To Be More Data Driven, Look for the Right Business Partner
Data-driven insights are essential for companies that want to optimize their operations or introduce a new product or service, like a tailored customer experience. However, some companies lack the tools to analyze their data, even though a rich supply is available. Other companies have the resources for analysis but lack the abundance of data needed for quality insights. Even when both the data and the analytics exist, it can be smart to pool resources.
— IDENTIFY THE RIGHT PARTNER AND GOAL: A legacy organization partnering with a startup is one obvious configuration, but the types of businesses that can benefit from an alliance are nearly endless. As with any relationship, it’s important that the two organizations share a similar culture and values, as well as a common goal. The goal itself should be laser-focused on solutions that will benefit the end user.
— THINK BIG BY THINKING SMALL: A partner doesn’t have to be a large enterprise with a huge pool of resources. Highly specialized partnerships have great potential to improve efficiency. The ideal time to get involved with a small tech company is in its embryonic stage.
— DON’T BE AFRAID TO BE FIRST: Some partner opportunities will be obvious, while others may come from unexpected places. One reason partnerships are so attractive is because they can offer the flexibility to walk away. The decades-old “fail-fast” mentality is still valid in the digital era and applies to business relationships as much as to new projects. I encourage business leaders to hunt for data-driven partnerships that fall outside their universe. Be willing to walk away from a partnership that isn’t delivering the anticipated results, but be the first to give a non-obvious alliance a chance.