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Chapter 1
Part One: The Data Technology Industry Is Changing
Data management is changing… You know that.
It’s evolving all the time and we see evidence of it all around us.
Even that tiny independent coffee shop on the corner is now collecting data from its customers to tailor their offering accordingly.
Not to mention the fact that the customers of that same independent coffee shop are asking where the coffee came from? They want to know how was it sourced? People want to know if the cup it’s being served in is manufactured sustainably.
Where do you find the answers to these questions? In the data.
And in a recent article for Forbes, data expert Nick Lazzaro, argued the data technology industry could soon change fundamentally.
"The data management industry is on the brink of another generational shift, one driven not only by necessity, but by the increasing demands from consumers and regulators. This is an inevitable and fundamental shift from an application-centric view of the world to a data-centric one."
We’ve highlighted there what I believe is the key takeaway: The real drivers of the change in data management will always be our customers.
As Nick goes on to note:
"Customers don't care about your infrastructure or data problems. They just want your organization to know who they are, what they ordered and how to fix their problems."
It’s harsh but true. Sure, we might be fighting behind the scenes to manage the company’s data in the most effective way. But customers don’t really care about that.
They want to get the best experience. That’s it. Of course, that in turn works out well for you.
If you’re able to use data in a way that provides the best service for your customers, the natural knock-on effect is those same customers will do more business with you. Simply: the more you use the insight data offers about your customers, the more you add to the bottom line.
And it really is as simple as that. Yet all too often it is not seen this way.
Our own research found
72% of those in business leadership don’t see data management as a priority and don’t see how it can be measured.
But as Nick argues in his Forbes piece:
"As one of your company’s most important assets, data should be a first-class citizen."
So why isn’t it? I think it comes down to that measurability issue…
It’s fair enough those who don’t inherently understand the full potential of effective master data management want to see more proof of it at work. And that’s why our approach here at HSO is to help you provide proof quickly and efficiently.
We want to help you drive your data management forward in a way that illustrates a clear and obvious influence on the bottom line.
Indeed, as Nick concludes in his piece:
"...businesses must seek solutions that provide quick, incremental and safe approaches to migrating toward a data-centric infrastructure, allowing them to create more compelling customer experiences and enjoy greater operational efficiencies."
But the only way customers will let us use their data to better serve them, is if we can show them openly how and why we are using their data.
We need to be open. We need to be transparent. Which leads us to the next part of this report…