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With Economic Headwinds All Around – Now is the Time to Realize Digital Ambition

By Andrew White | May 31, 2022 | 0 Comments

Re-engineering the DecisionData and Analytics StrategyData and Analytics LeaderData and AnalyticsCIOChief Data Officer (CDO)Chief Data and Analytics OfficerAutomation

A quick analysis of the S&P 1200 quarterly earnings transcripts is enlightening.  The analysis shows which words CEOs and CFOs use to describe their business or the environment they operate in.  For all of 2021 it was common to hear “constraints” and “supply shortages”.  In Q1 2022 some new words started to become popular.  Those new words include “inflation” and “headwinds”.  As such, our economic climate seems to taking a bit of a turn for the worse.  That being said, what is a CEO, and CIO and CDAO, supposed to do?

Not Our First Rodeo

The answer is clear since this is not the first time we have seen this story play out.  Many CEOs, CIOs and CDAOs might never have experienced the inflationary periods of the 1970s.  Yet many of the oldies around us have.  This is where experience comes in pretty handy.  Those with experience will tell us that some organizations who are able to weather the coming challenges have a choice.  Some organizations will power through the pain or “win in the turns”.  These organizations will invest in areas to exploit the challenges.  Alas too many organizations will fall further behind.  They will do so with indecision or the wrong decisions, and cut investment in the areas that could have helped their cause.

That is why an article in todays Wall Street Journal was telling.  The title was, “More Factories Use Robots“.  The point of the story was that increasingly organizations are struggling to hire people through a tight labor market.  As this has stretched out over time, the choice of investments is changing.  Offering higher and higher wages would reduce margins and eat into profits.  It can be more effective to invest in information and technology and automate the work that needs to be done.

Before You Automate, Re-engineer

Of course its not that simple.  There is little point in automating ineffective work or decision making that is not value-add.  As such every effort to automate needs a good dose of business process and decision re-engineering.  That is where data and analytics comes in with: The Future of Data and Analytics – Re-engineering the Decision.  What better place to start – and soon – your efforts to turn into the corner and digitize your organizations faster than ever.

Have you a war chest of use-cases that you can pull together for the organization quickly?  Here is one example for Insurance: Infographic: Hyperautomation Use-Case Prism for Insurance.  If you want to quickly pull some examples together for your business and executive peers, give it a go with this toolkit (Toolkit: Discover and Prioritize Your Best Use Cases With a Gartner Prism).  Will your organization win in the turn?

And for more current research on the topic, try this: CEO Survey: Inflation Won’t Stall Digital Transformation, Provided Customer Experience Is a Focus.

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