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Data evolution is moving at pace! The data space is changing faster than most businesses can evolve with alongside. In this context, external expertise is important, but have you considered what a Data Partner could and should offer?
Five years ago, data was an important topic in businesses, but for most companies it was rarely discussed at Board level. Businesses often had aspirations of how they could use data, but technology could rarely deliver in a sensible cost-effective way.
Three years ago, very few people were talking about AI, it’s now a standard term in society and top of mind for most Boards.
In 2023, the technical capabilities exist to consume and analyse vast data sets now exist;
Snowflake only founded in 2012 now have a $48 billion market cap and companies are already building capabilities in the AI space, see John Lewis announcing a £100m investment in this area (https://www.retailgazette.co.uk/blog/2023/08/john-lewis-ai-100m-google-deal/).
Three things are clear. Businesses need to improve their capability in data, it’s impossible to accurately sift the hype from the essential at this stage and no one really knows where this market will be in 3 years.
Given how quickly this market is evolving, most businesses don’t have the internal knowledge to either quantify their data opportunity or keep pace with the capability of modern data platforms.
Arguably it’s become more important than ever to have a credible data partner. So, what should you expect from a data partner to help you navigate this space?
To set your data transformation up for success the following factors should be carefully considered when selecting a data partner:
Do your business values align? A true partnership has a level of synergy and should be an important aspect when it comes to selecting a data partner.
There will be revenue or profit opportunities within your data. Yes, you need to invest in technology, but your partner should work with you to phase this according to business value.
What you need now, isn’t what you will need in 3 years’ time. Making the wrong technology investments now could be very costly down the line, consulting with a good data partner now, should futureproof your business.
Owning your data and your roadmap is essential. Given the pace of change and business expectations in this space, businesses need to retain some control for future flexibility and should be wary of partners who offer a “Product”, which could very quickly become a legacy solution constraining future growth.
A good data partner will be laser focused on the immediate impact of data. Every employee in your business will need to understand and buy in to using data in their roles every day. It’s too important for this to be a failed project or ignored internally, a good partner should help you with quick wins.
Your data partner should always have one eye on the future. Offer guidance on when and how you can test use of AI and advanced data science techniques. Your partner should be recommending how you test and learn at every stage of your data maturity development.
There is a lot of noise around the data space, but ultimately you need to work out what is relevant for your business. External support can often provide a fresh perspective and should bring guidance of an experienced commercial lens to the table.
Let’s explore if Clekt are a good fit to partner your organisation in extracting value and commercial growth from your data. Get in touch to book an initial chat.
