In today’s fast-changing market, digital transformation and data-driven initiatives are the only ways to stay relevant. However, despite the persistent push for change, most companies fail to benefit from these initiatives.
According to a study by Everest Group, almost 73% of companies fail to gain any business value from digital transformation. 78% among them did not meet their business objectives, with only 22% achieving their desired business results.
One of the main reasons behind this is the lack of adequate data processing. Data services fail to provide structured and organized information promptly. As digital solutions fail, companies need to use their knowledge workers to contextualize data resources.
This diverts time and effort away from other critical procedures, affecting your organization’s productivity and workflow. To cope with this, many companies have adopted an innovative approach known as “Context-Driven Productivity” to streamline their knowledge workflow.
In this article, we will explain what Context-Driven Productivity is and how your company can benefit from data-enabled efficiency.
Data is increasingly becoming an essential part of businesses. Companies have to gather huge amounts of data in various forms, such as receipts, images, e-documents, audio, etc. Although this data allows organizations to gain additional insight and value, the sheer volume of data makes it incredibly difficult to process and control.
Due to the absence of concrete procedures, companies struggle to aggregate, organize, and manage data from disparate sources. Numerous data sources overwhelm under-equipped organizations and bad management leads to data inconsistencies. This prevents them from extracting value from data and making most of the resources they have.
As the volume of data and its sources expands, organizations develop multiple data silos, making data management increasingly complex. Here a few ways data silos affect your organization’s productivity:
To minimize complexity, businesses need to combine existing and new data into a single, centralized data platform. A centralized data platform assists companies in improving visibility and creating useful insights from the available data. By converting data into insights, businesses can leverage intelligent systems and enhance efficiency, automation, and growth.
Context-Driven Productivity or CDP is an innovative way of organizing information from multiple data resources effectively. It uses both internal and external data sources to give organizations a complete picture of their processes.
CDP transforms disparate flat data (data stored in legacy silos such as emails, spreadsheets, PDFs, and even relational databases) into meaningful semantic data.
Semantic data is contextually driven information that gives a 360-degree view of a dataset’s key features and background. It helps both humans and machines understand multiple data points and their relationships.
Knowing the context of data helps companies gain deeper insights with the help of Artificial Intelligence and machine learning. From these insights, businesses can boost productivity and efficiency and gain an advantage over their competition.
Collecting data from disparate sources and enriching it with context, allows you to gain end-to-end process visibility and enjoy quantifiable, data-driven results. With increased productivity, your company optimizes business processes and increases customer and employee satisfaction.
Ultimately, CDP helps you make the most of semantic data extraction and knowledge graph technologies.
In terms of organizational data management, the context has far greater value than flat data. Contextualized data not only provides the background of a task, event, or process but also gives meaning and intent surrounding that information. It helps companies develop a multi-faceted and in-depth understanding of data, as well as all involved entities and business processes.
When companies take digital transformation initiatives, most of them start with a blank slate. Without relevant context, people managing digital transformation projects don’t have a full view of their knowledge workflow, reducing their chances of success.
Context-Driven Productivity gives your knowledge workers a 360-degree view of the information’s key features and its background. This means it helps them understand multiple data points and their relationship with each other.
As knowledge workers no longer have to invest their time and effort in understanding the context of information, they can work on digital transformation initiatives more effectively. This helps companies to adapt to the increasing challenges of digital transformation projects, grow, and optimize business processes.
For instance, companies that want to digitize their workflow and transform a paper-based workflow can benefit exceptionally from CDP. In times of crisis, CDP can help healthcare systems extract meaningful context to health records and process payment and insurance claims faster.
Likewise, banks and insurance companies can use CDP to process applications more effectively, as CDP’s context-driven approach gives them greater insight into fraudulent applicants. They can prevent loan applications or insurance claims to fraudulent companies, reducing their chances of risk and loss, as a result.
Organizations in the future will continually rely on digital and knowledge workers. As companies shift to automation and other digital transformation initiatives, digital workers will play a key role in most business processes.
However, in the absence of rich contextual data, it will be difficult for them to do their job productively. Context-Driven Productivity allows your knowledge workers to go beyond a data-driven approach and maximize the benefits of data-driven insights.
They can leverage artificial intelligence, knowledge graphs, and machine learning to optimize business processes and yield better results for your company.
Disruption has become a way of life for today’s businesses. Context-Driven Productivity allows you to accelerate digital transformation and enhance your workforce’s productivity. If you want your organization to grow, consider making Context-Driven Productivity a part of your knowledge workflow.