OREANDA-NEWS. September 05, 2016. Facebook, Apple, Amazon, Netflix and Google (FAANG) are just a few of the companies that have emerged and prospered due to their mastery of data, writes Euan Davis. With the emergence of always-on connectivity, powerful smartphones and tech-savvy consumers with high expectations, company watchwords are now speed, agility and innovation. Excerpts:

The FAANG companies predominantly built their business around data and platformssoftware layers that gather data and mine this data.

Technology and digital capabilities move swiftly and even digital-first businesses are at risk of disruption if they do not continue to evolve, experiment and innovate.

Just one example is Deliveroo, the food delivery service, that relies on couriers around the world and which was heralded as a winner in the digital start-up space: it is already starting to face competition from Uber as Uber diversifies from being a taxi service to delivering food.

Every business needs to become digitally adept and pick a process where it makes sense to hone their own journey to mastery with data your data, your customers data or your suppliers.

There are steps companies can start taking now: Look for areas of the business that you can start digitizing and transforming in the short to medium term. Determine which parts of the business it makes sense to copy Uber and begin your own journey.

Maybe it is customer service, adding chat bots and software tools to customize and tailor the experience to the individuals preference. Or it could be in the back office where process automation could drive accuracy into rote process work, accelerate change and dramatically reduce cost.

It is clear that todays businesses need to digitize their operations to remain relevant in an always-connected, digital-first world and when serving consumers with high expectations.