It is neither the CTO nor the CEO of the company who has led the digital transformation of companies today but rather, the COVID-19 pandemic, said Chong Yang Chan, Regional Director, ASEA, Qlik, as he kicked off the Qlik Data Revolution Virtual Summit 2020 last week.
“Over the course of the last nine months, we have seen some of our clients – inventive and innovative ones – who took advantage of data to spring back from the situation and move forward five years ahead”, he said.
Chong explained that businesses are compelled to adapt to these changes and implement various technologies and approaches in order to survive and thrive amidst the pandemic. He then gave a few examples of these “innovative companies”. One, as Chong mentioned, is in the banking industry, which implements innovation to the distribution and consumption experience of financial services. Another one is in logistics, where companies used real-time data to align demand and supply to effectively adjust prices for the customers.
Such companies leverage data for the effective and successful continuation of their business operations. Robert Fleming, SVP, Global Field/Partner Marketing, Qlik, said that central to the shift is the use of data to drive digital transformation that delivers true business value. “In all of you, the new normal is not the normal BI (Business Intelligence); meaning companies should recognise the need to move from traditional passive business intelligence to active intelligence”, Robert added.
The Shift to Active Intelligence
According to James Fisher, Qlik’s Chief Product Officer, “active intelligence” refers to continuous intelligence that comes from real-time, up-to-date information and is designed to trigger immediate actions.
“Active intelligence is about establishing a framework for continuous intelligence that drives collaboration as embedded across the entire data analytics supply chain. We’re exploring unique capabilities across our platform. We bring together data integration and data analytics capabilities to solve entirely new analytic use cases”, he explained.
Qlik’s mission has been to provide customers with the capability to achieve active intelligence. James added that Qlik Insight Advisor is one such offering that allows them to do so by driving personalisation through various metrics, enriching the user experience, learning from individual interests and serving up more insights where it is needed most.
As the summit went on, Mike Capone, CEO of Qlik, stated that data and analytics have always been core to running a successful business but this year, there is no question that analytics have become hypercritical to success. With that in mind, Mike suggested companies choose the right partner for their analytics, saying, “What should you consider when choosing a partner to drive your data and analytics strategy? With Qlik, we offer a rich a platform that takes you all the way from raw data to successful outcomes”.
Ensuring Successful Outcomes
Nevertheless, according to Dan Sommer, Senior Director, Qlik’s Global Market Intelligence Lead, before businesses can get to the “successful outcomes” part, they have no other option but to make the switch to digital transformation.
“We have had to navigate through pretty tough circumstances this year. Digital transformation, where data and analytics are critical components, isn’t something we can kick further down the road. Companies now need to make the switch”, Dan explained.
This switch, said Dan, consists of two stages: The “react” phase, where companies plan for short-term, just to survive the crisis. And the other, “pre-act”, combining prepare and act, where companies need to plan for the new normal and be ready for the next crisis.
Dan then shared a few trends that can help organisations reach this pre-act stage and achieve active intelligence:
Usage of Software-as-a-Service.
Shift from self-service to self-sufficiency.
Mass consumption of shared data, visualisations and storytelling.
Up-to-date and business-ready data is more important than ever.
Advanced analytics need to look different.
It’s essential to capture and synthesise alternative data.
Business process re-engineering takes centre stage.
The compass for competition, surveillance and security has been recalibrated.
Collaboration has to coalesce early in the chain.
The digital switch may force a generational shift in analytics.
More so than ever, all organisations are now focused on business outcomes to increase their revenue, improve efficiencies and reduce risk but they need to do it faster, better and with more accurate and timely data. We’re now seeing an increasing need for real-time data and insights and that’s where active intelligence will crucially come into play.