Over the past year, companies throughout the world have recognized that digital transformations and automated processes are the keys to success in an increasingly online business environment. As reported by McKinsey & Co, the effects of the Covid-19 pandemic caused enterprises to accelerate their digital transformation efforts by an astonishing seven years in just a few months. At the core of these efforts is data: the lifeblood and currency of modern business.
But while the vast majority of companies are using data to inform some aspect of their operations, most of these companies struggle to derive actual business success from their efforts. According to research from Boston Consulting Group, 70% of digital transformations fall short of their objectives. This eye-popping failure indicates a stumbling block in modern business: While enterprises are clear that they need to make use of their data, they have no idea how to do so successfully.
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