Digital transformation is based on data. The quality of this data becomes the main parameter that determines whether they can be used.
Data quality becomes priority # 1
Modern business is based on data monetization. For B2B segment, this is product data, first. For B2C segment, customer data is more important: the more the company knows about his requests, problems, preferences, how he makes decisions, the better it can predict his behavior and requests and adjust its proposal to customers.
Humanity successfully coped with the first stage — the accumulation of data – thanks to artificial intelligence. Problems arise at the second stage, that is, when working with accumulated data. The reason is their poor quality: they contain errors, repeat, some of them have already lost their relevance.
As a result, when working with Big Data, up to 60% of both financial and time costs are associated with search for the necessary data, assessment of their quality, cataloging, etc. That is, instead of going to the client with an offer, the company is forced to deal with its own disordered data array, solving almost metaphysical issues: who is our client? Is our data on him current or outdated? Or maybe they are duplicated, and we have fewer real customers than are listed in the database?
It is important not only to collect information, but also to make it suitable for further quick and efficient operation. The need for solutions that combine Big Data itself and data management technologies is the main trend that will determine the course of digital transformation in the next few years.
Personnel shortage and looking into the regions
The need to work with data quality creates an increased demand for specialists in this area. More and more companies are creating internal data-product development centers, and this is additionally increasing the shortage of personnel in the field of IT, which they began to talk about for a long time. I believe that in this case, the pandemic played a purely positive role, forcing employers to take a fresh look at the possibility of remote work. Personnel shortage and attraction of IT-specialists from the regions are a well-known long-term trend that does not disappear.
Data masking turns into a driver for the labor market
The following trend is associated with the active involvement of remote employees — growing demand for data masking solutions. They allow, on the one hand, to give an employee access to data, including critical ones for the company, and on the other hand, guarantee data security. For example, the developer of online banking applications will receive at his order a copy of a genuine database, but critical information: suppose, bank card numbers — will be replaced with arbitrary combinations of digits, and customer names will be mixed in random order. Such data can be used for testing, since the structure and integrity of the base will not be violated — but from the point of view of fraudsters this data will not represent any value.
Such solutions are a pill from headaches for all safety workers who no longer need to worry when remote employee receives access to the company data even when his actions are not so simple to control. And this already solves the problems of the HRs, who can finally boldly hire employees regardless of which city, region or even country they plan to work from.
Quality knowledge management becomes a universal need
Everyone is familiar with this situation: you come to the bank with some question, for example upon deposit opening or loan terms, and three employees you communicate with give you three different answers. History may have a continuation: in search of truth, you go to a bank site where you are offered a fourth version, completely unlike the previous three.
The reason lies in the growing amount of information that employees have to work with, and this information also often changes: today the bank offers a loan on some conditions, and tomorrow – on others. Moreover, the number of staff is also increasing, as well as number of units, which makes communication even more difficult. Result is customer experience degradation and, as a result, falling sales.
What does the client need? To receive relevant and reliable information — regardless of the channel he chose to use, a window in the bank’s office, a website, or a contact center. Moreover, it is important for the client to get this information quickly, rather than hanging on the line for half an hour, while the operator drives the request into the computer and looks for the desired page among the dozens issued.
What does the bank need? Firstly, to structure information, secondly, to regularly update it, and thirdly, set up omnichannel access to it. This is what knowledge management solutions are aimed at, the demand for which has been growing lately and will increase. Moreover, such an experience can be extrapolated to any sphere, including retail, insurance, even construction and pharmaceuticals. Improve customer experience and optimize processes within the company — it is a universal request, which with certainty can be called an over-industry one.
By Alexander Tarasov, managing Partner, DIS Group