Insight is the new GOLD
Blog: OpenText
My children will never face the challenges that I did. No television, no personal cell phones, and don’t ask me about my first computer (which had less capacity than my current iPhone 8). But the reality is that the challenges my children will face will be vastly bigger than mine. Why?
Because it’s undeniable, the world we live in today is a world of speed. As OpenText™ CEO and CTO, Mark J. Barrenechea says, “The world has never moved this fast. The world will never move this slowly again.”
In the context of business, digital enterprises that can’t keep up with the speed of change will struggle to be relevant and even risk extinction. We’ve already seen so many examples of it happening. It’s crucial for every company to keep up with both speed and change in a way that keeps them relevant. That’s easier said than done.
From the many customers I have worked with since the beginning of the pandemic, when digital transformation accelerated, I learned that keeping up speed, while staying relevant, hugely depends on insight. Insight that, as McKinsey frames it, “is embedded within the organization and its operating model, thus to provide superior customer experience and realize tangible business impact.”
Insight is much more than information. The latter must first become knowledge before it can become insight through the right interpretation—either with the support of generative AI or, before that, human (emotional) intelligence.
To give you an example, the Jaguar TCS Racing Team has worked with OpenText for a number of years to enable the interpretation of terabytes of collected structured and unstructured data—first providing the information and then gaining useful insights to improve the efficiency of their resources (car, petrol, tires, etc.). Giving the team insight into the correct strategy in any race and for any circumstance makes their race cars go just a bit faster and beat the competition.
Like the Jaguar TCS Racing Team, more and more customers are asking OpenText how to collect their structured and unstructured data to analyze the performance of their digital products or services and the customer’s sentiment. By leveraging their information to provide insights, OpenText customers can more easily improve customer experience and retain and grow their customer base.
Any person will measure their experience based on whether the right service is provided to them, at the right time, for the right price. The latter stands or falls with how mature the operating model under that service is. For example, OpenText is working with a large bank in Italy that wants to mitigate the risk and impact of disruptive events to their core application to deliver the right service at the right time and significantly improve their customer satisfaction. Leveraging insights, derived from analyzing the efficiency and effectiveness of their service operating model, they learned that they needed many improvements to achieve these results. OpenText provided both the technology and teams of experts to advise what needed to be changed in the bank’s value chain, and how to achieve their goals. It all starts with insight, using a good AI/ML strategy, delivered with seamless execution. In the bank’s case, it was the insight that provided the bank the intelligence for what needed to be addressed in their “way of working” (to use McKinsey’s words) so services could be delivered without interruption.
With other customers, it was the insight into how portfolio improvements influence customer sentiment and satisfaction. That, combined with a good portfolio strategy, determines what actions need to be taken by the product managers and their development, testing and operations teams. Other customers that OpenText worked with asked that intelligent command centers provide supply chain leaders with actionable insight. And for yet another customer it was the insight into how a market is evolving in general and how their organization must innovatively, proactively, and quickly adjust their portfolio to stay relevant.
Raw, structured, and unstructured data is just the start. It’s indeed the “new oil”. But from there, organizations must transform data into insight. Insight is the “new gold”. With insight, you can build strategies and execute them to improve your value chains—delivering unlimited outcomes for your business. OpenText can help you with that, contact us.
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