Look at almost every industry, including fintech, gaming, retail, and even automobiles. You’ll find that you’re confused by startups and scale-ups. cloud.. “Digital native” organizations existed primarily or completely online and, despite their relatively early stages, created new business standards.
These companies have used the power of digital to redefine their sectors. They use data-driven decision making and are one of the first companies to implement new technologies and streamline operations through an ongoing iterative process. Even with Covid-19, businesses like Just Eat, Trustpilot, and GoCardless continue to thrive. But what can other traditional companies learn from digital natives?
IDC forecasts a compound annual growth rate (CAGR) of 23% for global data over the next five years. However, abundant data is not always equal to value.
Digital natives are good at leveraging Business intelligence (BI) A tool for gathering meaningful insights from data. Traditional data dashboards provide a portrait of your business at a particular point in time. Perhaps a particular customer’s preference for a particular week. While this doesn’t capture real-time insights, digital natives can respond instantly to emerging market conditions that were critical during the pandemic.
About the author
Thomas Remy is the director of Digital Natives UK / I. Google Cloud
An open and accessible platform that provides live updates that can be scaled up as your business evolves is important. BI tools can use real-time data and semantic models that go beyond traditional charts and graphs. The result is data-driven workflows, integrated insights, and custom applications.
Digital natives also make data available to employees. From customer service to a team of financial analysts, whether you’re responding to real-time alerts about unexpected spikes in web traffic, using chatbots to answer dataset questions, or creating custom spreadsheet views. , Anyone can easily utilize the data. Organization.
The rich data experience of next-generation business workflows also comes from a combination of BI tools and AI and machine learning (ML). Digital natives combine these technologies to gather insights that uncover business successes and challenges and outline a roadmap for future growth. Tools such as BigQuery ML allow enterprises to build custom ML models without moving data from the warehouse, including real-time AI solutions such as anomaly detection. Through these tools, digital natives can stay agile, competitive, and always have a big picture of their operations.
Foster a data-driven culture
The benefits of digital origin aren’t just about their suitability for revenue-enhancing technologies. Digital natives work in small agile teams where data engineers and businesses work side by side. A truly data-driven culture is also pervading these companies. Cloud-born enterprises trust and engage with data capabilities, incorporate data into all workflows, and drive decision-making regardless of department or role within the enterprise.
The cloud represents a new way for employees to interact with information by minimizing time-consuming management tasks and giving them more time to focus on innovative projects. A data-driven culture also empowers employees who want to see the impact on the company’s progress. An accessible internal dashboard helps employees develop a sense of contribution to the company’s overall success.
Infrastructure and scalability are inextricably linked
To support the launch to scale up the mission, companies need to harness the power of safe and efficient data analytics. This means building a data ecosystem on top of a serverless data warehouse that enables business intelligence tools and scalable analytics.
One of the industries that have adopted digital native business models is finance. Flexibility and efficiency form the foundation of digital native financial services companies, and these attributes also set a strong foundation for scalability. For example, FinTech GoCardless in the United Kingdom has moved its infrastructure to the cloud, increasing its agility to quickly deploy applications and new features, and ultimately reducing infrastructure spending. Reducing costs by about 25% means we can look to the next step in our business: security and operational innovation, which is critical to high-growth organizations.
Looking at the automotive industry, the French-born car pooling platform turned to its global community, BlaBlaCar, with similar scaling successes. Digital natives are on a mission to turn vacant seats on the road into a new travel network. To make this possible, we moved our infrastructure from on-premises to the cloud, providing the scalability needed to support 90 million drivers and passengers in 22 countries. The company also leverages cloud technology to extensively test markets and products with minimal investment and expand into different modes of transportation.
The “digitize or die” maxim is more accurate than ever. Digital transformation is no longer just competitive pressure, it’s the difference between success and failure in a new reality that has emerged from the pandemic. Digital natives provide a powerful blueprint for this inevitable digital growth. Traditional companies are in a position to learn a lot from the progress made over the next few years.