NEEDHAM, Mass.--(BUSINESS WIRE)--International Data Corporation (IDC) today announced Dow is the overall winner of the IDC Future Enterprise Best in Future of Intelligence North America Awards for its "Dow Enterprise Data & Analytics Strategic Transformation" project. In addition to the overall winner, the University of Miami Health System was named the first runner-up and Belden Incorporated was named the second runner-up.
The annual award calls for the nomination of organizations that have made impactful positive changes to their enterprise intelligence.
The three winners, Dow, University of Miami Health System, and Belden will be presented with their awards at a virtual event this fall. To register for the event, and learn more about the winning Intelligence initiatives, visit HERE.
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IDC's Future of Intelligence framework illustrates the positive correlation between enterprise intelligence and business outcomes. Organizations that consistently and systematically demonstrate the four capabilities of enterprise intelligence – fostering a data culture, learning collectively, synthesizing information, and delivering insights at scale – will see commensurate business benefits.
"Each of the organizations recognized in the 2023 IDC Future Enterprise Best in Future of Intelligence Awards displays the impactful, positive changes they have made to their enterprise intelligence," said Chandana Gopal, research director, Future of Intelligence at IDC. "Dow, the University of Miami Health System, and Belden have shown their ability to drive significant improvements in their business outcomes based on their investment in enterprise intelligence capabilities."
More about the Best in Future of Intelligence Award-Winning Projects:
Overall Winner: Dow Enterprise Data & Analytics Strategic Transformation
Project Summary: Dow's Enterprise Data & Analytics (ED&A) strategy and transformation revolutionizes the employee and customer experience at Dow. The new "hub-and-spoke" model for Data & Analytics (D&A) activities replaces siloed expertise centers, fostering knowledge sharing and collaboration. The ED&A organization serves as the hub, focusing on centralized platforms, consulting, and broad skillsets for enterprise delivery. The spokes, representing businesses and functions, leverage domain expertise to drive innovation and design, and deploy models and analytics tools without managing platforms or infrastructure. This model offers numerous benefits, including enhanced collaboration throughout Dow, centralized spending, cross-training opportunities, and increased efficiency. Dow's data-driven transformation breaks down barriers and unleashes collective knowledge, setting the stage for growth. Embracing this model enhances innovation, accelerates progress, and cultivates a culture of collaboration and efficiency. ED&A's impact extends beyond data integration, empowering people by democratizing the use of data and advancing data citizenship. ED&A is streamlining processes and propelling the company towards unprecedented success by helping achieve the company's ambition to be the most innovative, customer-centric, inclusive, and sustainable materials science company in the world. With this strategic shift, Dow paves the way for a future driven by data insights and collaboration.
First Runner-up: University of Miami Health System
Project Summary: UHealth's Information Technology team has created a tool that revolutionizes the way we track and evaluate the revenue streams for the health system. This tool considers patient demand, current appointment volume, and forecasts future appointments to monitor our alignment with the operating plan for the fiscal year. The revenue tracking tool looks at incoming charges in relation to the distribution of the operating plan by day in order to provide a quick overview of any trends or issues that occurred the day prior, as opposed to conventional practice to wait for a monthly report. Additionally, the tool summarizes leading indicators of delays in charging for medical services (i.e., unsigned provider encounters, surgical procedures that have not been posted, accounts pending coding, etc.). This approach has helped operational and financial leaders to align the organization's activities with its financial objectives and make proactive changes to meet fiscal year goals.
Second Runner-up: Belden Inc.
Project Summary: Belden's digitization solutions provided a transformative approach to address the operational challenges faced by its 95-year-old manufacturing plant. Understanding the impact of leveraging data to gain valuable insights, Belden aimed to provide visibility and democratize information across the plant to improve efficiency while gaining real-time visibility. This included sharing data between previously siloed Informational and Operational Technology business units. The innovative solution included an OEE (Overall Equipment Effectiveness) dashboard with real-time data, root-cause analysis capabilities, and a maintenance analytics tool. These features created an environment that enabled greater data sharing, insights, and analytics throughout the organization. The solution also enabled predictive maintenance by detecting anomalies and alerting the maintenance team, reducing unplanned downtime. By embracing advanced technologies and preparing the plant for Industry 4.0 initiatives, such as digital twins and AI, Belden ensured future-readiness and positioned the plant for long-term success. The remarkable business outcome included double-digit productivity improvements and estimated annual savings of at least half a million dollars with a short payback period of 1.25 years. Belden's innovative approach not only resolved existing operational challenges but laid the foundation for ongoing optimization and growth in the ever-evolving manufacturing landscape.
About the Future Enterprise Awards
The world is moving from digital transformation (DX) (as we know it) to Digital First. DX started with transformation from analog to digital. With contextualization, Digital First becomes the next evolution in DX. Digital is a permanent, yet dynamic fixture in this world. Digital First applies to any entity searching for a digital-based capability or enhancement that could improve our lives and desired outcomes. As we anchor ourselves in a digital-first world, one thing is clear. Organizations, private or public, large or small, will need to leverage technologies in an accelerated fashion to thrive. And the ones that can close the new digital gap through the greatest business value impact will become market leaders of tomorrow. These leaders are the Future Enterprises. To learn more about the Future Enterprise Awards, please visit idcdxawards.com.
To learn more about the Future Enterprise North America Awards please contact Heather Ball at firstname.lastname@example.org.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.