To Be More Data Driven, Look for the Right Business Partner
When it comes to building a more data-oriented organization, it can be smart to pool resources. A large, established business that partners with a nascent technology startup stands to benefit from collaborating with emerging technologies. In return, a startup could gain clout and support from its larger partner, while it continues to grow its brand and expand operations. 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. Hunt for data-driven partnerships that fall outside your immediate 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. The types of businesses that can benefit from an alliance are nearly endless. As with any relationship, it’s most important that the two organizations share a similar culture and values, as well as a common goal.
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. A large company hoping to gain better insights from its data might acquire a tech startup as a way to deliver on its goals more quickly. Another viable option is to look at innovation partnerships. These can provide valuable access to technology and talent with few strings attached.
Innovation partnerships can be advantageous for both companies. A large, established business that partners with a nascent technology startup stands to benefit from collaborating with emerging technologies. In return, the startup gains clout and support from its larger partner, while it continues to grow its brand and expand operations.
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. For example, in 2017, IBM and the U.S. Tennis Association partnered to create the IBM SlamTracker application, giving fans a new way to visualize stats at Wimbledon and U.S. Open matches, while raising the profile of IBM technology.
