Today is National American Business Women’s Day!
The date marks the formation of the American Business Women’s Association on September 22, 1949. The holiday itself was first recognized in 1983. Since the association’s mission encourages businesswomen to support and recognize one another, we’d like to take a moment to look at the journey women in business have taken in America.
Before women were able to enter the traditional workforce, they found alternative paths to make a difference. Jane Addams in the late 1800s and early 1900s pioneered the idea of settlement houses with her Hull House, a beacon of community for those disenfranchised. Because of her non-profit business-style approach, Jane became the first American woman to win the Nobel Peace Price.
Throughout history, women revolutionized industries previously tailored to them as simply consumers, such as fashion and beauty. Coco Chanel, in the early 20th century, became the first designer to create fashion-centric clothing with jersey material and later, with the launch of Chanel No. 5, became the first to cross from the fashion industry into fragrance. In the mid-century, Estee Lauder founded her own beauty company and revolutionized marketing with the still-used “gift with purchase” deal. A modern day example, Oprah Winfrey built a media empire and international reputation.
Today, women are transforming previously exclusively male industries like finance, healthcare, and technology. However, challenges remain, as indicated by the mere 4% that is female CEOs on the Fortune 500 list this year.
To celebrate those female CEOs that are transforming the Fortune 500, let’s take a quick look at the competitors, market drivers, and regions that are spiking around these top Fortune 500 female CEOs, as detected by FirstRain’s Spiking Topics.
Fortune Global 500 #20 – Mary T. Barra, General Motors. Celebrate with @mtbarra
Fortune Global 500 #82– Virginia M. Rometty, IBM. Celebrate with @GinniRometty
Fortune Global 500 #127 – Indra K. Nooyi, PepsiCo. Celebrate with @IndraNooyi
Here at FirstRain, we are proud of our history of female executives. Our current CEO is YY Lee, who has two decades of experience in leading technology startups and global businesses. Penny Herscher, our former CEO and now executive chairman frequently discusses women and technology both in her speaking and on her blog. Our Managing Director, Aparna Gupta has played a variety of technical leadership roles spanning software engineering, content R&D, and product. These notable women, alongside many others, have helped shape companies like FirstRain, IBM, GM, and Pepsico to become leaders in gender equality in the workplace.
Now, that’s something worth celebrating.
Check out this historical timeline of entrepreneurial women in America made in partnership with Microsoft.
For decades, IT has been dominated by males, with women technocrats having limited access to boardrooms. However, this trend is changing drastically as women enter strategic positions across the industry. The increasing participation of women in the tech industry and their growing influence is commendable. Still, there is a lot work to do before we see ‘real’ gender equality in the technology sector.
ABI is doing the work! They are empowering women on technology, entrepreneurship, career development, leadership, and advancing gender diversity in the workforce.
GHC/1 was recently held in Delhi and the experience was quite motivating. The conference had approximately 485 women in attendance, crossing technological roles to non-technological roles and ranging from professionals to students to aspiring entrepreneurs. The center of discussions was technology, entrepreneurship, and achieving a gender-diverse technology workforce.
One of the most intriguing discussions was “Digital Revolution – How the customer is embracing the technology.” The panelists were Deep Kalra (Chairman, Makemytrip), Harmeen Mehta (Global CIO, Bharti Airtel), Sanjay Rishi (President, American Express S.Asia) and Shikha Rai (VP, Canon India), all experts in their domain. Discussion included how panelists are transforming themselves alongside the revolution in technology.
The discussion revealed how customers are the primary force behind the shift to digital transformation. In light of the fact that most people use social networks and digital interactive tools in their daily life, it’s reasonable for businesses to undertake digital transformation. Every business now runs on our smartphones. Companies are becoming more and more user and app-friendly to capture customers’ attentions. The role of social media also cannot be ignored. Tweets go viral in no time so target companies must acknowledge and, sometimes, take corrective measures for their reputation.
The session gave way to a Fireside Chat with Rentala Shekhar, Chairman of NASSCOM, who emphasized supporting a flexible culture for women starting families.
There was also a discussion by Bharathram Thothadri (Chief Credit Officer, American Express and Managing Director, RIM India) on “Big Data and the rise of Fintech.” Fintech, or Financial Technology, encompasses a wide of companies using software to provide financial services. The major examples in this field are companies like Paytm and PolicyBazar.com. It’s interesting to see how such complex things as deciding on fund investment or taking a policy have become user friendly with big data and technology.
On the innovation side, we had Meetul Patel (General Manager of Marketing and Operations, Microsoft, India). He made us realize how unaware we are of women inventors. Watch the discussion’s video here. The names that first come to our minds are mostly male. We hardly know of any female inventions. Does that mean women have not invented yet? No! You will be surprised when you Google to see the list of incredible inventions we (women) have done.
Another session of interest was “Role of Innovation in Entrepreneurship.” Aparna Gupta (Managing Director, FirstRain India) was the discussion moderator. To hear more of her thoughts, read her recent interview on business intelligence in a world of mergers and acquisitions, posted on CIO. On the panel were four women, all innovators, who spoke about how an innovation can change one’s life and the live
s of those around them. One such innovation, and a crowd favorite, was from Anusheela Saha. Saha designed solar powered school bags for children in poverty, so they can study at night. The bag has solar panels attached to the front flap and LED lights on the reverse. The bags are charged as children walk to school and throughout the school day.
My take away from this experience is that women should go for it with their business ideas. It’s ok to fail at first. But if you do not try, you will never learn!
The event was concluded by a workshop by the founder of Storywallahs.com, Mr. Ameen Haque. The “Art of corporate story telling” session explained that one should weave an honest story about yourself and your work if you want to be remembered for long. What do you remember most –math classes or stories from your grandparents?
Overall it was a splendid networking event where women got to meet and be motivated by the life stories of domain experts. I met with Dr. Vibha Tripathi (Founder of Swajal) and Mr. Ameen Haque in between the tea breaks and was fascinated by how modest, yet intelligent, they were in their respective domains. Looking forward to next year’s session!
Mehgna Puri, Senior Analyst, Customer Success
Chitra Singh, HR Manager
Sometimes it seems that executives change positions faster than your morning coffee can brew. However, even when executive changes affect your business directly, you might be the last to know.
It can be overwhelming, keeping track of the perpetually changing status for management in your companies of interest – customers, partners, or competitors. Often we are forced to just rely on the traditional online professional networking platforms like LinkedIn, for professional updates.
Unfortunately, LinkedIn is dependent on user inputs for updates, and much of its value as a business intelligence tool is stunted by a trend involving executive level professionals neglecting their LinkedIn presence.
How Professionals are Using LinkedIn
LinkedIn is meant to encourage connections, learning, and sharing. Users of LinkedIn build a professional identity online, a concept inspired by traditional paper resumes, to build networks with colleagues and classmates while maintaining a presence in the job market.
For Market Research
In addition to its most famous uses as a job-search tool and professional social network, LinkedIn claims you can find “the latest news, inspiration, and insights you need to be great at what you do.”
Motivated by the claim, LinkedIn users have been applying the network to marketing and sales research. A solid 41% of B2B marketers consider LinkedIn their default social platform, as indicated in a 2015 Social Media Marketing industry report.
For Building Brand Awareness
It’s true that LinkedIn is brimming with information. Companies eagerly post content, hoping to hop on the social marketing wagon and build brand awareness. You can cultivate this awareness with LinkedIn when you have a well-maintained company page, augmented with equally well-maintained executive profiles. However, LinkedIn tends to be biased since a company’s own social media experts curate and manage company-specific information.
When Executives Don’t Give LinkedIn What it Needs to Succeed
Although executive profiles are a positive tool for brand cultivation on LinkedIn, many C-level employees do not maintain their profiles, if they have one at all. A creator of multiple start-ups, Shaun McConnon, publicly boasts about not being on LinkedIn. Those top executives who do have LinkedIn often neglect this presence to the extent of violating the main rule for LinkedIn success: always keep your profile updated.
According to recruiter Andrew Johnson, not maintaining your LinkedIn profile could be for a number of reasons, including:
Here at FirstRain, we noticed a rising trend in executive-level employees neglecting or forgoing LinkedIn profiles. If you follow us on Twitter, you have seen some examples of Management Changes across various industries:
Event detected 8/23/16 and tweeted on 8/30/16
Since LinkedIn updates originate from the users themselves, this trend of slow to non-existent updating throws a major wrench into the network’s use as a timely and useful research tool to understand management turnover.
Event detected on 8/5/16 and tweeted on 8/10/16
To see more of our management turnover updates, head over to our Twitter page.
How Does this Affect You?
If you are relying on LinkedIn alone, you might be missing top-level changes in companies of interest. Such changes often indicate a shift in direction in terms of company control, power, culture, or even a combination.
In sales or account management, an executive change can act as a catalyst for relationship development. Management changes can cause previously out-of-reach companies to become more hospitable or better aligned with your product or service. On the other side, if a change stems from a negative cause, think layoffs or poor leadership, you may consider the change a reason to contact your account.
At the end of the day, meaningful and valuable business relationships are possible only when you know your accounts intimately and executive level changes are a key part of this.
Don’t Jump Ship, Just Grab Another Oar
LinkedIn isn’t sinking and there’s no reason to jump. Instead, simply supplement the network with a tailored research tool. FirstRain presents key insights on your customer, competitors, and industries of interest in a streamlined manner so you receive the updates you rely on without the noise. Unlike other business analytics engines, FirstRain incorporates the business web and social media content for a one-stop shop of business intelligence.
Management changes are highlighted in at-a-glance panels and cover management and executive hires, departures or internal moves within a company, and board changes. Management Change analytics include senior level hires and retirements, executive promotions and resignations, and even plans for departure. To easily consume these key insights, the changes are presented for a specific company, account, industry, or topic of interest and can be further filtered down by your choosing.
Events detected 8/10-18 on and tweeted on 8/18/16
Where LinkedIn is lacking, there’s FirstRain to help.
Want to see just how FirstRain fits into your day? Here’s a video for those of you in sales. For those of you in marketing, read this overview.
Have thoughts you want to share or questions you need to ask? We’d love to hear from you.
There are only 25 days until Dreamforce 2016! Recently on their blog, Salesforce pointed out how to make the most of your airplane hours on the way to Dreamforce. This inspired the FirstRain team to optimize other often-wasted moments of time that are part of the full Dreamforce experience – time spent digging for information and time spent commuting from hotel to event, event to hotel. Luckily, we found a optimization with hotel service, Perch.
We were first introduced to Perch through the Women in Tech Salesforce User Group as FirstRain has been participating in “Girly Geeks” events for over the past four years. Later, FirstRain and Perch realized that, when united, they could help you get the most out of your Dreamforce experience. The shared advantages of using FirstRain and Perch can easily been visualized in this infographic.
Networking is, at its core, socializing (perhaps with a drink in hand or via escalator rides up and down Moscone). There is no doubt, that at Dreamforce, you will have the opportunity to meet inspiring and knowledgeable individuals. Rather than waste time desperately researching to keep up, FirstRain can give you instant updates on market and industry topics around the world. Impress your peers with smart insights around the companies and industries they work in so you can spend more time connecting and less time looking down at pages of irrelevant search results.
Since we are both committed to your success at Dreamforce, every Dreamforce attendee booking their stay through Perch will receive complementary access to FirstRain through October.
Don’t forget to set up FirstRain on your mobile phone for on-the-go access throughout the conference.
Enjoy!
FirstRain Named IDC Innovator in Financial Compliance and Risk Analytics
FirstRain is proud to announce that it has been recognized as an IDC Innovator in a recent report that identifies key players pioneering the U.S. financial compliance and risk analytics markets.
In this report, IDC highlights how FirstRain customers use the FirstRain Business Web Graph, fact extraction, and event detection to know their customers better and gain new insights into their customers and operations, as well as financial services compliance (e.g., Know Your Customer and Customer Due Diligence).
The FirstRain Business Web Graph is central to providing meaningful (high-resolution) information across FirstRain solutions. In additional to SaaS based apps, customers can also leverage FirstRain at the data level, via a categorization pipeline that measures dynamic information based on the strength of relevance, noise and nature of the subject, and weighs linkages between related industries, companies and topics that can be customized for each customer. The result is that FirstRain delivers a level of disambiguation and meaning-based through analytics that far exceeds the relevance and quality that can be achieved through search or keyword-matching approaches.
Quoting from the IDC press release, “Financial firms remain under pressure from regulators to improve the effectiveness of their compliance and risk management analysis and reporting,” said Bill Fearnley, research director, Compliance, Fraud and Risk Analytics at IDC Financial Insights. “To stay ahead of bad actors and improve their compliance and fraud detection programs, financial firms are increasing investments in analytics tools and new sources and types of data.”
What to learn more about how we are helping Financial firms? Please contact us!
This is part of the FirstRain Persona Series.
Every company needs an executive leader with a lion mentality. One that won’t shy away from a tough deal, someone that has mastered an intuitive awareness of how and when to nurture new business, and one that can lead the rest of the sales pack with a clear vision. And across many enterprise C-suites, Sales now has a direct seat at the table.
With today’s fast moving digital marketplace, the objectives of a sales executive continue to transform the traditional sales role. Sales responsibilities are inheritably linked to revenue goals and the tasks have brought on new members to the C-suite, such as the Chief Sales Officer, Chief Commercial Officer and Chief Revenue Officer. To keep things simple in this persona post, we will refer to these C-Suite level lions as the Chief Sales Officer.
Today, CSOs are constantly leveraging a sales strategy and market trends that will create the most impact for the enterprise, evaluating ways for new revenue streams, analyzing market disruptions and always, always on the hunt for business opportunities.
Clearly, the role today involves more than managing sales teams and includes strategic goals such as finding niche market opportunities and enterprise solutions to better position the company’s products and services. With characteristics of a true pioneer, they are always steps ahead and on the quest to competently execute a sales plan and turn value propositions into business deals.
In the Venture Beat article, “The Rise of the Chief Revenue Officer: Silicon Valley’s new secret sauce,” the author states, “A great CRO must be able to wedge into any aspect of the company to lay the underpinnings of a scalable revenue engine and tune everything for execution.” CSOs must continually assess and re-assess the current marketplace and then look for avenues to implement acute strategic business analysis to meet and exceed revenue goals.
Identifying what will create the strongest impact for the enterprise is the first step; deciding what steps to take next requires setting both, short-term and long-term goals; does the company continue to make deals more profitable and lower cost of sales, does it need to expand current contracts or scale products and service offerings into new industries, does the company leverage cross selling, does the company win in competitive situations, does the company provide thought leadership, does the company create sustainable teams and of course, they must execute.
Quarter after quarter CSOs must measure activities, technology and marketing strategy campaigns and understand what works, what doesn’t and ensure that they are introducing their products with the most compelling value proposition and approach into the market. The mindset is results-driven and efficiently integrating activities that will ignite results, both short-term and long-term is a must.
In addressing the need for a CSO, Greg Alexander of Sales BenchMark Index (SBI) writes, “A CSO understands how change ripples throughout an organization. They understand how decisions affect organizations, markets, product lines, competitors and business units.” – CSO’s leadership style must demonstrate an intuitive understanding of industry analysis, region, contract deals and clearly match them to the appropriate team members that will get the job done. They must always strategically seek, nurture and create business relationships for the profitability and product expansion of the business.
CSOs must find ways to connect the dots within an enterprise and bring more revenue streams in a constantly changing market. Relentlessly, they solicit new ideas to approach more streams of business and strengthen value propositions within different industries, often partnering with the Chief Marketing Officer to present the strongest, sometimes aggressive, go-to-market-strategy into play. Together, they will assess the strength of a business deal, with the aid of marketing campaigns, and deploy salespeople to initiate contact, and work together with product development to ensure that the product presentation maximizes value factors for the end markets.
Today’s CSOs must understand disruptions and their competitors, and be agile with a clear mindset, bold attitude and a keen insight of the best marketing strategy. They are responsible for connecting the dots; finding sales intelligence and new value propositions to better target go-to-markets and finding ways to move enterprise solutions forward, making the business profitable and expanding value in the product offering.
Partnering with other members of the C-suite is crucial to the successful growth of the enterprise. To transcend value through different industries in today’s digital marketplace, CSOs need competitive intelligence tools that show them the way, like FirstRain, that uses modern day technology not only to predict business opportunities but rather align business deals with real customer needs. FirstRain’s dynamic platforms aligns:
The responsibility for the growth and acquisition of new business is heavy, but with the successful integration of competitive intelligence tools and a solid marketing strategy, CSOs can propel a company forward.
CSOs do a lot of talking to nurture business relationships, but at the end of the day, their role is all about measurable results. True, successful sales leaders have a sixth sense of where profitability and business development must stand within their company’s initiatives, and partnering with sales intelligence tools that deliver them a cunning, comprehensive view of their customers and markets, allows them to execute on their sales acumen with real smart data.
Like a lion on the hunt, sales executives must have an acute awareness of their environment, and understand what small step will cause a disruption, when it is best to go in for the kill and when it is best to act patiently and wait for a bigger meal.
To read additional posts on FirstRain buyer Personas:
Digital business has made a once linear marketplace, fast-paced and in constant change, making it difficult for stagnant leadership mindsets to remain competitive. Successful business tactics that worked in the past, will leave you in the dust today. To optimize a business strategy, one must be able to adapt quickly to change, and be aware of risks, opportunities, market changes and trends. Enterprises must demonstrate agility to strive in the current marketplace by balancing essential leadership roles throughout the C-Suite.
Letting go of past behaviors is difficult, but with digital business dictating the customer market, enterprise leaders have to “let it go.” Gartner’s recent research report “Take Digital to the Core — Remaster Your Leadership Using Six Personas to Win in Digital Business” forms the argument that C-Suite level executives must learn to adapt to new digital business, as new technologies are constantly disrupting industries and more and more companies become marginalized. The article warns leaders that using “mature” business practices will cause enterprises to miss out breakthrough opportunities.
Adapting to change is not easy, and rather than changing your leadership team, teams should instead self-assess, find strong traits, acknowledge weaknesses and promote to fill in the voids to create a rock-star, digitally-ready, executive team. As Gartner points out in this research, management behaviors should be complementary of one another, and these six personas will help fill in the gaps:
In this research, Gartner makes a strong argument that by re-mastering leadership styles, with these six personas, your enterprise will be fit for the modern day challenges of digital business. Business competition and practices, specifically within the C-suite, have changed in the past five years forcing leaders, executives and VPs to readjust. People need to adapt to digital business no matter how successful previous tactics were. Fill in leadership gaps with a digital-business-ready executive team!
To read the full Gartner report you can register for free here: “Take Digital to the Core — Remaster Your Leadership Using Six Personas to Win in Digital Business”
To read additional posts on FirstRain buyer Personas:
This is part of the FirstRain Persona Series.
Customers are demanding more of a digital experience, and the rise of a Chief Digital Officer (CDO) has soared to fulfill the need. Providing customers with the most valuable digital experience is a CDO’s primary objective.
In the past, executives with digital oversight roles concentrated on magnifying a company’s online presence and brand. Today, however, the role of a Chief Digital Officer is truly focused on the customer experience.
The fact of the matter is that buyers are no longer making purchasing decisions, or accessing portals solely from a desktop computer, but rather via mobile platforms, emails, and social media —on the go. Thus, CDO’s are challenged with meeting the demands of a fast-paced consumer society that is always moving.
Customers access platforms and consume vast amounts of product information via different touch points: cell phones, tablets, emails, internal enterprise platforms, LinkedIn, Facebook, Twitter, Instagram, the web, video streams, vines, Periscope, etc. Today’s digital market demands seamless execution from all these platforms and CDO’s are leading that charge.
Coupled with a strong, robust digital strategy a CDO facilitates the customer experience, but how can that help grow your business?
A deep understanding of market trends and consumer behavior must be leveraged across all customer touch points; from small marketing campaigns, to large scale product launches. This often involves leaders in business development, and becomes fundamental to helping a business evolve in today’s marketplace.
A recent McKinsey article on “The Transformer in Chief” stresses, “It’s up to the CDO to identify those functions where digital is critical: for example, investing in automation capabilities to rapidly respond to customer interactions, developing sophisticated reporting and analytics capabilities to interpret customer needs, building innovative interfaces to gather customer data (for example, an alternative payment method), and creating mechanisms to deliver content and offers across all relevant channels.”
Chief Digital Officers must identify the customer facing journey, drive customer engagement, and make sure that the dashboard touch points that she decides to implement for her company responds to market demands in real time. They are responsible for putting the tools in place to interpret customer insights with a main strategic goal of responding to customer engagement needs.
Customer intelligence tools such as FirstRain, helps interpret customer behavior via market trends, industry changes, and social media. Target market analysis of what is trending in relationship to business goals and objectives are crucial for driving a business forward. After all, the customer is always right, right?
Fundamentally understanding customer needs and how they intersect with revenue goals can make or break a digital strategy, making the role of a Chief Digital Officer pivotal for any industry. A CDO must demonstrate agility to respond and adapt quickly to customer demands/needs, and are often faced with making bold decisions.
Wired.com asserts, “The CDO will drive the digital functional excellence from strategy to infrastructure and ensure that we have the right competence and capabilities to support and leverage the business from a digital perspective.”
CDO’s are not only the liaison between customer and product but become key partners with CIOs, CMOs, Sales Officers and CFOs. They communicate the intricacies of market trends, new technology developments and customer behavior to create a digital strategy that is mindful of all these shifting plates, with the end goal to meet revenue objectives.
In today’s hyperactive commerce market, a strong digital strategy is necessary. If done successfully, a CDO can move their company’s business platform to not only meet the demands of the customer, but also revenue goals of the enterprise.
For further reading from our C-Suite buyer persona series:
It’s a new year and everyone is looking for digital trends that will optimize business strategy this year. We trust that things are already in full swing your business initiatives and we want to recap on our favorites brought to you from our friends at Altimeter.
CEO, Charlene Li, thinks, “Agile customization of experiences becomes a priority” in 2016, and we could not agree more.
Industry Analyst, Ed Terpening, acknowledges a rising complexity in the digital ecosystem.
Today’s business world is not static and your digital strategies must address not only volume of data but recency based on the specific role and need of the ‘consumer’ of that data. That is why our FirstRain Business Web Graph continually scans the structure of the living Web and the topics, triggers and business lines continually change over time, evolving and expanding based on system input and customer feedback.
FirstRain is an enterprise leader in providing a competitive analysis of target market analysis that will help optimize your business strategy this year.
Feel free to contact us for a free demo, and show you how actionable insights can empower your digital strategy this year.
This is part of the FirstRain Persona Series.
The C-Suite has a new kid on the block; the Chief Data Officer and they are here to stay. Many had predicted the roles of VPs and Directors of Analytics would rise to the C-Suite, and they certainly have. Forrester reports an increase of 45% in the adoption of a CDO in 2015 and predicts a 16% increase in 2016.
So why is this role on the rise? The far-reaching collection of data in the enterprise has lead to the need for an executive leader that sits within the C-Suite to establish and preserve the infrastructure around the ever-growing volume of data, and leverage it as a weapon for business development and customer success.
In the past, strategists were left guessing what people preferred and imagination ruled over data, but the times of the Don Draper’s are gone. Now, there is customer intelligence software that reveals customers’ inclinations and can accordingly shape impactful insights that strengthen a company’s business strategy and allows them to scale quickly.
Currently, there is an array of customer intelligence tools and social media platforms that track customer likes, dislikes and measure engagement. If you feel like someone is watching you, well, they are! More than ever, business technology has become an expert in capturing human behavior.
A problem many enterprises face is, what to do with all that data. Gartner identifies this as a core issue; “Business and IT executives regularly claim that information is one of their companies’ greatest assets, but they fail to measure or fully leverage its value”.
Companies have become thorough about collecting information, but many have yet to take the extra step of recognizing data as a bargaining chip. Too often, a gold mine of information sits in the cloud or is stored in drives waiting for someone to make use of it and connect the dots, but often it is too late.
Digital strategies evolve at a fast-pace and require real-time attention, to market trends, patterns, and changes and have created a demand for Chief Data Officers. CDOs are responsible for bridging the gap between information management and toward actionable insights. Many companies have adopted the role, but many are being left behind in the data-driving race. It’s not just about collecting data, but rather doing something about it.
CDOs are responsible for promoting data access across a company structure and creating awareness in the value within. Forrester explains, “CDOs typically address one or more of four main functions along the data value chain: data management, data governance, data analytics, and insights delivery.”
Data management and data governance
Chief Data Officer’s are responsible for setting a strong, clear foundation for data governance that will foster competitive digital strategies in the next stages of their company’s growth. CDO’s often partner up with CIOs to implement an infrastructure that facilitates data accessibility. The first step of data collection will ultimately measure the results of future business goals and initiatives and has become a key priority in the role of a CDO.
The accuracy and integrity of customer data reports rest in the hands of CDOs and can become a stepping stone to business development plans, strategies, and marketing campaigns. If the first step of data collection is flawed, future information will have a falling domino effect.
Data analytics and insights
Chief Data Officer’s are not only responsible for the systems and practices in reading data, but also analyzing data, and using analytics to find new revenue streams and growth opportunities. Everyone has a lot of data, but how you use it can revolutionize your business and create better-informed decisions that can grow revenue.
CDO’s must partner with technology business leaders to increase agility and reduce risk but, more importantly, this partnership must be coupled with actionable insights to drive innovation. Research suggests, “As companies shift their focus from collecting data to driving innovation, new business models will emerge in which companies subscribe to insights and business outcomes rather than data and analytics solutions.”
CDO’s are not waiting for market disruptions to react but rather using business technology like FirstRain’s platform to anticipate. FirstRain delivers relevant real-time information coupled with actionable insights and triggers that help mitigate risks and help CDOs help their employees to dive deeper into niche markets and competitors, giving them a 360-degree view of industry analysis and better preparing them for market changes.
CDO’s play a large role in the business optimization strategy. Not only does data allow a business to reach a niche audience and engage with customers, but it can propel product development teams to create a better platform, website, product and app for a target audience.
Depending on the phase an enterprise is at, the role of a CDO will foster different priorities. For a younger company, the focus might rest around growth and finding a niche customer market, producing aggressive marketing strategy and organic promotion. For a global brand, the focus might rest around customer satisfaction and engagement. But regardless of the stage an enterprise is at, one thing remains imperative; responding to analytics and reports demands the attention of a Chief Data Officer. Welcome to the club!
For further reading on C-Suite persona:
