Data is more important than ever, more ubiquitous and growing at an exponential rate.
Companies that built their businesses on providing data and analytics solutions are seeing unprecedented opportunities for growth. Simultaneously, however, they face potential commoditization and irrelevance if they do not adapt business models to new technology and customer demands. There is little value now in sending clients a simple data pull or presenting an annual industry report that becomes outdated in a matter of weeks.
Customers demand frequent insights, expert consulting and automation to get the full value from the information. They want industry and sector specific data that will give them an edge in growing top business segments. Customers want to arm their commercial teams (marketing, sales and service) with the right growth messages to acquire, retain and develop more buyers.
This is where business intelligence steps in. Customers are increasingly reliant on their data and analytics partners to provide the insights necessary to satisfy their buyers. Subsequently, business intelligence firms must also adapt their commercial models and offerings to the following key trends.
- Data Automation: Data and insights are integrated through APIs or proprietary platforms into clients’ daily business routines and processes.
- Advanced Services: Companies partner with client executives to help them understand the full value, including financial ROI, of data solutions.
- XaaS: Data as a service creates predictable revenue streams and continuous and expanding utility for clients who are equipped to take advantage of it.
- Segmentation: Companies create unique solutions for both industry segments and account segments (SMB to Enterprise), working closely with integrated marketing and product functions.
- Commercial Tech: Companies prioritize investment for a variety of tools and applications, supported through revenue (sales) operations, to make commercial teams more agile, aligned and productive.
Steps to a Stronger Foundation
To “ride the data wave” and implement these initiatives, business intelligence organizations should follow these steps to build a stronger foundation for growth.
- Gain a better understanding of what your clients, and potential clients, truly value in the data solutions you currently provide. Be prepared to cull stale product offerings and to invest in more advanced and relevant solutions.
- Critically review yours sales channels, accounts and industry segments. Are you underinvesting in key growth segments? Are you over-reliant on one channel to market (e.g., inside sales, alliance partners, geographic territories)?
- Assess the capabilities of your commercial teams. Are they aligned and coordinated across critical functions like product development, marketing and sales? Do you have the talent to sell XaaS and professional services?
- Assess your digital commercial model. Do you have a two to three-year roadmap and the resources in place to leverage leading commercial tech―marketing automation, CRM, L&D, AI?
As business intelligence firms look to help their customers maximize the value of data and analytics, it is extremely important to ensure your own commercial model is adequately qualified and equipped to sell data and analytics solutions that harness value for end users.
For more information on how to maximize the value of data and analytics, please contact an Alexander Group Business Services practice leader.
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