Digital is the ability to capture data at source in electronic form, store and process them using software tools, and analyze them using analytics, with little or no human intervention.
In a well-defined process, technologies take care of moving data from being captured to being analyzed, very quickly and automatically. Hence, data is always ready for analysis in the digital world, which is used for planning, forecasting and serving other management needs. This explains the popularity of analytics and higher speed of operations in the digital world!
Understanding how digital works
When data moves quickly from source to analytics, it increases operational speeds -Enhanced Efficiency. This efficiency triggers an increase in the scale of operations – access to newer markets, products and strategies - Scale. The combination of efficiency and scale leads to managing unknowns of a higher order, exposing operations to larger variations - Complexity. The unified demand of speed, scale and complexity leads to using more automation, which triggers the vicious cycle of capturing, storing, processing and analyzing more data, faster.
This story is from the October 2019 edition of People Matters.
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This story is from the October 2019 edition of People Matters.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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