain the full understanding and business insight.

Digital is the era of velocity, uncertainty, complexity, and ambiguity. We are living in a complex digital world where inventions, developments, and conflicts are continuously changing and that makes it impossible to have a complete knowledge and understanding of many sophisticated issues. We still live in the world with abundant information, but scarce insight. We all bring different perspectives and our boundaries might have changed based on the open conversations and taking the time to thoughtfully think about the specific issue and common challenges from different angles. The power of digital insight is to foster communication, harness collaboration, and catalyze digital transformation for both improving organizational maturity and advance human societies.

The information potential directly impacts the business's potential of organization: Going Digital is no brainer. However, reaching the high level of digital maturity is a thorny journey. And all forward-thinking organizations claim they are in the information management business. Information Management plays a crucial role in differentiating digital masters from digital laggards. The purpose of Information Management is to process raw data, abstract information from it, then gain knowledge and insight/foresight from the abundance of information, in order to build an intelligent business. It is all about transforming information into business insight and intelligence which can instruct organizations to adapt to changes. Information only has a value when it has been used. The potential value of information depends on how the information will be used again in the future and this is often exceptionally uncertain. The digital ecosystem is complex and volatile, for complex problem solving, understanding context is often the first and the important step in understanding, create the relevant context to make a more lasting solution - without it, you are working without any boundaries, or basis for understanding what you are doing. The digital insight is a sort of contextual understanding. Contextual intelligence is a higher-level of digital fluency.

It's not necessarily information, but the business insight leads to the right decision making:  Digital business is complex and uncertain, decision making is more often a complex scenario. "information" as input to the decision-making does not absolutely determine the decision but allows the decision-maker to exercise their judgment. Or to put it another way, for decision-making to be effective, the decision-maker must have enough knowledge and insight to make their decisions rich in information and significantly different from the available data. It is the step-wise scenario of information –insight – decision making. The information allows you to build an actionable insight as for how to move from one level to the other. It applies to the context and environment in which decisions are made. In the human context, information drives awareness, which can include all of these characteristics, uncertainty, surprise, difficulty, and entropy. Decision making is the discipline across the art and science; gut feeling and data driven; confidence and humility; and more often than not, it takes both multi-disciplinary insight and light bulb type of intuition to make effective decisions.

The real-time business insight: When information has been used to capture the business insight for developing the right product, entering a new market, exploiting a new channel or having the information to be able to conduct day to day operations (which have an output value) etc, it achieves its value. Digital Transformation can give your business the ability to apply real-time insights across the organization in ways never possible before. With these business insights, organizations acquire the ability to reshape products, services, and customer engagement, with the help of digital technologies. You can realign your operating model so that customer preferences and requirements are reflected throughout the end-to-end process, which will be the business beneficial in terms to speed up to enable you to listen, engage and nurture relationships with consumers and build an integrated view from information extracted from different sources. The real-time insight and foresight enable organizations to see the future more clearly; enhance businesses competency to re-imagine growth and delight customers, and do things more innovatively, to further elevate the digital business maturity.

There is no limit to the value of information in our economy or better stated, in today’s digital business ecosystem. Compared to digital laggards, high-performing organizations can manage one of the most invaluable assets - information well to gain the full understanding and business insight. The enabling value of information can be captured in this way and an information lifecycle developed from it, to unleash the full digital potential and achieve the high-performance business result


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