Opinion
7 July 2021
Daniel Scaravia, Regional Director of Enterprises for Latin America writes
During 2020, the pandemic has allowed us to understand that it will be data-driven companies that will take the lead in the accelerated digital transformation process, which has tangentially impacted businesses around the world. At Hitachi Vantara, we call this strategic approach Data Driven.
The radical transformation experienced by various industries, especially those whose businesses are built on data, has changed the way we work, learn, shop, navigate, live and even manage our health.
However, the reality is that the data-driven transformation is just the beginning, and the most important at this point is how we respond to this new scenario. Without a doubt, one of the keys will be the ability for companies to adapt to be flexible, remain relevant and innovate quickly, as well as take advantage of the capabilities that Data Driven offers.
According to McKinsey, data-driven companies are 23 times more likely to win customers, six times more likely to retain them, and 19 times more likely to be profitable. Therefore, it is not surprising that data and data analysis has become the cornerstone of business strategy, focus and investment.
So what are the challenges in adopting a data-driven approach? The main dilemma appears to arise from the pressure to keep pace with developments in increasingly operational data processing, and the need to offer new digital products, services and experiences capable of keeping organizations relevant and competitive. This balance between staying up-to-date with what’s new is changing the way organizations today and tomorrow embrace technology.
For one thing, we know that data is growing twice as fast as data storage budgets, and by 2025 there will be a fivefold increase in data production on a global scale. In contrast, McKinsey reports that many organizations use less than 1% of data to generate valuable business information.
For the latter, it is necessary to change the situation and correctly respond to new scenarios. There can be no object-oriented data resilience without high-performance data systems, providing automated storage, deduplication, and world-class data compression.
In this context, the Hitachi Social Innovation Forum Americas 2021 as a tangible opportunity to highlight how the most relevant companies in their sectors are using data to drive social innovation. By putting data at the center of the organization, you dramatically improve decision-making, operational efficiency, democratize knowledge, and accelerate the performance of digital initiatives.
Concrete examples of these competitive advantages and their impact on society can be found in various industries. In the case of power generation, by implementing data-driven systems, it is possible to accelerate the transition to renewable energy. In Japan, disruptions to wind turbines that power utilities have been reduced from 60 to 5 days a year, greatly increasing energy efficiency.
There are also solutions applied to public transportation systems, such as the implementation of thermal imaging sensors in Nevada, US, to help mitigate the risks of exposure to Covid-19 for workers, passengers and society at large. When cities and public transportation adopt the data-driven approach, social life is on the right track to evolve safely.
In addition, data-driven healthcare can provide health facility staff with real-time information about patient admissions, patient health, availability of beds and surgical facilities, and improve operational efficiency, especially during periods when health systems are under high stress.
Ultimately, this is how data-driven companies can contribute to economic, environmental and social progress. All organizations have the ability to implement a data-driven approach, while at the same time actively contributing to the promotion of social innovation. Let’s continue the journey into the future.
Daniel Scaravia: Regional Project Manager for Latin America
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