Data’s Vital Role in What Matters Most to CEOs in 2024

Posted on:

January 18th, 2024

Posted in:

Insights & Thought Leadership

McKinsey & Company highlight eight priorities for business leaders in their report What Matters Most? Eight CEO priorities for 2024:

Data is intrinsic to at least 4 of these essential focus areas, shown above ranked in order of importance.

Generative AI goes from Proof of Concept to Scale 

Most companies we speak to are talking about Generative AI, but few are doing much in practice.  While innovators dominate headlines, it is those successful in scaling this revolutionary technology that dominate markets.

There are opportunities to leverage AI for every business and industry, but it’s imperative that your foundational data is accurate and easily accessible.  Businesses that find relevant commercial use cases for AI and who own the IP behind these will be most successful.

Clekt support businesses in identifying, implementing and leveraging relevant AI use cases to drive commercial value.

How to Outcompete with Technology

Technology is fast becoming a value driver, this is well understood in digital transformation but is especially true in the data vertical.

Modern data platforms like Snowflake have emerged to transform how effectively companies can manage their data, opening up opportunities for businesses of any scale to be really innovative, driving tangible value from data.

Investing in technology in the data space used to be prohibitively expensive for many businesses, it isn’t any longer.  Clekt can support you with understanding where investment in technology can drive commercial value and how to drive competitive advantage.

The Energy Transition, the Biggest Capital Reallocation in Our Lifetime.

McKinsey state that what our climate desperately needs is the “creation of thousands of new green-technology businesses.”

These new businesses need to be successful to ensure we can correct the path of climate change. Data is critical to understanding true environmental impact and developing solutions which make a tangible difference.

Equally important is existing companies’ understanding and trying to improve their environmental impact.  With disparate data sources this is easier said than done, get in touch with Clekt to try and determine the environmental impact of your business.

What’s Your Superpower?

In this instance, McKinsey refers to superpowers as a business’s USP plus. Examples given are Disney and imaginative customer experiences and Toyota and its Toyota Production System.

Distinguishing capabilities like this make brands incomparable with others in their sector, an incommensurable commercial quality and can raise a company above an otherwise noisy and challenging market.

Recognition of such factors does not happen by chance. By leveraging your data to identify exceptional performance, otherwise unseen opportunities or to reallocate investment from areas not performing as they should, these “superpowers” can be identified and nurtured.

Navigating the Road to Courageous Growth.

McKinsey references their widely accepted 10 rules of growth, the ever-present priority for the modern CEO and remind us that the order of these rules are different in each individual case.

Your data should be leveraged to inform this order of priority with out prejudice or preconceived ideas. At this point the decades of experience and acquired knowledge of senior management can be applied to each rule, supercharging their application.

Experience and gut feel can be a vital element in pushing an organisation into the next stage of development but in the modern business landscape, this process must be guided by good quality and timely access to data.

Whatever your business priorities in 2024, whether they align with those suggested by McKinsey or not, they should always be informed by your data. But, do you have the data foundations in place to utilise the treasure trove of insight it holds?

Clekt is a data partner with a commercial edge, focused on your required outcomes and supporting you in making them happen through your data.

Get in touch for an initial chat to discuss your data story so far and how we can support you in achieving your goals in 2024.