Digital transformation goes far beyond more efficient operations.

As middle market companies take steps towards automation, they should do so with a focus on the end game: building technical tools that will not only improve processes and cut costs, but also enable data-driven insights which will help to inform business strategies, boost revenue and increase profitability.

The evolution of a business typically follows a Darwinian path: Those that adapt to meet the changing environment survive and grow, while those that fail to evolve become extinct. But, in business, the survival of the fittest is not predetermined by natural selection—by random mutation or lucky happenstance—but rather by informed decision-making and intentional innovation guided by data-driven insight.

 

Disruptive technologies like artificial intelligence (AI), robotic process automation, advanced analytics, and extended reality, among others, are enabling organizations to leverage their data in new ways—beyond the primary use case—to unleash value, from new operational efficiencies to better risk management effectiveness to new sources of revenue.

But it’s disrupt or be disrupted: Competing in a digital world requires a new level of agility and insight. Relying on guesswork and gut feeling doesn’t cut it in the digital age. Organizations need to build insight engines powered by quantitative data.

 

Insight-first innovation fuels a culture of continuous improvement, one in which data not only augments human decision-making but also enables organizations to interact with data in entirely new ways. The concept is based on the premise that today’s innovations should pave the way for tomorrow’s, and portends a future where business intelligence guides corporate strategy, an essential determinant of risk versus return.