Understanding why tech is needed
There are some key reasons why there should be a constant – yes, constant – investment in technology. Spending a huge sum of money one year and then hoping that will allow your business to coast for the next decade is simply not going to happen. Technology is rapidly evolving, as are businesses, and what was cutting edge last year may not even be suitable for the direction an operation is taking this year. Because of this, business decision makers must understand why a steady trickle of investment purely for data tools and technology is needed, not just for the data team, but for the success of the wider business.
Six of the top reasons for integrating new technology includes:
- Speed. Time is money, and new technologies allow for faster completion of tasks – and sometimes full automation – which provides huge long-term savings.
- Efficiency. Technology and tools cut down on errors being introduced by humans and can process huge workloads in moments improving return on investment times and improving day-to-day capabilities of different teams.
- Innovation. With new technology comes new opportunities, and new opportunities are exactly what businesses need to make sure they are at the forefront of their industry.
- Expansion. More products, more customers and more markets mean there is a need for tools to help manage the workload to maintain quality and compliance as businesses naturally evolve and expand.
- Expenses. The saying “you have to spend money to make money” could not be truer when it comes to tech investment. Yes, there is an upfront cost for the new tools, but the savings made through improved speed, efficiency, innovation and expansion vastly outweigh that initial cost.
- Competition. New technological advancements and investments will provide an edge over the competition. This has been shown time and again throughout history and it will continue to happen for those brave enough to invest in new technologies.
“Businesses must be looking at strategic investment in data, for many it is not a just a case of gaining a competitive advantage but one of outright survival,” said Stephenson. “One needs to consider carefully how that investment is made however, there has been a significant proliferation of data related technologies in the previous decade, selecting the right technologies and partners will be critical to the success of your data strategy.”
Delivering evidence of improvement
Too often, non-data professionals can think that simply incorporating a new piece of technology means that results will immediately start pouring in – unfortunately, this is not the case. DataIQ members often discuss how to improve their storytelling, their data visualisation and getting their voices heard at the big tables to ensure stakeholders can appreciate and understand how and why the investments are leading to improvements.
“Businesses must make data and the insights it brings visible to all stakeholders in the business, and in particular, those stakeholders who are funding data programmes,” said Stephenson. “Ensure that the data and data teams lying behind every business case and successful post investment review are recognised.”
Stephenson added, “Surfacing the data in the appropriate platforms/tools for the appropriate audiences from data teams to senior executives is also important. Stakeholders will come to rely on the data and tools to support them and should in turn, support the investment in data within the business.”
“The same way on any investment, but here it’s a case of ‘eating one’s own dog food’. Clear articulation of goals, success criteria/metrics, collecting the data and communicating the results. The important thing for decision makers is to understand is the value of the data capabilities which underpin almost every business decision.”
Thanks to the Covid-19 pandemic, businesses have had to experience and weather overnight changes to their operations, capabilities and business outlooks – those that have succeeded best (and even flourished) are those that were willing to invest in technology in a time of uncertainty. It is therefore imperative that businesses continue investing in the tools and technology that is being developed for data optimisation as it is here that the insights into accelerating business success can be found. A successful and well-resourced data team means that all areas of a business can be catered to when it comes to analysing their own objectives and efficiencies which creates greater return on investment.