Digital transformation is achieved by using digital technologies to create new (or modify existing) processes and methods to meet evolving business and market requirements. For finance departments the term is associated with, among other changes, using digital technologies to accelerate schedules, provide organizations with actionable insights, devise more meaningful performance assessments, and have the capacity to report and communicate from a broader palette of information. For IT departments, it means enabling internal clients to effect digital transformation in their department or business unit in a way that reduces IT maintenance chores and other “keep-the-lights-on” workloads so that personnel can spend more time on “build-the-business” initiatives.
Digital transformation sounds like a great idea, but organizations wonder where to start and then struggle to make progress. Data management issues are often a root cause of roadblocks to digital transformation. For example, our Finance Analytics Benchmark Research revealed that 68% of organizations spend most of their time on data preparation tasks while only 28% are able to focus their attention on what they’re supposed to do: analysis.
