Less than 0.5 per cent of the data currently generated by organisations is actually being used. That’s according to Microsoft’s corporate vice president of industry, Toni Townes-Whitley. Those who can harness the untapped data through digital signals stand to be the winners in a digital economy, she said.
“It’s Microsoft’s position that harnessing that potential around data is what will fuel the digital transformation for companies, for organisations, for countries, and for consumers,” she said.
While “data is the currency going forward” Microsoft is also focusing on the mindset and leadership required to leverage that data, she said.
Townes-Whitley was speaking at the Microsoft Creating a Digital Difference event in Sydney, where she told the audience Microsoft’s research and their own digital transformation had uncovered a multidimensional, innovative mindset is required in digital transformation and to leverage digital feedback loops.
It’s not limited to digital natives either, it applies to all industries and organisations as digital feedback becomes a necessity, she said.
“Whether you’re a digital-born in the cloud company or a 300-year-old institution it is a concept around feedback and digital feedback that will propel you forward.”
“There is still leap forward capability for any company and any organisation,” Townes-Whitley said.
Digital Loops in Action
Digital feedback combined with innovation allows continued development of greater products and services, she said, citing Digital leaders Netflix and ASOS. Both companies had leveraged digital feedback to drive innovation.
“[Netflix] started with an initial disruption of the video rental market. Started to move into the streaming space and they created, initially, a recommendation engine. The recommendation engine helped them select programming for their customers, their customers all flowed to that recommendation engine.”
“That information then allowed them to go to the next level of preference and even started to enter into the content creation market,” she said.
Ultimately Netflix grew to a digital giant and has picked up a slew of Emmys, as a result of using digital feedback, according to Townes-Whitley.
Similarly, ASOS now offers highly targeted and personalised products and digital services as a result of harnessing digital feedback loops, she said. The business result is a revenue increase of 25 per cent.
“It is the digital signals that are being used by companies and organisations to move faster, move forward and accelerate in a digital economy.”