For more than a decade, Silicon Valley’s technology investors and entrepreneurs obsessed over social media and mobile apps that helped people do things like find new friends, fetch a ride home or crowdsource a review of a product or a movie.
Digital Business, which primarily brings an unprecedented convergence of people, business and things, is upon us at present. Application of Analytics, accordingly brings us Descriptive & Diagnostic Analytics currently entering mainstream with most of the companies taking the plunge towards Data Discovery, Mining, Business Intelligence and Data Visualization & Reporting as the first step towards making their company completely data driven and realizing the full potential of Digital Business. The next phase of Predictive Analytics, though lesser in adoption, is actively being pursued as a viable option by three fourth of the relevant businesses as part of the next stage of Digital Evolution. The forward-thinking businesses are but, looking farther, into Prescriptive Analytics, teamed with Digital Evolution to Connected Things, and rise of Self-Learning Algorithms which will pave way for the Digital of the future – Autonomous Systems and Self Learning & Evolving Tech.
As per Gartner, Digital business could be defined as “the creation of new business designs by blurring the digital and physical worlds”. The adoption of Digital Business, which is a precursor to Business Analytics, is not a new phenomenon relatively, as companies have been adopting a simpler and more rudimentary version of the Digital Business that we know today. Today we are going to describe in detail, the various stages of Digital Business adoption.