Data literacy is the missing link in the data value chain, as the necessary know-how can extract the insights required to identify and develop new business opportunities.
Digital transformation is defined in different ways by many sources, but all are agreed it represents a foundational change and improvement in how organisations deliver value to customers, by using technology.
Digital transformation is no longer a business priority but rather an imperative. Moreover, the pandemic has served to underscore this urgency. This was revealed in an IDC survey conducted in May last year, which reported that 59% of 373 IT decision-makers said that pressures stemming from the pandemic were accelerating their digital transformation efforts.
Moreover, the same study reports that despite budget concerns triggered by the COVID-19 outbreak, global spending on digital transformation technologies and services was anticipated to grow 10.4% in 2020 to $1.3 trillion.
Data is essential for data-driven digital transformation. Digitisation is probably one of the most overused phrases in business in the past four years, with many claiming it is just an over-hyped buzzword. But analysis of the data around S&P 500 companies (Standard and Poor’s 500 a stock market index in the US that tracks 500 publicly-traded domestic companies) clearly indicates the digital revolution is real and that it is transforming the business landscape at an unprecedented rate.
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