What’s the difference between a resilient company and an enterprise wary of its every move? Consistent self-analysis. Real-time, measurable data has been a beacon of stability for many organizations throughout the COVID-19 pandemic, and it’s an invaluable tool that can help any enterprise build resilience for obstacles to come.
On November 3rd, the SEI Washington, D.C. team hosted a Data & Analytics (D&A) Panel and Social Event at its office in downtown Washington, D.C. Over 100 professionals across several industries came together to network and share thoughts about how D&A has shaped their organization’s success.
“It was energizing to bring everyone together for a night of vibrant discussion around trends and opportunities in the data and analytics space,” SEI consultant Valentina Subow said, who also moderated the D&A panel. The discussion was spearheaded by four leaders from USAID, Capital One, Marriott, and dbt Labs and focused on how D&A uncovers the root causes of pain points and drives better, more informed decisions. Here are three key takeaways from the conversation that companies can leverage going into 2023:
- The Industry is Bouncing Back From an Unprecedented Period
The pandemic drastically altered supply and demand dynamics for a majority of products and services. Although these repercussions have weakened over time, panelists noted that D&A has helped smooth out lingering kinks as organizations continue to adjust to market changes. From identifying trends and understanding customer behavior to developing marketing and pricing strategies, D&A plays a vital role in supporting enterprises as they try to keep up with evolving demands and unpredictable roadblocks.
- D&A Drives Results Through Cost-Efficiency
Panelists shared that across industries, a renewed focus has been placed on recognizing cost-saving opportunities — specifically, analyzing data to identify areas where businesses can save money and where they can splurge. However, this process starts with considering the cost of implementing certain data acquisition and diagnostic tools. To effectively streamline budgets for more impactful investments, it helps to self-reflect using questions like how much does it cost to create a report? How may we reduce the cost of our cloud services? What business functions can we optimize? In this way, enterprises can learn to stretch their dollars for better performance outcomes.
- Data Governance and Management Remain Persistent Challenges
Incorporating D&A features into business plans is easier said than done. Panelists agreed that it’s difficult to integrate data governance into existing organizational processes if there isn’t a clear understanding of how the program fits into the company’s overall strategy. Data governance and management require close collaboration between IT and business teams to meet regulatory guidelines and align with current operational strategies and performance goals. Every company has unique ways of achieving this balance based on available capabilities and resources, so a general step-by-step plan won’t help your organization — a more tailored approach is needed to achieve optimal data governance.
Thinking Ahead with Data Dexterity in Mind
After the panel, attendants had the chance to socialize and contribute diverse outlooks on the prospects of D&A heading into the new year. SEI Washington, D.C.’s Managing Principal, Bonnie Cote, remarked that the event “provided fresh perspectives for how we can evolve our D&A service offerings to drive better results for our clients. Events like these really help us keep a pulse on the market.”
At SEI, we’re always facing the future, and we can only do that if we combine our thinking power and experiences to learn from them. Reflecting on the event, Tim Gagnon, SEI Washington, D.C.’s Managing Director, said, “As our office grows, we will continue to invest in thought leadership and our collective skill sets to continue hiring the best talent while remaining the consulting firm of choice for our clients.”
With 2023 around the corner, it’s worth thinking about how D&A fits into your playbook. Chat with us today to learn how to craft a data-driven program that gets you results.
