Undata Yourself To Get #insights To Your Customers’ Needs!

A person holding a digital tab. There is an image of a brain with digital circuits. Person is waring a blue suit. The picture depicts the digital space in terms of cognitive world

 

In this article, we will look at some of the ways which can help you in getting a clear picture if you have your data to work for you or it is the other way around.

I have been asked in my last meeting how data can help in winning and retaining customers, also excelling in customer experience. In our conversation, the pattern started to appear. The challenge was not that the client was not aware of the importance of data; her main concern was that her team was busy in managing the data instead of managing the customers.

How many times we have seen and heard this, and yet it still is a touché.

Even when organizations have started to give Analytics and Data Science its due importance by making it a strategic investment unit, still the research says 82% of all the data analytics projects do not get to see successful closure.

 

“Are you one of the 18% of all the companies to see Data Analytics projects through to the successful closures?”

One of the problems, which I have seen with several of my clients is that they tend to place all their bets on data. For them, it meant to hire a team of data fanatics, get big data and cloud storage, purchase expensive data reporting tools, and to hope to see that data would work for them to get the business insights they needed.

The results were not encouraging; my answer to them was undata yourself.

There is no doubt that data is an asset, and it needs to be managed well to give you the return that you expect. If you were to go from descriptive analytics to cognitive analytics i.e. from plain bar charts to predict how your customers will decide on your product, ask these questions:

+ Do you have the right mix of people in your team, or are they all data experts?

+ Do you have the right roadmap to support your futuristic plans?

+ Do you have the right partner to guide you and help you build your capability?

+ Do you have effective processes that can help you in focusing on results instead of data?

+ What about business experts who can read and understand the insights?

For example, in recent engagement with one of the largest and well-known financial institutions, we were called to help them in setting up a data analytics shop. Though the institution had a good head start in analytics efforts, they were struggling to make headway from proof of concept to monetization and realization. Organizational culture and upskilling were two of the five primary areas they needed to focus as much as investing in technological advancements.

In today’s world, tools are available in plenty, from commercial to open source. Worlds of Amazons, Microsofts, Googles, and others have provided us with the opportunity to kick start digital journey with a simple click of a mouse button, and it is easy to get lost in the web of data.

There is no replacement of having a strong foundation of human capital, efficient practices, and collaboration as the catalyst to simplify the hyper-integrated data environment and get those two or three customer insights that can help you in winning and retaining them.

Endnote
It is easier to start any initiative in BI & Data Analytics space yourself. I recommend all the companies to do that to get the lay of the land. In parallel, bring the data practitioners like lera.us, which have an intense focus on value-driven BI and Data Analytics processes. The immense experience of such partners, who have spent the number of hours in outlining the best practices, will help your organization to set up a strong foundation for digital transformation and go beyond digital with several gigabytes speed.

Happy to hear from you!

Bakul

 

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Navision Integration

Retail Chain located in India

Challenges

  • Client has over 50 Shoes & Apparel Stores across South India
  • Navision is used for all their Operations for various functions including Inventory Management
  • Auditing of the Inventory across different stores used to be validated manually making it a very time consuming process

Solution Delivered

  • Lera Tech engaged with client by deploying an audit module that was custom built and Integrated with Navision to have a seamless process
  • Handheld scanners were utilized in scanning RFID tags in each store and store inventory data was gathered in a very short period of time and minimal efforts
  • Store Inventory data was reconciled with Navision Inventory data by integrating directly with Navision
  • We ensured employees were trained appropriately to be proactive
  • Client has since been able to save significant dollars an immediate impact on bottom line.
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Analytics & Data Governance

Client located in Africa

Assess Analytics Maturity & Develp ToM & Roadmap
  • Strategy
  • Organization
  • Governance
  • Demand Management
  • Architecture & Roadmap
  • DWH Recommendations
  • BI Tool evaluation
  • Alignment to Bank’s PMO
  • Stakeholder Management
Data Exploration, Preparation & BI Reporting
  • Data + BI Project Delivery
  • Bank wide MIS Demands
  • DWH fixes & enhancements
  • Data Model Enrichments
  • Data BI resource Ramp up
  • Business IT Collaboration
  • Transfer from IT DM (40%)
  • Streamlining DWH Ops
  • Data Governance Foundation
Data Insights Foundation
  • Focus on Compliance & Business Requirements
  • Common Semantic
  • Reference Data
  • BI Dashboards
  • BI Self service Foundation
  • Data Quality Foundation
Data Insights Analytics
  • Focus on Business Outcomes
  • Business Use cases
  • Analytics Competency Build up
  • Big Data Foundation
  • Sandbox

Client located in the Middle East

Challenges

  • The company embarked on a BI journey in 2014 with little success
  • Teradata was implemented twice with suboptimal application
  • Techno functional expertise was lacking in the organization
  • Businesses & departments access information from disparate sources
  • Absence of robust data capabilities posed risk to future growth, compliance, & efficiency

Solution Delivered

  • Data Strategy :
    A comprehensive BI & Data Strategy aligned to the overall corporate strategy of the Bank
  • Data Governance & Quality :
    Robust policy framework & processes to ensure ongoing integrity of data & reporting.
  • Demand & Supply Management :
    Process developed for Business Requirement Documents (BRDs), prioritization, and resource optimization for effective delivery to ends users
  • Analysis & Analytics :
    Developed analytics standards, dashboards, reports, formats, & methodologies. Developed reports & visualizations for various units in the Bank.
  • Organization :
    Created formal BICC organizational framework and organization
  • Business Partnership :
    Appointed specialists for business/functional areas, identifying appropriate data use and data structures required for analysis
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Data Lake Implementation

Data Lake Implementation

Eficaz ETL & Data Lake

Engagements

cloud2

Big Data implementation and development

Technology

cloud-3

Eficaz DW Suite
(Lera’s Propriety)

cloud-image

Cloudera Hadoop
(CDH)

Client Overview

Client is an organization in Africa spread across multiple countries. The client has currently 130+ branches across the African Great Lakes region.

Challenges

The specific issues that the company faced in achieving this goal were:

  • Challenges in extracting, transformation and reporting/analyzing data across all the branches
  • Delays in report generation and distribution, as the report hits database for each slicer selection
  • Inefficient reporting of high level performance metrics
  • Complicated data structure
  • Moderate implementation resources are available

Solution

The overall deployment was designed to meet the following objectives:

  • Achieve significant improvements in accessing, transforming, analyzing , reporting and visualizing the data. This will allow customer’s employees to focus more on the analysis activities.

Benefits of Proposed system

  • Efficient and automated data collection, distillation and visualization platform.
  • Will provide advanced analytical capabilities to improve analysis and decision making (thresholds, trending, graphical analysis, etc.).
  • Dynamic and largely scalable user environment that allows numerous users to simultaneously work with the system.
  • Provides an effective and efficient method for collaboration and reporting of the required information to the appropriate stakeholders and management. In addition, it will streamline and automate the decision making.
  • Rapidly adapted and scaled to support additional users, new requirements and changing needs.

Business Benefits

In a short span of 24 weeks, Lera Tech created a highly scalable Data Lake which had the following:

  • Distributed ingestion pipelines from source to Staging environment in Data Lake.
  • Bots based pre processing and data consolidation from other data sources.
  • Automation of key reporting and analysis processes.
  • Seamless, incremental data extraction and transformation layer for extracting data from core source system.
  • Advanced analytical environment, enabling key personnel within the organization to perform What If? analysis on several business scenarios.

Measurable results

  • Reduction of time required to generate ad hoc reports used across the business to several minutes this has improved productivity of the employees, utilizing the information provided.
  • The integrated and accurate reporting translates into better decisions. These factors contribute to a high return on investment from the comprehensive reporting solution.

Success Factors

There were several elements in the decision making process as well as the solution and implementation partner i.e., Lera Tech that contributed heavily to the success of the project

  • The Data Access Layer (DAL) includes the core source system database or any other long term data storage including Active Directory/Authorization Store, file systems, externally managed services.
  • The Business Services Layer consists of components that abstract the knowledge of how to connect to the Data Layer. It also consists of services that allow for abstract of distributed processing and communications.
  • The ERP BI consists of Graphical User Interfaces that use the objects contained in the Business Layer.
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Challenges In Digital Transformation And Ways To Overcome It

Challenges In Digital Transformation And Ways To Overcome It

Digital transformation is no more a need for an organization, but a necessity for growth and success in the global marketplace. This revolution has led the business heads to build and bring in new strategies in place for achieving business goals.

The pace at which digital technology is advancing has led the organizations to become agile and adaptive to the changes quickly. Though digital transformation is the future of any business, the challenges it brings along cannot be overruled by any organization.

If an organization pronounces itself as digitally transformed, then it indicates that they have brought changes to their business model using advanced technologies. Though there are many challenges, the most pressing of these include problems in expertise, customer experience, the role of employees, lack of insight, and costs. Let’s explore these in detail.

Finding the right expertise to lead digital transformation

  • Talent and technology are inevitable for digital transformation. The existing technologies need to be reviewed and if found inefficient in the journey of transformation, then leveraging to new technologies becomes necessary. There should be a thorough evaluation of the technologies that the organization intends to purchase and incorporate in its IT system
  • With the change in technologies comes the technical challenges that need to be addressed by the people who possess the expertise and skills in fixing them.  People with technical expertise and talent should be on-boarded who can contribute towards digital transformation.

Optimization of customer experience

  • Customers try to browse through various channels while searching for a product.  They will stop by the websites and may/may not do any transactions. To give an impressive brand experience to the customer on both online and offline media becomes a challenge
  • The organization should focus on creating an exceptional customer experience that increases customer retention on the website, which in turn helps in retrieving customer data from all the touch-points. This step helps in increasing the sales and customer win for the organization

Managing employee push-back

  • The idea of digital transformation itself brings an ambiguity on job security among the employees. However, the challenge is to make them concede to the necessity of digital transformation for achieving the business goals without hampering their jobs
  • The first and the foremost thing is to make the employees aware of the business goals, which the organization desires to achieve and how that can be accomplished through digital transformation. Moreover, building a culture-centric environment at the workplace and conducting training programs to strengthen the skill set of the employees empower them to contribute towards the whole process

Poor Analytics

  • One of the key parameters for digital transformation is the analytics capability of the organization as it helps in measuring the right information from the data pool. However, if the organization has not upgraded its analytics tools then it might not help in fetching the required data or may fail to evaluate the data volume
  • Better analytics helps in better decision-making. Thus, the organizations must leverage AI technologies and practices to derive customer-centric data, which can help increase the leads followed by sales

Budget limitation

  • An organization needs to do a substantial amount of investment to initiate digital transformation. However, some unforeseen instances or issues may become an obstacle in your digital transformation journey causing money constraints
  • Such a situation can be dealt with by laying an appropriate budget strategy that will help to understand up to how much of investment the organization can handle. A plan needs to be developed that explains the phases for the transformation processes, how much time it will tentatively take for completion, and accordingly how much can be invested for each phase

Innovations and improvements are the key elements of digital transformation and both need to go together to derive the anticipated outcome for a business/organization. If it requires to go overboard the legacy system, the organization must adhere to it. With the right strategies and innovations as well as a strong foundation in place, the roadblocks in the digital transformation journey can be eliminated that further fuels the success of a business for years to come.

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Successful Traits of a Digital Transformation Enterprise

Successful Traits of a Digital Transformation Enterprise

Digital transformation is the term that echoes in every organization across the sectors as it is the new mantra for business growth and development.

But, does it mean that every organization that embraces digital transformation succeeds in the long run? The answer may not be Yes. A company that truly entails the digital transformation approach with innovative thinking is the one that succeeds in chasing the business goals.

Every organization thrives on a set business model that has been in existence for a long time. However, bringing the right alterations within the technologies and using the right tools can bring a change in business performance.

Any organization aims to create a better customer experience. Thus, the traits of a digitally transformed enterprise are based on the following points:

Clear Communication

  • Effective communication among the employees is a key parameter for digital transformation. The company must set the expectations on what it wishes to achieve through the transformation and should present it lucidly in front of the departmental staff.
  • For example, sharing the vision through an open talk with the employees and making them understand how crucial it is for the organization. Also, sharing the success stories of other organizations who chose the path can motivate and light a fire in the employees to work towards the betterment.

Robust Strategies

  • Laying the right strategy is an important step towards digital transformation for any organization. The first step involves deciding on the organizational goals they intend to achieve through a strategy-driven approach. Getting the resources in place, mapping the critical paths, figuring out the technologies and tools, are a few of the important aspects of a strategy.
  • For instance, the complexity may arise if a company has customers in different locations then it might be difficult to gather purchase data of different customers from each location. However, if the intention is to increase the customer engagement and to generate leads then strategies must be laid in that direction. A dedicated team of digital transformation experts can play it around to achieve the desired outcome.
  • Some other points that can be considered while building the strategies are evaluating and choosing a platform that can scale the business, choosing the right translational tools like Kafka that can manage the data from various touch-points, and choosing the data storage location like cloud-based services, etc.

Extracting Data Insights

  • The inflow of customer data is huge, and the real challenge is to segregate the meaningful data from the data pool. This data needs to be exploited in the right way to figure out the issues that the business is facing now and accordingly, the right software should be used to resolve the issues. However, every organization should wisely invest in software technologies to ensure that they are aptly used to address the issues.

Being Innovative & Agile

  • To emerge as a digital transformation entity, the organization must cling to disruptive thinking. The business heads should be aware of the ongoing business processes and should bring an innovative approach to optimize them. However, this can be achieved by interacting with the employees and pulling in the feedback on how to bring the change. Also, the organization should be agile in adapting to the changes quickly.
  • It is quite common that unexpected issues will surface while any organization is transforming digitally, however, that can be easily resolved with the right approach and innovative thinking.   One such approach would be steering one of the planned business strategies. Hence, agility in business opens the space for creativity and provides space to think differently.

For an organization to transform digitally, it must go through a lot of trials and tests before it disrupts the specific industry with its innovative initiative. Every business needs to come up with a new business model that makes the customer to business interaction seamless and opens new avenues for business opportunities for organizational growth and success.

Being one of the best Digital Transformation companies in the US, Lera Tech Inc. has adhered to the approaches mentioned above to drive their business to great success. Lera strives to provide the best digital transformation services to its clients to bring them ground-up and help grow their business exponentially.

Lera Tech help the organization to unlock its business potential and enable their business to increase their digital economy by leveraging Lera’s digital transformation offerings.

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Digital Transformation Trends For 2020

Digital Transformation Trends For 2020

As the year 2019 is all ready to bid adieu, the year 2020 is all set to take us by surprise. We have been witnessing the revolutionary changes that digital transformation is bringing into the world for a few years now and the way it is stirring up our lives through technological innovations. The next mission of world business leaders is to leverage even newer technologies and combine them to present an exceptional experience to mankind. What you may not be knowing is, the workforce is already deployed for this mission.

Fueled by innovation, every business is putting in efforts to bring a disruption in their own way to stay ahead in the competition. So, what’s awaiting in the year 2020?

Here’s the list of a few Digital transformation trends that are believed to surface in the upcoming year 2020. Let’s dive in.

5G

Doesn’t it sound amazing? That’s true. The companies like Qualcomm, Verizon, AT&T, and Nokia are working to make sure that this happens by the next year. The 5G is believed to be 40 times faster and can transmit the data more efficiently compared to the 4G. With its increased transmission capacity and bandwidth, 5G can be advantageous for navigating the autonomous and semi-autonomous cars. It can help in broadcasting the information sent through the in-built car sensors on road conditions and suggest taking a new route. In short, for many upcoming technological applications, 5G would inevitably be the next-gen wireless connectivity that everyone is counting on.

Last but not least, WiFi6 will be the fastest connectivity. While itself incomparable with 5G, WiFi6 will still be much more reliable for faster connectivity at the workplace and home.

Analytics

It is going to be an indispensable part of any organization. To improve the user experience, it is important to get the right customer insights, which can be obtained solely through analytics. A company that is stepping into the journey of digital transformation needs to focus on collecting customer data from various touch-points to fetch valuable insights. The year 2020 might mark the rise of real-time data analysis for many organizations and would be the motto to stay ahead in the competition.

Artificial Intelligence & Machine Learning

As we talk about analytics, AI and ML shouldn’t be kept apart. Though data collection will be at its peak, Artificial Intelligence and Machine Learning will help process the complex information. Moreover, any organization must understand that investing in data indirectly seeks investment into AI and ML too because this combination works the best and fetches positive outcomes.

Renaissance of Digital Privacy

With the EU’s General Data Protection Regulation coming into the picture, many companies will take the security and privacy protection on priority. Privacy and transparency will help the users to be aware of the information collected about them through the companies.

XaaS, UX/CX

XaaS (Experience-as-a-service), UX/CX (User Experience & Customer Experience)
This is something that’s going to gain momentum next year. As the evolutions are imperative in AI and computing capabilities, it will certainly enhance the connectivity among the people. Moreover, we may see an evolution in cloud services, big data, analytics, blockchain, etc. The companies will prioritize improving the UX/CX as a digital transformation step for better customer retention and lead generation for the business.

Bottomline

Most of the companies have already started on the digital transformation journey by knowing its critical for business development and success. We will wait to see how the above-mentioned trends are going to bring a change following the trajectory of digital transformation.

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Digital Disruption – What Is Disruption Anyway?

Digital Disruption - What Is Disruption Anyway?

The term disruption sounds alarming, but when the same term is associated with the digital platform it simply means a transformation or evolution. Digital disruption is the remodeling of the existing business modules with new technologies.

It transforms the existing products into an upgraded format that is provided at a lower cost to the customer. For example, the switch from a typewriter to a computer is a kind of digital disruption that has changed the mode of communication as a whole.

Does Digital Disruption Impact A Business?

Digital disruption is nothing less than a risk or a challenge, but the one who embraces it will be able to lead the business to success. It is important for any business to keep an eye on the changes happening within its specific industry and set the strategies accordingly to achieve the desired digital goals.

Such a movement opens new avenues for the growth of the business. Having said that, not every evolving technology can reshape a business model, but it can certainly have the potential to bring an impact. In short, the business leaders need to prepare for the impact and adapt to it rather ignoring the fact and being left behind in the race.

How Can Digital Disruption Be Harnessed?

The digital disruptions encompass the vision of bringing an innovative and a potential change in their business by using their existing digital technologies and developing it into a compelling product for the customers.

For any company that needs to function successfully in the marketplace, the first and foremost thing to consider is identifying the opportunities for disruption. The initial step towards this approach starts with the recognition of the company’s business capabilities – one that can set apart a business in the eyes of the customers from other businesses within the same industry. A SWOT analysis (Strengths, Weakness, Opportunities, Threats) can be useful for determining the capabilities of a business. Once a strategy is placed, the experts must decide on which technology within their business should be transformed to device a new product.

The next step is to connect with social media to inform the world about the new service or the product. Using a social media platform can immensely help in retrieving the customer feedback on the product or the services. This further initiates the company to create a platform to collaborate with its employees to analyze the challenges faced by the customer and emerge with a customer-centric solution. Such an approach helps in understanding the new product or the services in a better way and efforts can be put in that direction to enhance the end-user experience as well as the quality of the product or the services.

How To Stride With Digital Disruption?

The motive behind any business is to make its customer content. From B2B to B2C platform, the digital disruption is sure to permeate in order to win customer satisfaction.  Anyone who leads a business must work on the following three competencies to emerge as a winner.

  • Agile business solutions: It is important for any business to deliver a solution that can meet the requirements of the customer instantly. The digital disruption of the transportation industry by mobile technology can be set as a prime example to explain the business agility process. Here, the motto of the mobile application is to find a cab for the customer along with the payment options
  • Being aggressive about the product: When a business starts disrupting its own industry it majorly focuses on delivering instant and easy solutions to its customers. This further fetches benefits for the business itself
  • Meeting customer satisfaction: Customer seeks a technology that is personalized to meet their requirements at anytime and anywhere without any hassle. It is meant to provide transparency on the market values/pricings that enable the customers to decide on when and where to buy the products

4 Ways To Stay Ahead In Digital Disruption

Digital disruption is more of a reality now than a theoretical concept and hence to stay ahead in this competitive field is not a mere challenge. As a key player, it is necessary for any business to remain on the disruptor side of a business equation to bring the change. Here are five ways to get started on this disruptive journey:

  • Creating a new market: The first step involves gathering the information on the current demands from the customer on a specific requirement. Then leveraging the existing resources and methodologies to make it customer-driven. This approach also involves brand awareness across the social platforms and in turn engaging the customer into the business
  • Being on the disruptor side: Think like a disruptor than being an onlooker. Look for avenues to flourish in the same business industry. Then, try to make a shift in the present business model by collaborating with digital savvy peers
  • Prepare organized data: A customer-driven product can be successful if the business compiles an organized and consolidated data from the customer. Moreover, a day-to-day evaluation of the challenges to reach the customer in a better way should be the foremost aim of any business
  • Collaborating with new channels: To bring a small impact many businesses attempt to upgrade their software. However, some business leaders go outside and partner with other companies to bring a remarkable disruption using innovative technologies. This helps in offering an exceptional customer experience for the product

Takeaways

There are always a lot of uncertainties that surround a business. However, business leaders with innovative mindset know exactly where their business is headed to. It becomes inevitable to prepare for the future digital disruption by keeping an eye on the digital transformations happening around.

Digital disruption is going to stay here owing to its potential growth. The only mantra to succeed is to flow with the pace and become potential digital disruptors to bring a change.

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