BFC Bulletins Monthly News Digest
In recent months, there has been a deep cultural change in the way we live our lives and conduct business. This change, brought on by the COVID-19 pandemic, is largely being driven by digital transformation initiatives, which became front and center as the world was urged to stay home. Fortunately, this change was not completely new but rather was accelerated, meaning that companies, for the most part, did not have to start from scratch. As we emerge from the shadow of COVID-19, digital transformation is unlikely to stop. On the contrary, it will probably continue to accelerate as consumers become acquainted with ever-increasing convenience. As such, it will be important for any company to be able to properly obtain and use data, especially to:
- Better know their business model – having a 360o vision of important data types will be vital, especially as machine learning and artificial intelligence develop beyond their infancy stages.
- Understand their organizational model – decisions are typically made by multidisciplinary roles involved in business initiatives. It is imperative that the organizational model is well understood.
- Convert data into value – minimizing complexity, eliminating redundancies, making data more reusable and knowing data origins and life cycles require a comprehensive process of understanding and monitoring against operational business value.
